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Author Topic: BIGLAW Substitute?  (Read 4690 times)

thegreat

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BIGLAW Substitute?
« on: November 14, 2006, 11:02:49 AM »
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. 

jacy85

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Re: BIGLAW Substitute?
« Reply #1 on: November 14, 2006, 02:52:43 PM »
Does being an analyst involve using legal related skills?  If yes, then sure.  If no, then you'll get nothing but a big pay check out of it, as employers during 2L recruiting will be comparing you against people who were willing to *voluteer* if they had to in order to have a legal job on their resume.

Budlaw

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Re: BIGLAW Substitute?
« Reply #2 on: November 19, 2006, 05:54:12 PM »
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.

up_late

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Re: BIGLAW Substitute?
« Reply #3 on: January 14, 2007, 06:32:04 PM »
What kind of law do you want to do?  If you're somehow qualified to get such an investment bank internship, I'd expect that you're into corporate, securities, etc. ... in which case that experience might indeed be a good thing to talk about in your 2L interviews.

Blunderbuss

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Re: BIGLAW Substitute?
« Reply #4 on: January 14, 2007, 07:32:36 PM »
If you are sure you want to practice investment related law, an internship at prestigious investment house can serve you bette than a normal law-related summer job.  It will also impress your potential client knowing they are dealing with an attorney who's worked at Goldman or Morgan Stanley.  I didn't draw this conclusion on my own though, I talked to a VP at Lehman Brothers who was an attorney before moving to the business side.  Now he's making 5 times what he was making as an lawyer and the hour, at least according to him is slightly better because he doesn't need to work on weekends. 

sarbinson1

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Re: BIGLAW Substitute?
« Reply #5 on: January 14, 2007, 07:40:56 PM »
If you are sure you want to practice investment related law, an internship at prestigious investment house can serve you bette than a normal law-related summer job.  It will also impress your potential client knowing they are dealing with an attorney who's worked at Goldman or Morgan Stanley.  I didn't draw this conclusion on my own though, I talked to a VP at Lehman Brothers who was an attorney before moving to the business side.  Now he's making 5 times what he was making as an lawyer and the hour, at least according to him is slightly better because he doesn't need to work on weekends. 

5 times the money?  Why aren't you pursuing this then?

Blunderbuss

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Re: BIGLAW Substitute?
« Reply #6 on: January 14, 2007, 07:49:13 PM »
If you are sure you want to practice investment related law, an internship at prestigious investment house can serve you bette than a normal law-related summer job.  It will also impress your potential client knowing they are dealing with an attorney who's worked at Goldman or Morgan Stanley.  I didn't draw this conclusion on my own though, I talked to a VP at Lehman Brothers who was an attorney before moving to the business side.  Now he's making 5 times what he was making as an lawyer and the hour, at least according to him is slightly better because he doesn't need to work on weekends. 

5 times the money?  Why aren't you pursuing this then?

I am pursuing this.  Didn't you read in another topic I said I want to eventually go into investment banking?
IB is lucrative much more so than average practice of law, as average at Goldman makes 600k, someone at VP level can make a couple million easily, the problem is getting there.  I am fine with just practicing law if I don't get to do I-Banking.