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

Do You Own Any Of These Stocks?

Friday, April 19, 2024

The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. logo Book image ​ Fellow Investor Our proprietary research has

Blame it on the rent

Thursday, April 18, 2024

Bloomberg Evening Briefing View in browser Bloomberg When US inflation peaked above 7% back in 2022, the culprits were everywhere—spread across goods and services. Now, with inflation back below 3%,the

🇮🇳 It's all about India

Thursday, April 18, 2024

Chipmaker TSMC didn't have much to complain about | The US dollar has the world talking | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 19th in 3:14 minutes. 🪙

Home makeover on a budget? We have just the thing.

Thursday, April 18, 2024

Lower rates and potential value boost — get started. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Mother Earth 🤝 Jane Fonda

Thursday, April 18, 2024

Plus, a new worksheet for stay-at-home moms. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

Visionary Valuations - Issue #464

Thursday, April 18, 2024

From AI enhancements to fintech revolutions, uncover the potential of next-generation financial technologies. April 18, 2024 FinTech Weekly cuts through the noise to bring you insights on how

Prepare for a Recession Unlike Any Other

Thursday, April 18, 2024

The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. Exchange Dems Impose Shocking Law "401K-Funded Reparations?

Three facts about the rising number of UK business exits

Thursday, April 18, 2024

Jelle Barkema, Maren Froemel and Sophie Piton Record-high firm exits make headlines, but who are the firms going out of business? This post documents three facts about the rising number of corporations

Big Tech drops

Wednesday, April 17, 2024

Bloomberg Evening Briefing View in browser Bloomberg The US stock market saw its longest losing streak since January as a handful of big tech companies sold off. Equities fell for a fourth straight day

📉 ASML's chips are down

Wednesday, April 17, 2024

Chip company ASML issued a bad omen | UK inflation was close to expectations, but close doesn't cut it | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 18th in 3:13