Need help...banking or law? Forum

[Anonymous User]

Hi everyone,

Have a summer offer with a v200 firm paying 160. Got an offer today to be a summer associate at Goldman. I'm not sure what to do. I've read a lot about lawyers saying they wish they did something else and bankers make more but don't bankers also work insane hours?

Confused, not sure what to do and any input would be appreciated

[Anonymous User]

Did you have a history in finance? if not how did you get a spot at goldman? I would go goldman, big law lawyers also work insane hours.

[kellyfrost]

Do you want to be a banker or lawyer?


This is a personal question that only you can answer.

However, I personally find legal work much more interesting. I also think "lawyer" is more prestigious than banker.

[Lacepiece23]

Anything that oyas the same amount as biglaw is probably tje better route if obtainable. Didnt even read the op, but banking all day.

[Hutz_and_Goodman]

Question boils down to whether you want to be a lawyer or banker. Successful bankers make huge money but it's a different skill set. In any job if you aren't passionate/good you will not succeed.

[buckiguy_sucks]

I also think "lawyer" is more prestigious than banker.

lol

[Anonymous User]

I've actually done both. Some transactional legal practices not hugely different from investment banking. Banking hours are terrible -- and are worse than big law. But the money is better in banking.

Goldman will likely provide far better exit opps than a V200 law firm would -- assuming that you are in investment banking or a private equity group, etc. However, doing something like private wealth management at Goldman is not nearly the same career path. If it is PWM, I would take the V200 firm all day.

[0heL]

Dear god I hope the last 6 posters know the OP is a troll (V200?????)

[Anonymous User]

Accidental anon from above (0hel)

[Anonymous User]

Hi everyone,

Have a summer offer with a v200 firm paying 160. Got an offer today to be a summer associate at Goldman. I'm not sure what to do. I've read a lot about lawyers saying they wish they did something else and bankers make more but don't bankers also work insane hours?

Confused, not sure what to do and any input would be appreciated

OP, I summered in biglaw and at GS. Chose the latter. Happy to discuss by PM if you have a throwaway account. Also - congrats.

[squishylawstudent321]

this is almost certainly a flame post, no? OP seems like a real jabroni.

[jbagelboy]

if you were going to do corporate/transactional work at your "v200" firm anyway, then I would go the finance route unless you get really jazzed about the legal side of things.

if you were going to be a litigator, and you are interested in litigation/clerking/practicing law, then stick with the law firm since your goals don't align much with the work you'd do as an associate at Goldman.

if OP is flame, this is more of general applicability

[Voyager]

Obviously go to Goldman.

Any other answer is divorced from reality.

[nunumaster]

Goldman's not 100% offer rate though *Cue risk averse law students*

[buckiguy_sucks]

don't junior bankers make like half of 180 obviously if you make VP you're making fuck you money but how many people make it

[throwaway_]

don't junior bankers make like half of 180 obviously if you make VP you're making fuck you money but how many people make it

... Junior bankers make as much going in, and about 2x by the time they hit VP (3.5 year mark).

[jbagelboy]

don't junior bankers make like half of 180 obviously if you make VP you're making fuck you money but how many people make it

Junior analysts (pre-MBA/JD) make ~$70k base plus $20-50k bonus, but IB associates (post-MBA/JD) make more like $125k+$50k or 135k+$50k plus a starting bonus. It ends up being pretty comparable, depending on the bank, for a few years, and if you make it in finance it accellerated beyond the law firm market scale (unless you make partner at a high PPP firm, which is a tiny chance).

[star fox]

Goldman's not 100% offer rate though *Cue risk averse law students*

True, I think banks generally give around 2/3 offers. It's not a kiss of death if you don't get an offer and you can usually just work at a smaller bank but you still gotta fight the "why weren't you one of the ones who got an offer?" elephant in the room.

[buckiguy_sucks]

don't junior bankers make like half of 180 obviously if you make VP you're making fuck you money but how many people make it

Junior analysts (pre-MBA/JD) make ~$70k base plus $20-50k bonus, but IB associates (post-MBA/JD) make more like $125k+$50k or 135k+$50k plus a starting bonus. It ends up being pretty comparable, depending on the bank, for a few years, and if you make it in finance it accellerated beyond the law firm market scale (unless you make partner at a high PPP firm, which is a tiny chance).

The track is only like 4 years instead of 9 too right? Is it still like 1 in 40 or whatever chance

[Anonymous User]

OP here found out they now want to put me in compliance because of legal background. still worth it?

Hi everyone,

Have a summer offer with a v200 firm paying 160. Got an offer today to be a summer associate at Goldman. I'm not sure what to do. I've read a lot about lawyers saying they wish they did something else and bankers make more but don't bankers also work insane hours?

Confused, not sure what to do and any input would be appreciated

OP, I summered in biglaw and at GS. Chose the latter. Happy to discuss by PM if you have a throwaway account. Also - congrats.

[Anonymous User]

OP here found out they now want to put me in compliance because of legal background. still worth it?

Definitely not. Fuck compliance. You can always go that route after big law. It's usually a dead-end gig up-front. Also, banking compliance is one of the most boring jobs you can do, I know.

[cjw564]

OP here found out they now want to put me in compliance because of legal background. still worth it?

Definitely not. Fuck compliance. You can always go that route after big law. It's usually a dead-end gig up-front. Also, banking compliance is one of the most boring jobs you can do, I know.

Not even a question. There is almost not room for advancement in the back office of the banking industry unless you lateral at a very high level. E.g. you won't make GC at GS unless you lateral directly as a GC or at least a GC track role after making partner at a v20.

[jingosaur]

Banking compliance has to be one of the worst professional jobs there is. You do lots of software testing and have little to no upward mobility. Your managers' primary goal is to lay you off and offshore your job.

[Anonymous User]

HELLLLLL NO. Compliance is hell. GS or anywhere else.

[throwaway_]

Stop feeding the flame.

don't junior bankers make like half of 180 obviously if you make VP you're making fuck you money but how many people make it

Junior analysts (pre-MBA/JD) make ~$70k base plus $20-50k bonus, but IB associates (post-MBA/JD) make more like $125k+$50k or 135k+$50k plus a starting bonus. It ends up being pretty comparable, depending on the bank, for a few years, and if you make it in finance it accellerated beyond the law firm market scale (unless you make partner at a high PPP firm, which is a tiny chance).

The track is only like 4 years instead of 9 too right? Is it still like 1 in 40 or whatever chance

I don't know why jbagelboy keeps insisting that compensation is "comparable." It's the same for the first year, and after that bankers get paid more at an accelerating rate. Mentioning pre-MBAs is a complete non sequitur, unless you're trying to point out that being a lawyer is an even more shitty deal because of the opportunity cost that is 3 years of law school.