| Topic Name: |
SAD but TRUE facts about the legal profession |
| Message Name: |
Wow -- best post EVER!!! |
| Date Posted: |
05/01/2001 |
| In Reply To: |
I think a litigator's view point might be vastly different. It seems to me that a litigator is a lot more in control of a particular case than a corporate attorney. Also, the client demands of a corporate attorney can get ridiculous. Take a structured offering for example. You have your client, say the offeror of securities. Then you have your client's investment bank (usually a syndicate of banks). Then you have the investment bank's counsel. You have the debt rating agencies. You have the debt rating agencies' respective counsels. You have Cayman counsel because you have an entity in the strucutred vehicle incorporated there. You have internal counsel on any derivative transactions. You have your client's internal counsel. I'll stop, you get the point.
Here is another consideration. Where do you go once you leave BIGLAW? You can goto another BIGLAW. But the pressure to bill hours, make partner, interal politicking are factors just like it was at your old BIGLAW and it's not like they are going to give you a raise or something, in fact your partnership chances are probably worse because firms like homegrown products. You can goto a corporate legal department (some feel this is the holy grail). But you most likely take a pay cut but trade it in for a better lifestyle. You are a COSTCENTER not a revenue generator. This can be huge in a corporation. You can goto midlaw or small law. But if you are corporate attorney, small law is not an option. Some midlaws are but you take a hit in pay. You can change industries (consulting, banking). Here, you most likely will have to revisit your law school pedigree and your grades. You must demostrate numeracy, especially to a bank. In fact, it is harder to get into a bank after practicing law than if you were to jump into it as a fresh law grad. Why? Because there is a huge glut of 2nd 3rd year lawyers that are dying to make the jump.
Also, another big factor in me making the jump from the law was the dearth of training at law firms. This told me two things, one law firms were very much sink or swim and/or the type of work that I was expected to do did not need any special training, any monkey can do it. Either way, not good. Top consulting firms on the other hand, unlike the reputation of most banks, focus to a fault on training and individual professional development. As I stated before, I think this is particularly important because LS nor BS does not provide any specialized training.
Anyways...my $.02 |
| Message: |
This was the BEST post ever on this message board about JDs and the JD v. MBA debate.
Good job!!!
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