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Investment Banking Jobs After Leaving Law

If you’re interested in leaving the law for investment banking careers, it is possible. Eric Klar is a BigLaw finance attorney who made the transition, then came back to law after 10 years in investment banking jobs. You can bet he knows how to maintain relationships!

In this video, he shares how investment banking jobs compare to BigLaw jobs and explains the legal skills used in investment banking. You’ll find out what you need to do to break into these competitive alternative careers for lawyers as a law student or when you’re leaving the law.
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WATCH A SNEAK PEEK


Today’s Guest

Finance attorney Eric KlarFinance Attorney Eric Klar
Title: Partner, International Law Firm
City: Miami, FL
Law School: Hofstra Univ. School of Law in Hempstead, NY
College: University of Michigan in Ann Arbor, MI
Previous Career: After starting his career as a Big Law Finance Associate, Eric spent a decade in Investment Banking before entering the business world as a CEO. He recently returned to Big Law.
Videos: Investment Banking Jobs & Eric’s Career Advice

BONUS: Before you think about changing careers to investment banking jobs, you need to know whether they’re a good fit for you. My FREE self-assessment tool, The Career Mirror, will help you find clarity on what you really want. Click here to get instant access.

 

TRANSCRIPT PREVIEW

This is a preview of the video transcript on working in investment banking.

Join JD Careers Out There for access to the full version of this transcript plus the career guidance video library & transcripts.

Luber: Hey everyone – welcome to JD Careers Out There – where we we explore career paths both in law practice and other law graduate jobs to help you find the right career and help you succeed using your law degree.

I’m your host Marc Luber, the founder of JDCOT. I’ve always used my law degree to work in alternative careers for lawyers – first in the music industry and then as a legal recruiter. I’ve been helping lawyers with their careers since 2003 and I’m excited for the opportunity to help you.

Today we’re exploring the career path of Investment Banking. We’re talking to my old friend and college roommate, Eric Klar, who was a managing director at a major global bank where he spent 10 years in Investment Banking jobs AFTER practicing law for 5 years at an international law firm. He tells us all about the path of IBanking and making that transition from the legal world.

Here’s a little look at our discussion where I asked Eric about the Lifestyle of investment banking jobs as well as what level a JD would come in at when joining a bank:

So I remember that the hours for you, when you were there, were very, very long and intense. Tell us about the lifestyle for iBanking jobs.

Eric Klar: Sure. I mean first, the lifestyle at a large law firm as a junior associate is a grueling lifestyle as well. Long hours, it’s a big commitment.

As an investment banker, it’s no different. When you’re an analyst and a junior associate, you are working, very often, 7 days a week, long hours every day. That’s the nature of the job. I wouldn’t recommend that anybody get into this profession without having that expectation and being prepared to make that type of commitment.

There are plenty of people who come out of college thinking, “I want to be an analyst on Wall Street. I’ve read about it, I’ve seen movies about it and I want to do that,” and it’s not for them. It’s not for everybody. And you need to make that commitment in order to be successful and work your way up through the ranks and hopefully get promoted from analyst to associate to vice president to director to managing director.

Luber: And so, when someone’s coming first out of a law firm after having worked for a few years, are they an analyst? Is that the title?

Eric Klar: No. If you’ve been a practicing attorney, depending how senior you are, most people I knew often came in as an associate, whether it was a second or third year associate, because you do bring, unlike someone who’s coming out of college, that’s generally the analyst ranks.

You’re bringing…you are adding value and you do have X number of years of practice of law, you do have a law degree, so they generally bring you in as an associate, and that’s where you start. And you work with the analysts, who are primarily responsible for the initial drafts of most materials as well as the modeling.

Luber: OK. And the roles would be pretty similar to what you were describing earlier when you were talking about your role as a managing director – there you have a little bit more business development responsibility, it sounds like, but otherwise the day-to-day tasks that people are going through are still pretty similar?

Eric Klar: Yes, but when you’re a managing director, your responsibility is, no doubt, at the end of the year they’re checking the box, what was your revenue generation, how many deals did you work on and close and how profitable were those transactions for the firm.

But, on the flip side, it is your responsibility to ensure that all time lines are met internally, that the credit process is done as efficiently as possible, because it’s your client relationship that you’re working to manage. So you’re responsible both for internal and external processes that have to be managed.

Luber: Interesting! Well, let’s dive deeper in the Full Interview. We’ll talk much more there about investment banking jobs – you’ll all hear Eric share what it’s like, what it takes, how your JD applies, and how to break in – how to transition from the legal world to the investment banking path. And if you’re a finance idiot like me, you’ll actually learn about how IBanking works too.

You’ll want to join the JDCOT membership for access to the full, in-depth career interviews & transcripts so we can help you find and land a career that fits you. Check out the great things people are saying about JDCOT by clicking here.

Thanks again for watching everybody. I’m Marc Luber and I’ll see ya soon.

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©2019 Careers Out There

   
Do you think investment banking careers are for you? What about the path inspires you? Let us know – share your thoughts in the Comments below!

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Thinking of leaving the law? The best first step you can take is a good look in the mirror. START HERE:

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You’ll also get periodic updates, reminders & access to career guidance programs sent to your inbox. We respect your privacy. You can unsubscribe via a click at any time.