With the high stress and long hours prevalent in law, many lawyers dream of switching to a finance role like investment banking for better work-life balance and compensation. While the transition is difficult, with proper planning and leveraging transferrable skills, lawyers can successfully become investment bankers. This article will provide tips for lawyers on transitioning to investment banking roles like analyst, associate, VP, covering paths from law school to boutique banks to large firms.
Networking and informational interviews are crucial for transitioning lawyers
The key to switching careers from law to investment banking is networking. Since legal and finance recruiters rarely crossover, lawyers must proactively reach out to bankers for informational interviews. This allows learning first-hand about the role while expanding networking contacts. Relevance of pre-existing networks can be maximized by identifying contacts who know those in banking. Lawyers should tell all connections about their transition interest to investment banking and request introductions.
Training programs and boutique banks offer easier career change paths
Large investment banks rarely hire lawyers directly out of law. While possible, the safest path is gaining 1-2 years of banking experience first. Boutique investment banks and financial training programs tailored to career changers are ideal options. The latter provide a comprehensive introduction and networking to break into the field. Alternatively, lawyers can take required accounting/finance courses and obtain certifications like CFA. Internships are invaluable for gaining direct banking experience and networking.
Leverage transferable lawyer skills like analysis, writing, and relations
While the technical knowledge required for banking must be learned, lawyers possess many transferable skills. Strong analytical abilities, attention to detail, and logical structuring of arguments are crucial for modeling and financial analysis. Legal writing and communication skills translate well into preparing client presentations and memos. Developing relationships with clients and commanding respect/trust enables lawyer-turned-bankers to build business. Knowledge across industries and regulation also provides unique perspectives.
Be flexible and proactive when seeking investment banking roles
The key advice lawyers should remember is being flexible and proactive in the job search. Look beyond just top banks and explore boutique firms, smaller groups in larger banks, and non-traditional roles to get a foot in the door. Study industry trends and specialize early on to offer unique value. Cold call and email bankers to introduce yourself and your background. Set up informational interviews and express your passion for finance. With dedicated networking, preparation, and leveraging legal skillsets, lawyers can achieve successful transitions into fulfilling investment banking careers.
With proper planning, training, and proactive networking, lawyers can leverage their analytical and interpersonal skills to transition into rewarding investment banking roles. The career change path takes dedication but opens doors to better work-life balance and new challenges.