What has better odds of getting me rich ? Dad's law firm or IB?
DISCLAIMER: I already realize this sounds super douchey and that you think I am some spoiled kid with "daddys law firm...." Just bear with me.
I have always been a super materialistic person . To put it simply, I like nice shit. One of my life goals is to be wealthy.
I am in college right now, at a target for IB. I am confident I will obtain a good GPA.
My dad is a personal injury lawyer and is a partner of his firm. His firm has under 10 attorneys so it is considered small (Correct?). If this helps put things in perspective, I think his best year he took home around 700k.
I honestly do have both interests in finance, and law.I think they are cool. So it is not like I am doing both of these things with no interest at all (I know that would be bad). I also realize the amount of work I will have to put in.
I also acknowledge I automatically don't "own" my dad's law firm. I start out and have to work my way up.
What do you think is my best option? Which career do you see me making more money? I know I have good exit ops in IB and can make big money in HF and PE aswell. I also wonder if I can expand my dad's firm and get a shit ton of more attorneys and make a lot more money that way? I really don't know.
My dad suggested I can do IB for a while, see the job market, see if I like the work, and if not, I go to law school. What do you think about that option?
This is something I think about every day, and it is bugging me. I don't want to live a life of regret. I appreciate the responses.
To add, I feel like doing law would be more "safe" for ensuring I can make more money, and IB would be more challenging but possibly a bit more money.
Studied Finance and Law. Worked in both industries for a while.
If you want money, and it's nice that you admit it, go for IBD. BB IBD pays more than Big 6 Law once you're out.
IBD isn't paying nearly as well as it used to but then again, neither is law. Ultimately though, money and expected value can't be the rationale you use, even IF it is the most important criteria. Why? Because how much money you make in either field is largely driven by aptitude. If you're a crappy lawyer, or a crappy banker, don't expect to make big bucks. Law is verbal and logical, whereas IB is highly quantitative. Where do your skills really shine? Also, it's easier to excel at something you find interesting. Do you prefer to document and structure /review contracts? Or do you prefer to try to do deals? You won't make the really big bucks until late in your career, so you need to consider which path will hold your interest long enough to make partner/MD.
Also you may want to consider your risk aversion. Lawyers get paid by the hour, bankers only get paid if the deals close. Which model do you like better? Please remember that IB is also highly unstable. EVERYONE will get laid off sooner or later. Can you tolerate that level of risk - of having to sit on the beach for a long while and in some cases maybe not even make it back into the field?
Getting into IB or white shoe law firms will be difficult either way. Good luck.
Source on the "not paying as well as it used to" for both Banking and Law?
BigLaw Associates now make ~$205k straight out of law school, escalating to ~$465k before partner.
Banking still pays ~$130-150k straight out of undergrad escalating to ~$450-500k as a new VP promote.
Sounds like good money to me.
"My dad suggested I can do IB for a while, see the job market, see if I like the work, and if not, I go to law school. What do you think about that option?"
Why not go IB then? Then you don't have to wonder 'what if'? Even if you go into law later on, you maybe can apply the IB experience, and practice a more lucrative type of law, like M&A / securities / IP law.
Banking is not “highly quantitative”. Where do you people get this shit from
what would you call it then? It's not quantitative in that there's no difficult math, but the structuring of models... what would you say that is?
Basic numeracy
It's hard to go from law (post law school) to IBD, but IBD -> law school -> practicing law could be a realistic path, and with a good BB name would probably boost your law school app. IBD is a young man's game at the start, I would recruit for that and if you hate it 2 years in law school is always there.
Why not do something you enjoy and are interested in.
In my post I said I had interests in both career. I am perfectly fine with doing both, but would rather choose which one pays more.
Saying you're "interested in both" before having work experience in either makes no sense
Internships in both will help you figure out where your real interest and skills are a better fit.
Lloyd Blankfein has a law degree
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