Number of I-Bank firms that recruit at T10 schools
Posted: Wed Feb 02, 2011 7:45 pm
Do I-banks do OCI at HYS, CCN, BMVP? How many is normal?
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Voyager wrote:Zero. Or at least, none do at Columbia.
I-Banks want people who understand modeling and are good at math. They like to hire former big 3 consulting BAs and people from top business schools.
Or are you referring to analyst positions; the positions normally given to undergrads?
I am rather surprised that Goldman Sachs takes part in UVA's OCI given that they have their pick of the very top business schools. Why not just recruit more MBA kids who actually spent a couple of years learning something that has to do with their business?
My impression was that GS was only looking for a select number of UVA students who either had WE in the financial industry already and/or were tracking into our law and business program with a heavy business background in UGVoyager wrote:Zero. Or at least, none do at Columbia.
I-Banks want people who understand modeling and are good at math. They like to hire former big 3 consulting BAs and people from top business schools.
Or are you referring to analyst positions; the positions normally given to undergrads?
I am rather surprised that Goldman Sachs takes part in UVA's OCI given that they have their pick of the very top business schools. Why not just recruit more MBA kids who actually spent a couple of years learning something that has to do with their business?
Veyron wrote:You be thinking of consultingbrahho?
You can probably count the number of major companies who regularly participate at OCIs nationally on one hand. A legal department is already enough of a cost center even without first years who need their diapers changed.Verity wrote:Veyron wrote:You be thinking of consultingbrahho?
No. I'm not trying to be a consultant, or a quant, or a salesperson. I just thought they might have in-house legal departments that recruit.
This is the exit option that a prestigious firm will get you; it's not an entry-level gig.Verity wrote:Veyron wrote:You be thinking of consultingbrahho?
No. I'm not trying to be a consultant, or a quant, or a salesperson. I just thought they might have in-house legal departments that recruit.
I think some in house legal departments do recruit at OCI here at Penn but I don't know of any i-banks that recruit for in-house here. Just do b-school bro.Verity wrote:Veyron wrote:You be thinking of consultingbrahho?
No. I'm not trying to be a consultant, or a quant, or a salesperson. I just thought they might have in-house legal departments that recruit.
...and these positions are mostly attained by S&C associates.clintonius wrote:I'm not in a position to know whether any i-banks participate in OCI at all, but my general understanding is that they hire people with a few years of (usually) biglaw experience under their belt for in-house positions.
A&O wrote:...and these positions are mostly attained by S&C associates.clintonius wrote:I'm not in a position to know whether any i-banks participate in OCI at all, but my general understanding is that they hire people with a few years of (usually) biglaw experience under their belt for in-house positions.
Before ITE, S&C associates even seconded to Goldman for long stretches of time. It's also rumored that some partners' offices have direct lines to Goldman Sachs (though that might have changed since Goldman moved to the WTC area and is no longer across the street).
What do you mean by heavy business background? Do you think being a business administration major with IB internships is strong enough of a background?soullesswonder wrote:My impression was that GS was only looking for a select number of UVA students who either had WE in the financial industry already and/or were tracking into our law and business program with a heavy business background in UGVoyager wrote:Zero. Or at least, none do at Columbia.
I-Banks want people who understand modeling and are good at math. They like to hire former big 3 consulting BAs and people from top business schools.
Or are you referring to analyst positions; the positions normally given to undergrads?
I am rather surprised that Goldman Sachs takes part in UVA's OCI given that they have their pick of the very top business schools. Why not just recruit more MBA kids who actually spent a couple of years learning something that has to do with their business?
According to NALP, they took 104 summer associates last year. That's about as big a class as I've heard of, though my money is on virtually all of them being top 10% or better, and most from the t14.Verity wrote:A&O wrote:...and these positions are mostly attained by S&C associates.clintonius wrote:I'm not in a position to know whether any i-banks participate in OCI at all, but my general understanding is that they hire people with a few years of (usually) biglaw experience under their belt for in-house positions.
Before ITE, S&C associates even seconded to Goldman for long stretches of time. It's also rumored that some partners' offices have direct lines to Goldman Sachs (though that might have changed since Goldman moved to the WTC area and is no longer across the street).
How's S&C been with hiring new grads this last year? I've had my eye on that firm for a while.
Veyron wrote:You be thinking of consulting brah?
This is true. On any given deal, each bank needs a firm, each corp. needs a firm, each board may need separate counsel, there may be independent committees that need counsel, etc. No bank can only use one firm, so all the V10 NYC firms (and then some) will have close ties to banks.Anonymous User wrote:The V10 in NYC are largely so profitable & prestigious because of the legal work that they do for banks, and S&C isn't really unique in that regard.
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Anyway, as a consequence, most of the V10 NYC firms have very close connections to a wide number of financial institutions, and exit options to them are if not common at least very plausible. S&C is hardly the only law firm with close banking ties / exit options.
The prestige of firms tends to drop off after counsels for the target and parent. You'll see places like dla piper and Baker & McKenzie represent underwriters, for example.This is true. On any given deal, each bank needs a firm, each corp. needs a firm, each board may need separate counsel, there may be independent committees that need counsel, etc. No bank can only use one firm, so all the V10 NYC firms (and then some) will have close ties to banks.
For sure. And these relationships aren't just there because these firms represent these banks a lot. It's just entrenched relationships established many decades ago.S&C is hardly the only law firm with close banking ties / exit options.
A&O wrote:The prestige of firms tends to drop off after counsels for the target and parent. You'll see places like DLA Piper and Baker & McKenzie represent underwriters, for example.This is true. On any given deal, each bank needs a firm, each corp. needs a firm, each board may need separate counsel, there may be independent committees that need counsel, etc. No bank can only use one firm, so all the V10 NYC firms (and then some) will have close ties to banks.
Also, WLRK doesn't tend to represent large financial institutions. Their expertise is in representing the target in M&A, especially hostile M&A.
For sure. And these relationships aren't just there because these firms represent these banks a lot. It's just entrenched relationships established many decades ago.S&C is hardly the only law firm with close banking ties / exit options.
Oh you're absolutely right.But it's not as if S&C has some magic that Cravath (for example) doesn't. And no Wachtell associate is going to be laughed out of the building when he shows up to apply for an in-house job at a bank, even if securities/banking work isn't what made the firm famous.