Law vs. Banking

OP

I don't mind doing the GDL and paying for it as I have some money stashed away. Does anyone think it's a better career long term?

Reply 4

Roll-The-Dice-And-Win

1

I believe Corporate law is lucrative but so is investment banking...its really your personal choice... What area will you be working in? Sales/Trading?

Reply 5

OP

mussy1234

I believe Corporate law is lucrative but so is investment banking...its really your personal choice... What area will you be working in? Sales/Trading?

I was in an IBD specialized field (hybrids) and I've moved to sales. I would like to move into Tax law - I like stuff like that. It's a tough call and I'm just seriously torn over it. I'm a people person and I love public speaking and persuading people on something. Which is why the law thing continues to creep up.

Reply 6

Kinetic87

5

From the way you are talking it seems you would like to become a barrister as opposed to a solicitor. It is unbelievably competitive in this field and you really need to be commited if that is what you want to do.

You will need to do the GDL followed by the BVC and then find a pupillage at a reputable chambers. This is by no means an easy feat. But once qualified, and if you are successful, it will probably provide a much more satisfying career in the long run than a stint in IBD.

THe choice is yours.....

Reply 7

President_Ben

15

Stability
Law seems to be a more stable career. Is this the case in the UK? Is it better to have a profession than move into banking?

Yes, it is. The qualification keeps you employable in more areas, with more firms, for longer.

Reply 8

I have had (and am still having) thoughts about both career paths. I'm still at uni so I'm not quite so far in as you but for your benefit I weighed it up thus with law coming out on top (all points are obviously my opinion, not necessarily fact):

Lawyers are always in demand no matter what happens to the economy.
Longer working life (less burn out, ability to scale down into a high street practice depending on family demanss etc.) vs. long working weeks, early mornings and early burn out.
General feeling that they want you to work for them, they look after you etc. vs. jumping through hoops to work in a bank
First two years in a law firm = a qualification you've been paid roughly £60k to do (plus all your law school fees and living expenses if you already have a training contract) vs. 2 years of work on your CV but not necessarily any solid qualifications.

My plan is to train as a solicitor and work in banking law and related fields and then move over to a bank if it suits me. I figured if I changed my mind at any point it was easier to go from law to banking than the other way around. Plus if I decided against law at least I'd be a qualified solicitor for the rest of my life.

Reply 9

OP

puppy

I have had (and am still having) thoughts about both career paths. I'm still at uni so I'm not quite so far in as you but for your benefit I weighed it up thus with law coming out on top (all points are obviously my opinion, not necessarily fact):

Lawyers are always in demand no matter what happens to the economy.
Longer working life (less burn out, ability to scale down into a high street practice depending on family demanss etc.) vs. long working weeks, early mornings and early burn out.
General feeling that they want you to work for them, they look after you etc. vs. jumping through hoops to work in a bank
First two years in a law firm = a qualification you've been paid roughly £60k to do (plus all your law school fees and living expenses if you already have a training contract) vs. 2 years of work on your CV but not necessarily any solid qualifications.

My plan is to train as a solicitor and work in banking law and related fields and then move over to a bank if it suits me. I figured if I changed my mind at any point it was easier to go from law to banking than the other way around. Plus if I decided against law at least I'd be a qualified solicitor for the rest of my life.

Thanks, I appreciate this analysis quite a bit.

Reply 10

President_Ben

15

puppy

Lawyers are always in demand no matter what happens to the economy.

So are bankers. But there's more volatility there.

Longer working life (less burn out, ability to scale down into a high street practice depending on family demanss etc.) vs. long working weeks, early mornings and early burn out.

Depends on where in the legal career you go. And which bit of banking you want to compare against.

General feeling that they want you to work for them, they look after you etc. vs. jumping through hoops to work in a bank

I'm not sure there are any desk jobs that are so strictly defined which aren't going to take on some/plenty of hoop jumping.

First two years in a law firm = a qualification you've been paid roughly £60k to do (plus all your law school fees and living expenses if you already have a training contract) vs. 2 years of work on your CV but not necessarily any solid qualifications.

More money... and less time in your life studying...

Reading those points made me think of bean counting by the way, they are the classics...

Reply 11

rboogie

Thanks, I appreciate this analysis quite a bit.

It's nothing concrete of course, It's just how I feel about it. I want an easy life when it comes down to it and I see this as the less risky route.

Reply 12

President_Ben

So are bankers. But there's more volatility there.

Depends on where in the legal career you go. And which bit of banking you want to compare against.

I'm not sure there are any desk jobs that are so strictly defined which aren't going to take on some/plenty of hoop jumping.

More money... and less time in your life studying...

Reading those points made me think of bean counting by the way, they are the classics...

I said very clearly that these were my opinions, or at least the things I've used to convince myself that law is the right option for me, not hard facts. A lot of it is down to the fact I just feel like I'd make a better lawyer than banker- I just don't feel I have the skills for banking.

I didn't list any of those things for your benefit anyway, if you want to do banking, do banking, my pro law post is no threat to you.

Reply 13

President_Ben

More money... and less time in your life studying...

Reading those points made me think of bean counting by the way, they are the classics...

If you don't want to study then why bother going to university? You may as well have just worked your way up from the bottom in a bank if that's how you feel. The academic part of law is a huge part of it's appeal to me. And money certainly isn't anything to do with it, I couldn't do something for 40 years if I didn't like it just because I could afford a few more pairs of shoes every month.

Reply 14

Big4Monkey

Training Contract at Magic Circle law firm
2007 - graduate
2008 - CPE conversion (for some), £0k
2009 - LPC course, £0k
2010 - Training year 1, £30k
2011 - Training year 2, £33k
2012 - Year 1 qualified, £55k
Total - £118k

Grad Scheme at Top 7 IB, Sales/Trading
2007 - graduate
2008 - Graduate Analyst, £60k
2009 - 1st yr Analyst, £84k
2010 - 2nd yr Analyst, £103k
2011 - 1st yr Associate, £121k
2012 - 2nd yr Associate, £140k
Total - £0.5m

...

Reply 15

OP

CityTrader

Training Contract at Magic Circle law firm
2007 - graduate
2008 - CPE conversion (for some), £0k
2009 - LPC course, £0k
2010 - Training year 1, £30k
2011 - Training year 2, £33k
2012 - Year 1 qualified, £55k
Total - £118k

Grad Scheme at Top 7 IB, Sales/Trading
2007 - graduate
2008 - Graduate Analyst, £60k
2009 - 1st yr Analyst, £84k
2010 - 2nd yr Analyst, £103k
2011 - 1st yr Associate, £121k
2012 - 2nd yr Associate, £140k
Total - £0.5m

...

hmm - wow.

thanks for this info.

The money difference is clear. I think I'd be good at both professions, and that is what is making it difficult for me. I think the money in a lot of ways gives you options that allow to dabble elsewhere. I may do the GDL as part of a distance program rather than the CFA, (not to mention the insane workload) but I've got to research this and everything else more. Is it often that sales guys and lawyers would have similar characteristics? I am a people person and I love debate and being persuasive. Does this seem like a reasonable crossover? Maybe I should just be thankful I have a nice job lined up in either field. It's not a bad choice either way.

The more comments the better! Thanks for your help!

Reply 16

CityTrader

Training Contract at Magic Circle law firm
2007 - graduate
2008 - CPE conversion (for some), £0k
2009 - LPC course, £0k
2010 - Training year 1, £30k
2011 - Training year 2, £33k
2012 - Year 1 qualified, £55k
Total - £118k

Grad Scheme at Top 7 IB, Sales/Trading
2007 - graduate
2008 - Graduate Analyst, £60k
2009 - 1st yr Analyst, £84k
2010 - 2nd yr Analyst, £103k
2011 - 1st yr Associate, £121k
2012 - 2nd yr Associate, £140k
Total - £0.5m

...

So what? I pity anyone who choses their career based soley on that. Life's too short. If you're all so obsessed with money get some balls, work hard, set up your own business empire and be multimillionaires.

Reply 17