Difference between law and business careers Forum

[CordeliusX]

I'm curious if anyone can pinpoint the main differences in style and substance between careers in law and business, like i-banking.

I have the feeling that law is more "substantial" and relies less on networking and salesmanship. In terms of characteristics, I'm told that lawyers are risk-averse and businessmen are more risk-tolerant and profit-seeking...

I'd appreciate any thoughts on this.

[Posner]

...

[sk08]

I think law firms will need more business-saavy lawyers as they continue to get pressure regarding fees/hours, the billable model,etc. There is a trend of companies depending more on in-house counsel and cutting their outside firms b/c of growing costs. To stay afloat, the firms are going to have to adjust their current models and become more efficient. A process which is typically more "business" or similar to consulting.

As for "substantial" work I think you would get more substantial work in the first few years doing i-banking/consulting than a big law firm.

[CordeliusX]

One thing I mean to ask is: what is the difference in lifestyle and overall "feel" if you're working for a biglaw firm or you're working for a bank, consultancy or corporation?

I'm thinking that law engages you and utilizes your mind/expertise. I don't have a high opininon or attraction to straight management, which seems to occupy most business careers.

[sundevil77]

Law offers more stability. Business requires risk taking. You can make more money in business. A guy I know worked as in-house counsel for a company for quite a while. After a few years he realized all the money to be made was in management. He went back to school, did his MBA, transitioned to the company's management, and makes more $$$.

[sanpiero]

BigLaw is Big business. I don't think you are escaping the "Corporate America" feel by working for a BigLaw firm. Law certainly affords you the opportunity to utilize sophisticated writing and oral argument skills. But, an enormous number of BigLaw attorneys are serving the individuals you don't have a very high opinion of.

[Renzo]

DIfference between i-banking and law?

I-bankers are never jealous of lawyers.

[swester]

DIfference between i-banking and law?

I-bankers are never jealous of lawyers.

And as the hotshot attorney working 65 hours/week parks his new BMW in a restaurant parking lot and wonders what the guy in the Bentley parking next to him does for a living - 9 times out of 10 he's in business.