If a 1L couldn’t get a BIGLAW job for the summer, could interning as an Analyst at a bulge bracket investment bank(Goldman Sachs, JP Morgan etc...) be used as a substitute, the profession does pay really well.
Nope. And I hate to burst your bubble, but most 1L's don't get BIGLAW jobs after thier 1L year. Even kids at the top schools. This is because a lot of firms don't offer summer associate positions to 1L's and the ones that do tend to only hire about half or a third of the amount of summer 1L's than they do summer 2L's. I
t's because firms basically realize that they're wasting thier money on 1L's. There's a good chance that a 1L will go to another firm the next summer, and then this firms wasted a lot of money paying a 1L summer associate to do busy work that they didn't want to bother the 2L's with. The point of a summer program is to get the people to come back the next year and be associates. And sad (for your wallet) as it may be, they just don't want to waste their time or money on someone who likely won't be working for them the next year anyway.
That being said, you can always find something legally related to do the summer after your 1L year. A lot of smaller firms hire law clerks, and it looks very good on your resume. Further, some public defender or DA always has legal work that a 1L can do for free. That and you could possibly do some public interest work for free, or you can get a stipend to do it.
So even though the analyst check pays comprably to a summer associate check, you'd be better served to do something else.