AMA - Lawyer to HF Analyst Forum

[Anonymous User]

Spent a couple years as a lawyer, made a lateral jump to a 1st year post-MBA associate at a financial services firm, and eventually transitioned to a 5bn+ hedge fund focused mainly on stressed and distressed credit, legal claims, and other event driven situations.

All-in comp is good but not materially higher than my class year as a lawyer. Lifestyle is a bit chiller and controlled though job security isn't the greatest. I didn't have work experience prior to law school and while I threw around doing an MBA, ultimately decided not to.

Happy to answer questions about the transition, lifestyle, etc. to extent they are not-outing.

[Mountainvalleywater]

What was your practice are pre jump? At all relevant or no?

What was your initial pay cut like from big law to first year post MBA associate?

Did you have a relevant undergrad degree which helped you at all or did you just lean on biglaw experience more?

[Anonymous User]

What was your practice are pre jump? At all relevant or no?

What was your initial pay cut like from big law to first year post MBA associate?

Did you have a relevant undergrad degree which helped you at all or did you just lean on biglaw experience more?

My practice was corporate so somewhat relevant but not as relevant as say bankruptcy. I actually wish I did more lit related stuff cause understanding alot of the procedural / some rules, etc. which would be helpful in alot of legal related investments.

I had a minor pay raise moving over actually if we are going off of TC. My base salary was and will be lower than a 1st year biglaw associate for the indefinite future.

My undergrad degree was in social sciences so not really helpful. I'd say alot of the people I saw jump to finance were the engineers who went to law school.

[melgibsonfan]

What was your practice are pre jump? At all relevant or no?

What was your initial pay cut like from big law to first year post MBA associate?

Did you have a relevant undergrad degree which helped you at all or did you just lean on biglaw experience more?

My practice was corporate so somewhat relevant but not as relevant as say bankruptcy. I actually wish I did more lit related stuff cause understanding alot of the procedural / some rules, etc. which would be helpful in alot of legal related investments.

I had a minor pay raise moving over actually if we are going off of TC. My base salary was and will be lower than a 1st year biglaw associate for the indefinite future.

My undergrad degree was in social sciences so not really helpful. I'd say alot of the people I saw jump to finance were the engineers who went to law school.

Almost every sizable hedge fund will have a base below 300k. What matters is a bonus that is directly tied to performance with an investment book you control. Sky is the limit, you have it better than attorneys assuming you are under 45 years of age.

[OPM]

Congrats! If you could PM me, curious about how you pulled it off. Thinking about making a similar transition.

[MergerQueen]

Do you think the prestige of your law school mattered to the HF?

What tier was your firm? Or was it Schulte?

[Anonymous User]

Congrats! If you could PM me, curious about how you pulled it off. Thinking about making a similar transition.

Prefer to keep it on public side of things and anon. The hardest part was the first jump into finance. Once you have a year or two of experience with the legal background, headhunters started blowing me up for all sorts of roles in mainly event / activist / distressed hedge funds.

[Anonymous User]

Do you think the prestige of your law school mattered to the HF?

What tier was your firm? Or was it Schulte?

My firm was in the ballpark of Schultes tier but not Schulte.

Prestige while it likely played some role, I still am largely less prestigious than the other analysts (7 out of 8 other analysts are from HYP + Wharton .). The firm generally liked the legal background (a few of the senior guys have JDs and I had good recommendations ).