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How to Get a Job in Investment Banking as a Lawyer

Decided to go to law school, start working at a law firm, and realize that you are actually more interested in finance and investment banking?

You’re not alone.

It is quite common for lawyers to specifically switch to financial and investment banking. There are several paths from the law to investment banking.

You can get a banking job right after you finish law school; You can work as an associate in a law firm for several years and then transition; And you can go to business school after practicing for several years and interview for banking jobs while completing your MBA.

It seems appealing to move immediately from law school to investment banking. However, it is difficult to achieve and most banks do not immediately hire someone outside of law school. They would have a difficult time locating the candidate and deciding whether to make him an Analyst or Associate.

This method becomes easier if you had a background in finance before law school, in which case you just need to tell a good story about why you went to law school.

If you haven’t had this experience, it’s best to work for a few years at a law firm and make the transition.

Going to business school after law school is only recommended if you have practiced in a completely foreign legal field such as intellectual property or environmental law.

How to work as a lawyer and then switch to banking

You need Corporate Law. Don’t even think about Intellectual Property, Litigation or anything else. Do corporate law.

Recruitment is ultimately a numbers game, and your odds are greatly increased if you have corporate, securities, or M&A legal experience.

Once you have a few years of experience working in transactions, you can consider switching to finance.

Get in touch with all your friends in the industry and ask recruiters for referrals; Reach out to former clients and ask about organizing informational meetings or discussing opportunities at their firms.

Target industries and clients with whom you have experience. If you worked with many technology companies, opt for technology investment banking companies; If you did M&A, look into the M&A departments of the banks.

Also, look for boutiques and mid-market firms rather than bulky stands, unless you work at one of the top few law firms; it will be much easier to get into smaller places.

How to sell your story in interviews

With a background in Corporate Law, there are 2 main points that you will need to demonstrate: 1) that you have quantitative and financial skills and 2) that you really want to make a big career change, even if you are on the Partner path at your law firm.

You really need to focus on financial skills in preparing for your interview. Know the 3 cold financial statements. Be able to explain the valuation models and methods because you will be asked a lot of questions here, especially if you were an English or history student and have no financial background.

This is one of the few cases where obtaining a CFA could really help you get into investment banking – it would give you the financial knowledge and show your interest in the field.

Actually, it may be easier to make the case for a career change. You want to emphasize that you have always been interested in corporate finance and negotiation and turned to Corporate Law for those reasons. However, he was frustrated by his inability to BE the negotiator and the way he had to sit on the sidelines, so now he wants to switch to the bench and be a player.

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