Career question

[bobman0330]

Not sure where to put this, but my other choice was OOT... the decision made itself, really.

I'm 22 and a second-year law student at Georgetown. Graduated from Yale (history) in 3 years. Not much economic/quantitative coursework. 3 semesters of chem. (organic, inorganic, and physical), multivariable calc, a year of basic physics, and game theory, pretty much. Law school coursework is pretty heavily business-oriented: corporations, tax, securities reg., etc. I'll be spending this summer at a large firm in Cleveland, hopefully working in structured finance, bankruptcy, and/or M&A.

I'm interested in getting into investment banking. I think my particular skill set is melding mathematical/quantitative/financial understanding with legal familiarity. I imagine using these skills to provide valuation of exotic debt securities, or assessing the impact of a tax or regulatory situation on a firm. There might be more things I would be well suited for that I just don't know about. I'm looking at an after-graduation salary of low six-figures, so I'm not really willing to too far below that for a starting salary unless there's huge potential for growth.

OK, given all that:
1. For any one with knowledge of the industry, what jobs are there where I can apply these skills?
2. Not being an MBA or undergrad, how do I go about selling myself to these people? Do I have a realistic chance? I have one friend at JP Morgan who just started as an analyst.

[hedgeyerbets]

2 things. (a) You won't be able to market yourself as having significant quant skills. At the very least, you should have a quant undergrad degree (math, physics, engineering, cs at some schools). (b) Going into banking would likely lead to you having wasted 150k on law school... in the short term. You would likely have to enter as an analyst, as opposed to starting as an associate. 60k base, 10k signing, 20-50k bonus is what 1st year analysts were offered this year. With that said, law school will likely look good further down the road regardless of what you end up going into.

If you wanted to use your law degree in a financial environment you would likely be best off trying to get as an analyst job at a hedge fund, where your skills would make you a good candidate for riak-arb and other event-driven positions.

[bobman0330]

[ QUOTE ]

If you wanted to use your law degree in a financial environment you would likely be best off trying to get as an analyst job at a hedge fund, where your skills would make you a good candidate for riak-arb and other event-driven positions.

[/ QUOTE ]

Any suggestions about where I could start looking on this possibility?

[hedgeyerbets]

Tough one. Couple of options: (1) directly contact one of the big shops (citadel, amaranth, moore, silver point, caxton, etc. etc.) (2) contact yale alums (i'm assuming you have a networking database of some sort) workign at hedge funds (3) go to a head hunter. (2) is probably the best option. Maybe some other people have suggestions ?????

[Paluka]

I think you would have an easy time getting a job in finance, but maybe not with the starting salary you want. Even for trading jobs where you can make 500k in your 5th year, you probably make less than 75k your first.

[hedgeyerbets]

Nah analyst traders at the banks make at the very least 70k before their bonus... granted trading analyst bonuses are generally not as high as banking analyst bonuses, but you can easily make >100k. In fact, it would be quite shocking if you didn't. Hell - at citadel the base salary is 100k. Of course, it's not easy to get an entry level front office job at citadel...

[Paluka]

[ QUOTE ]
Nah analyst traders at the banks make at the very least 70k before their bonus... granted trading analyst bonuses are generally not as high as banking analyst bonuses, but you can easily make >100k. In fact, it would be quite shocking if you didn't.

[/ QUOTE ]

This might be true for an analyst at a big bank, but there are plenty of trading jobs where this isn't true.

[hedgeyerbets]

Of course. But with his pedigree he should be able to get a job at a bank or a decent hedge fund, where he will almost surely make over 100k. BTW - are you the guy who worked at susq? Know 3 or 4 former susq guys...

[Paluka]

[ QUOTE ]
Of course. But with his pedigree he should be able to get a job at a bank or a decent hedge fund, where he will almost surely make over 100k. BTW - are you the guy who worked at susq? Know 3 or 4 former susq guys...

[/ QUOTE ]

I work at susq currently.

[bobman0330]

Another option that I've been playing with is spending a couple years in practice, then seeing about making a move. Then I would have some experience to sell, at least. Would this get me anywhere, or would I just be spinning my wheels for 2-3 years?

[hedgeyerbets]

This would likely open up some other doors... you're better off asking this question to you career center though b/c I have little knowledge of legal career paths in business.

[Officer Farva]

Ha, my Aunt just retired as Dean of that Law School (im serious).

Are you seriously posting for career advice? You have to be way more specific. Plenty of i-banks will bring you on, especially as an analyst. But that would be like first year law school (worse actually) all over again.

Risk-arb is a possiblity, but you prob need to know someone.

Your best route is taking the 150k (more or less depending on your gpa) from a private law firm for a couple of years. Meet people, then make the move.

This all being said, one of the partners at my firm went to law school. he soon decided that law wasnt for him, got a trading job in NYC, and now makes BANK here in SD, FWIW.

Good Luck.

[midas]

Bob -

Here's the real story.

While not the normal path, you can go from law school to a job as an associate in the corporate finance department (advisory not trading) of a large investment bank. Generally people make this decision after their 2L summer when they realize they would hate being a lawyer. Even better would be to summer at one of the large investment banks like Goldman or Morgan to show more commitment to the path but you would probably cut off the legal track completely if you worked for an IB. IB's look for smart people who they can train and you'll be way behind the learning curve compared to MBAs or 2nd year analysts.

BTW, total comp in a large IB in NYC for a first year associate is $200K.

[bobman0330]

[ QUOTE ]

Are you seriously posting for career advice? You have to be way more specific. Plenty of i-banks will bring you on, especially as an analyst. But that would be like first year law school (worse actually) all over again.


[/ QUOTE ]

Well, this isn't the only font of wisdom I'm sampling, but you never know... If anyone needs more details, ask and ye shall receive.

[SonofJen]

Definitely start with the Yale Alumni Network. And correct me if I'm wrong, but isn't it true that if you graduate from any Yale school you get access to the entire University alumni database, i.e. even though you went there for undergrad you could look up and contact graduates of Yale Law, Yale SOM, etc.

After, or in conjunction with, I would consult a head hunter.

[hedgeyerbets]

That's how it works for my alma mater.