Insider Finance - Business - Wall Street: The allure of Big Law

The latest in finance.
View in browser
INSIDER
Subscribe

10 THINGS ON WALL STREET

Hi. I'm Aaron Weinman. Law students are reluctant to pursue a career in corporate law, but sometimes a solid salary and box seats at the ball game is enough to convince folks to stick around.

Let's look into it.


If this was forwarded to you, sign up here. Download Insider's app here.


Bail bond concept. Gavel and dollar banknotes.

1. Many law students don't fancy a job in Big Law, but some might not have a choice. There are students who want to be public servants, but then Big Law comes calling with hefty six-figure salaries, and that can be hard to turn down.

Law firms regularly frequent law school campuses to round up their next batch of juniors. While students sometimes scoff at the idea of a career in corporate law, their professors doubt some can say no to a lifestyle akin to the fictional corporate lawyer of "Suits" fame, Harvey Specter.

They're also often plagued with thousands of dollars in unpaid student loans. And a gig in corporate law is the quickest way to whittle down their debt.

There can also be a certain ease in tracking down a job in corporate law. Every year, law firms interview students for summer internships, and those who get selected are exposed to roughly three months of the Big Law life.

Kirkland & Ellis, often the law firm of choice for Wall Street's biggest banks and investment firms, welcomed more than 500 summer associates in 2021.

Yes, the hours are long, and the work can be arduous, but you're doing it from a fancy skyscraper with a towering view of the big city. Sometimes you also get treated to a night out with expensive wine or box seats at the ball game.

"People will do things they don't care a whole lot about if they get paid enough," said Stephen Bright, a professor at Yale Law School who teaches capital punishment and issues of race and poverty.

Read the full feature story from Insider's Senior Correspondent Casey Sullivan on why some law students, despite finding a career in corporate law unthinkable, might struggle to say "no" to that $200,000 salary.

ICYMI, Casey has a bevy of stories on Big Law that are worth a read:


In other news:

Larry Fink, right, gestures to Andrew Ross Sorkin in front of a dark-colored DealBook logo.

2. BlackRock's acquisition of Vanguard Renewables underscores the rise of renewable natural gas. But critics argued the label is greenwashed. Here's why the money manager bought the provider of a controversial energy source for $700 million.

3. Bankers working on the debt financing supporting the buyout of Citrix Systems are doing whatever it takes to get the loans off of their books, according to Bloomberg. The banks — including Bank of America and Goldman Sachs — are gauging investor interest in a $500 million equivalent loan in euros and $3 billion in secured bonds.

4. After almost four years at the helm of Goldman Sachs, what has David Solomon, its chief executive achieved? This deep dive from the Financial Times digs into the reinvention of the bank and argues that his efforts have not been as transformative as many had hoped.

5. Manchester United stock has rallied as its owners, the Glazer family, are reportedly open to selling a stake. The football club's stock jumped 6% on Wednesday, and, to be clear, Elon Musk was kidding when he said he'd buy a stake in the club.

6. A Goldman Sachs vice president who quit for a crypto gig has returned to the bank. Andrew Pesco left Goldman's quantitative investment strategies team for crypto-investing firm Domain Money last year. He has rejoined Goldman Sachs as a managing director in its asset-management division, efinancialcareers reported.

7. Healthcare startups are raising less money this year as investors react to an unstable market. Here are the 16 healthcare companies to buck that trend and hit $1 billion valuations this year.

8. Young bankers are worried about their nights off and ponder whether there are dark days ahead, Bloomberg reported. Junior bankers, with more time on their hands due to a dip in dealmaking, are hitting up bars, boats, and Broadway shows.

9. Startups like Uber, Postmates, and Airbnb have relied on thorough pitch decks to net billions of dollars in capital. Here is an inside look at more than 800 pitch decks that founders have used to fund expansion plans, operations, and mergers and acquisitions.

10. So-called "golden visas" offer immigrants residence through investment programs. Here are 20 countries — including Australia and Portugal — that offer these visas with costs ranging from $19,000 to $2.5 million.


Done deals:

  • JPMorgan Chase, financial risk company RapidRatings, and the Illinois State Black Chamber of Commerce have launched the Financial Health Pilot Project — an initiative to enable minority-owned businesses to develop longer term business relationships. Businesses get a free financial assessment and market intelligence to understand and interpret their financial position to investors, lenders, and clients.
  • CVC Credit has priced a $500 million collateralized loan obligation. Société Générale arranged the deal, which is CVC's fifth CLO this year. The investment firm has raised more than $2.4 billion in structured transactions in 2022.
  • Francisco Partners has acquired workplace learning and development company SAP Litmos from the German multinational firm SAP.

Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.

Download on the app store   Get it on google play

Older messages

Apple will pay $30.5 million to California employees who weren't paid while they had their bags searched at work, after a judge OK'd a settlement in the 9-year case

Wednesday, August 17, 2022

Apple will have to pay more than $1000 each to thousands of employees who weren't paid during security checks at meal breaks and after their shifts. View in browser Business Insider Business

Wall Street: Gibson Dunn’s Randy Mastro bids adieu

Wednesday, August 17, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. I'm Aaron Weinman. Randy Mastro, the experienced Gibson Dunn lawyer who's repped a vast array of

I've been 'job sharing' for 15 years, and it was key to making partner at a major law firm. Here's how it's advanced my career.

Tuesday, August 16, 2022

Kathryn Jump and Lisa Tye "job share," running a department at Shoosmiths, a major UK law firm, where they're also partners. View in browser Business Insider Business Insider Business

Scamming the boss

Tuesday, August 16, 2022

It didn't take long for Khuram Raza Zakhaif, an independent cloud-computing... Read on Insider.com INSIDER INSIDER Subscribe INSIDER FEATURED ARTICLE CAREERS Scamming the boss: Some employees are

Wall Street: Goldman follows Amazon's playbook

Tuesday, August 16, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. I'm Aaron Weinman. Marco Argenti will take over as Goldman Sachs' sole chief information officer in

You Might Also Like

After inauguration, it's time to talk taxes

Wednesday, January 15, 2025

plus toad fashion + Post Malone ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Harry's Take 1-15-25 Stocks Look to Break Lower: Another Sign of a Top on December 16

Wednesday, January 15, 2025

Harry's Take January 15, 2025 Stocks Look to Break Lower: Another Sign of a Top on December 16 As we go into the new year, already with signs of a failed Santa Claus Rally and a failed first 5

🇺🇸 America's tariff future

Tuesday, January 14, 2025

A possible go-slow approach to tariffs, a spending worry for China, and the next obesity drugs | Finimize TOGETHER WITH Hi Reader, here's what you need to know for January 15th in 3:14 minutes. The

It’s a new year, get a new savings account

Tuesday, January 14, 2025

Earn more with high-yield options! ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Private Equity Is Coming for Your 401(k)

Tuesday, January 14, 2025

The industry wants in on Americans' $13 trillion in savings ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

This Skateboarding Economist Suggests We Need More Skateparks And Less Capitalism

Tuesday, January 14, 2025

A skateboarder presented an unusual paper at this year's big meeting of American economists. View this email online Planet Money Skateonomics by Greg Rosalsky “The Skateboarding Ethic and the

Elon Musk Dreams, Mode Mobile Delivers

Tuesday, January 14, 2025

Join the EarnPhone revolution ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Shaping inflation expectations: the effects of monetary policy

Tuesday, January 14, 2025

Natalie Burr In economic theory, expectations of future inflation are an important determinant of inflation, making them a key variable of interest for monetary policy makers. But is there empirical

🌎 Another hottest year

Monday, January 13, 2025

Global temperatures crossed a threshold, oil prices bubbled up, and crypto's AI agents | Finimize Hi Reader, here's what you need to know for January 14th in 3:06 minutes. Oil prices climbed

Have you seen the Best Cars & Trucks of 2025?

Monday, January 13, 2025

Get a quote and protect your new wheels with Amica Insurance ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌