What generally happens to your private banking connections (i.e. Citi Private Bank's Law Firm Group, JPM Private Bank's Law Firm Group, etc.) after you leave big law? I'm assuming you won't be able to get access to the same mortgage discounts, even if you have an existing relationship?
Do in-house attorneys have any sort of similar perks? Or is it generally retail finance for mortgages?
Mortgage Options for In-House Attorneys Forum
Forum rules
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
-
tlsthrowaway111
- Posts: 9
- Joined: Tue Jun 16, 2020 5:32 pm
-
nealric
- Posts: 4397
- Joined: Fri Sep 25, 2009 9:53 am
Re: Mortgage Options for In-House Attorneys
Whether you can continue with private banking is going to depend on the bank's policies for private banking. After a time, you may have enough money to qualify for it absent any law firm relationship 
At the same time, the relationship benefits are typically not a game changer unless you have some unusual financing requirements (like wanting an extremely large mortgage or doing asset-backed lending). The discount on interest for a vanilla mortgage may not even be as much as the difference between your private banking institution and what you could get from shopping lenders. My bank was 50bp high compared to what a broker could get me when I bought my first house. YMMV of course.
At the same time, the relationship benefits are typically not a game changer unless you have some unusual financing requirements (like wanting an extremely large mortgage or doing asset-backed lending). The discount on interest for a vanilla mortgage may not even be as much as the difference between your private banking institution and what you could get from shopping lenders. My bank was 50bp high compared to what a broker could get me when I bought my first house. YMMV of course.
-
Dr Tobias Funke
- Posts: 28
- Joined: Wed Jul 09, 2008 5:47 pm
Re: Mortgage Options for In-House Attorneys
Citibank booted me (well, tried to, I just never followed up) when they found out that I'm not at my firm anymore. I'm sure they wouldn't let me get a mortgage.
