Anaya Nolan
Law and finance are closely linked, and a law degree can be a good starting point for a career in finance. Many branches of law require a good understanding of financial matters, and some areas of law, such as corporate or insolvency law, have clear links to finance. A law degree can provide a good foundation for a career in finance, and there are several jobs in the finance field that value a law degree. For example, a financial attorney works with the laws and regulations surrounding the financial field, and a risk analyst evaluates a company's financial decisions for potential risks. If you're interested in pursuing a career in finance with a law degree, networking and showing enthusiasm for the field can be beneficial.
| Characteristics | Values |
|---|---|
| Jobs in finance with a law degree | Financial attorney, Investment banking analyst, Chief financial officer (CFO), Certified public accountant (CPA), Risk manager, Risk analyst, Management consultant |
| Skills required | Ability to execute and get results for clients, Strong mathematical abilities, Understanding of financial matters |
| Transition challenges | Stereotype that lawyers are uncomfortable with numbers, Bankers make a lot of assumptions about lawyers, Investment banking is about sales and encouraging clients to act |
| Tips for transitioning | Start networking, Show your enthusiasm, Volunteer or intern, Get exposure to finance via classes, internships, or client work |
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What You'll Learn
Networking with graduates from your law school who work in finance
Networking is a great way to get your foot in the door in the finance industry as a law graduate. It is a numbers game, so don't be discouraged if you don't hear back from everyone you contact. Start by finding graduates from your law school who now work in finance on LinkedIn. You can also use your school's alumni network to find names and email addresses.
Once you have a list of 100 people, start reaching out via email. It is best to keep your emails short and simple. People in investment banking and asset management are busy and may not have time to read a lengthy email. Focus on junior to mid-level contacts first, as they will be more responsive, and then ask them for referrals to senior bankers or decision-makers.
When you are networking, be prepared to answer questions about why you are choosing finance over law. Employers in the financial field will want to see your enthusiasm and genuine interest in finance. You can also ask graduates from your law school about their experiences and any advice they have for you. They may also be able to help you expand your network by introducing you to other professionals they know.
Volunteering or interning at a financial institution is another way to gain relevant work experience and learn more about the industry. This could also help you build your network and make connections that could lead to job opportunities.
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Volunteering or interning at a financial institution
A law degree can be a great asset when pursuing a career in finance. Volunteering or interning at a financial institution can be an excellent way to gain experience and build a network in the industry.
Volunteering
Volunteering is a great way to gain experience and give back to the community. It can also help you develop valuable skills and demonstrate your commitment to a legal or financial career. Law schools and employers value volunteer work as it showcases leadership, community building, and responsibility.
Volunteering in a law-related capacity, such as with a law firm, legal nonprofit, government office, or political organization, can be a strong indicator of your interest in the legal field. These organizations often need help with various tasks, from administrative work to collecting and organizing information. Additionally, fluency in a foreign language or technical skills can make you an even more valuable asset.
However, law schools and employers also value non-law-related volunteer work. This could include mentoring youth, volunteering at animal shelters, or supporting ethnic community centers or religious organizations. Such experiences demonstrate your ability to work with others and take initiative.
Interning
Internships are another valuable way to gain experience and build a network in the financial industry. They can provide a more structured and immersive experience than volunteering, and some internships even offer a competitive salary or stipend.
The Financial Institution Intern (FII) Program by FDIC.gov is one such example. This program offers hands-on experience evaluating bank operations, risk management strategies, and consumer protection practices. Interns learn about evolving issues in the banking industry and gain in-depth knowledge of banking laws and regulatory procedures.
Additionally, the Federal Deposit Insurance Corporation (FDIC) offers a Legal Intern Program for law school students interested in financial regulatory law. This program provides a better understanding of the FDIC's role in maintaining confidence in the nation's financial system and offers a variety of duties and projects that contribute to significant legal experience.
Whether you choose to volunteer or intern, these opportunities can provide valuable insights into the financial industry and help build a strong foundation for a career in finance, even with a law degree.
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Examples of finance jobs that require a law degree
A law degree can be a great asset when pursuing a career in finance. Here are some examples of finance jobs that require or benefit from a law degree:
- Risk Analyst: Risk analysts are responsible for evaluating and analyzing a company's financial decisions for potential risks, usually when a company is looking to expand into something new. They research all potential business plans regarding finances and offer advice to increase growth and profits. The national average salary for a risk analyst is around $91,108 per year.
- Financial Attorney: Financial attorneys work with the laws and regulations surrounding various financial sectors, including banking, investment, bankruptcy, capital markets, fund and asset management, stockbrokers, and retail businesses. They advise clients and represent them in court. The national average salary for a financial attorney is approximately $97,322 per year.
- Investment Banking Analyst: These analysts use current and past financial data to help clients at investment banking firms make informed decisions about future investments and manage their current investments. They examine clients' financial profiles and create customized plans to help them achieve their investment goals. The national average salary for this position is about $144,563 per year.
- Corporate Attorney: Corporate attorneys advise and represent corporations on their business and financial transactions. They create and review contracts, ensure compliance with legal requirements, and negotiate deals and partnerships. The national average salary for this role is $148,196 per year.
- Chief Financial Officer (CFO): A CFO is responsible for overseeing all the financial activities of a business and is typically one of the most senior positions in a company. While not always required, a law degree can be advantageous for this role, providing a solid understanding of financial regulations and legal implications.
- Compliance Officer: Compliance officers ensure that companies comply with legal and regulatory requirements. They possess knowledge of relevant laws and regulations and help organizations maintain legal integrity in their financial and business operations.
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How a finance background can help a career in law
A background in finance can be a great advantage when pursuing a career in law, as the two fields are intrinsically linked. Here are some ways a finance background can help a career in law:
Understanding Financial Matters
Many areas of law require a solid grasp of financial concepts to work effectively. For example, corporate law, insolvency law, high-value divorce, corporate restructuring, probate, intellectual property, and product liability all have financial aspects that need to be reviewed and considered. A finance background can help lawyers navigate these financial complexities and make more informed decisions.
Commercial Awareness
Lawyers with a finance background can incorporate commercial awareness into their legal advice. They can understand their client's financial health and constraints, which allows them to provide commercially advantageous solutions. For instance, advising a client to settle outside of court to save resources. This not only benefits the client but also ensures the lawyer's own practice remains profitable and reputable.
Transferable Skills
A finance background equips individuals with skills that are easily transferable to a legal career. These include strong analytical skills, an affinity for numbers, and the ability to decipher complex information. For instance, experience as a corporate accountant or financial analyst can be beneficial for company law, while actuary skills can be applied to banking or insurance law.
Industry Similarities
Both the legal and finance industries have similarities in how they are regulated and the high levels of professionalism they demand. Understanding these similarities can help individuals transitioning from a finance career to a legal one. For example, recognizing the importance of professional indemnity insurance in both fields.
Building a Network
Individuals with a finance background can leverage their existing network to support their transition into a legal career. Collaborating with colleagues in the finance industry who have a legal background can provide valuable insights and mentorship. This can help them build relationships and gain practical knowledge about the legal field.
In conclusion, a finance background can provide a strong foundation for a career in law by offering relevant skills, knowledge of financial matters, and a network of connections. It allows individuals to understand the intricacies of businesses and provide solutions that consider their client's financial health, ultimately enhancing their legal practice.
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Transitioning from law to investment banking
It is possible to transition from law to investment banking, and many lawyers make this move. However, it is not a direct transition, and there are some obstacles to be aware of.
Firstly, it is beneficial to have some work experience in a law firm, ideally in M&A, securities, capital markets, restructuring, or another highly relevant area. This experience gives you an advantage and provides a good basis for transitioning. It is also important to note that you will likely need to start at a lower level than a senior associate position, even with prior work experience.
Secondly, networking is crucial. Reach out to graduates from your law school who now work in finance, former lawyers from your firm or other firms, and your alumni network. These connections can provide valuable advice and insights into the industry and may help you learn about job opportunities.
Thirdly, you must demonstrate your enthusiasm for finance and explain why you are transitioning from law. Employers will want to understand your motivation for this career shift. It is also essential to gain financial knowledge and skills. Consider completing additional qualifications, such as the CFA, to strengthen your financial expertise.
Finally, be prepared for the differences in work culture and hours between law and investment banking. Investment banking is often seen as a more exciting and dynamic field, with faster-paced work and better pay at higher levels. However, associates in investment banking may work longer hours than in law, especially in the beginning.
Overall, transitioning from law to investment banking is achievable, but it requires strategic networking, demonstrating enthusiasm, gaining financial expertise, and being adaptable to the differences in work culture and hours.
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Frequently asked questions
Some roles in finance that individuals with a law degree may be able to pursue include:
- Risk Analyst
- Management Consultant
- Investment Banking Analyst
- Chief Financial Officer (CFO)
- Certified Public Accountant (CPA)
- Risk Manager
Here are some tips for transitioning into a career in finance with a law degree:
- Start networking with graduates from your law school who work in finance to make industry connections and learn how to find financial jobs.
- Show your enthusiasm for the financial field to employers and explain why you are pursuing a career in finance instead of law.
- Gain relevant work experience by volunteering or interning at a financial institution.
Having a law degree can provide a strong understanding of laws and regulations relevant to the financial field, such as banking, investment sectors, and capital markets. Additionally, a law degree can develop critical thinking and analytical skills valued in finance roles.
One challenge is the perception that lawyers are uncomfortable with numbers and basic arithmetic. To counter this, individuals with a law degree seeking finance roles may need to provide strong evidence of their mathematical skills. Additionally, investment banking, a common area of interest for those transitioning from law, heavily emphasizes sales and client interaction, which may require a shift in mindset.
