Gavin Howe
A law degree can open up a variety of career paths for finance professionals. The two fields are intrinsically linked, and many branches of law require a good understanding of financial matters. For example, a financial attorney works with the laws and regulations surrounding the financial field, including banking, investment sectors, and capital markets. Other roles that combine law and finance include risk analysts, management consultants, financial advisers, and investment banking analysts. Lawyers with a background in finance can also be valuable in certain sectors, such as infrastructure advisory. Finance professionals with a law degree can also pursue careers in corporate law, bankruptcy law, asset protection, and more.
| Characteristics | Values |
|---|---|
| Financial adviser | $82,059 per year |
| Investment consultant | $87,190 per year |
| Certified public accountant (CPA) | $67,569 per year |
| Risk analyst | $91,108 per year |
| Management consultant | $87,951 per year |
| Attorney | $97,322 per year |
| Investment banking analyst | $97,777 per year |
| Chief financial officer (CFO) | N/A |
| Corporate law | N/A |
| Bankruptcy law | N/A |
| Elder law | N/A |
| Asset protection | N/A |
| White-collar crime defense | N/A |
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What You'll Learn
Become a financial attorney
A financial attorney works with the laws and regulations surrounding the financial field. This can include banking, investment sectors, bankruptcy, capital markets, fund and asset management, stockbrokers, and retail businesses. Financial attorneys advise clients and represent them in court.
To become a financial attorney, you will need a law degree and a strong understanding of financial concepts. While a background in finance is not necessary, it can be advantageous. You can enhance your understanding of financial concepts by taking relevant courses in corporate finance, accounting principles, or business law. Building relationships with colleagues who have a finance background and seeking mentorship from experienced professionals can also help strengthen your financial knowledge.
On-the-job learning is another important aspect of becoming a financial attorney. By working on projects and cases involving financial complexities, you will gain practical experience and improve your skills. It is also beneficial to network with graduates from your law school who work in the financial field, as they can provide industry connections and advice on finding financial jobs with a law degree.
Additionally, developing strong analytical skills, communication skills, and problem-solving abilities is crucial for success as a financial attorney. These skills will enable you to analyse complex financial information, negotiate deals, and communicate legal and financial information clearly to clients.
Overall, becoming a financial attorney requires a combination of legal expertise, financial knowledge, and strong analytical and communication skills. By enhancing your financial understanding, building a professional network, and embracing on-the-job learning opportunities, you can successfully pursue a career as a financial attorney with a law degree.
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Work in corporate law
Working in corporate law involves handling the legal, business, and financial concerns of various corporate entities. A corporate lawyer's responsibilities may include negotiating contracts, managing daily legal matters, overseeing mergers and acquisitions, and advising on strategic legal decisions.
To become a corporate lawyer, you must first obtain a bachelor's degree in a related discipline, such as business, finance, legal studies, or economics. While pursuing your degree, it is beneficial to get involved in extracurricular activities and groups that align with your career path, such as student government or debate clubs. Networking with graduates from your law school who work in the financial field can also help you make industry connections and gain valuable advice.
The next step is to attend an American Bar Association-accredited law school. Each law school has its own requirements regarding GPA, letters of recommendation, and other supporting documents. Most law schools require the Law School Admission Test (LSAT), which assesses critical thinking, reasoning, and reading comprehension skills. Law school prepares you to earn your Juris Doctor (J.D.) degree, which is necessary to become an attorney.
After completing your law degree, you may choose to pursue a master's degree for further specialization in corporate law. Strong skills in emotional intelligence, communication, self-confidence, and mental acuity are also essential to meet the demands of this challenging career field.
As a corporate lawyer, you can work for the government or various business verticals, including retail, marketing, travel, hospitality, insurance, or technology industries. You have the flexibility to work as in-house counsel for a corporation or as an associate or partner with a law firm. Additionally, you can work as a freelance corporate law consultant on national or international projects or practice commercial litigation.
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Be a financial adviser
Financial advisors help individuals make wise decisions regarding money management. They assess a person's financial position, understand their needs and goals, and then make recommendations on how to achieve them. Advisors give their clients advice on issues regarding finances, such as investments, saving accounts, college funds, taxes, insurance, mortgages, and loans. They can also guide clients in areas like charitable giving, estate planning, and long-term investment growth.
Financial advisors can be generalists or may specialize in one of several areas, including retirement, taxes, estate planning, or insurance and risk management. A bachelor's degree is required for a career as an advisor, with majors in finance, economics, business, statistics, or similar fields being acceptable. Some financial advisors have diverse backgrounds, while others focus on a particular area. Major firms or high-end clients may require their financial advisors to continue their education at the graduate level.
Networking is an important aspect of finding employment opportunities and discussing market trends. Social media is also an excellent channel for posting resumes and searching for open positions. The world of finance is fast-moving, with finance laws and strategies always changing, and advisors must keep up with current trends. Many certifications in financial advising require continuing education, and senior positions often demand an advanced degree.
Financial advisors often hold certifications like Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA). These credentials reflect their knowledge in financial planning and investments rather than legal matters.
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Transition to investment banking
Transitioning from law to investment banking is a viable career path for finance professionals with a law degree. Here are some steps and considerations for making this transition:
Networking and Connections:
Start by building a network of connections in the financial industry. Reach out to graduates from your law school who work in finance, as well as professionals in your existing network. Utilize platforms like LinkedIn to search for contacts at banks and reach out to them. Ask for advice on transitioning, show enthusiasm for the financial field, and seek potential job opportunities.
Work Experience and Specialization:
Working at a law firm for a few years, especially in areas like M&A, securities, capital markets, or restructuring, can provide relevant experience for transitioning into investment banking. Your legal expertise in these areas can be advantageous when applying for roles in investment banking.
Understanding the Industry:
Consider interning or volunteering at a financial institution to gain a deeper understanding of the financial field and acquire relevant work experience. This can help bridge the gap between your legal background and the investment banking industry.
Educational Qualifications:
In some cases, pursuing an MBA or taking the GMAT to get into a top MBA program can enhance your credentials for a career in investment banking. This is especially true if you're transitioning at an older age, as banks typically hire analysts in their early twenties.
Job Roles and Responsibilities:
As an investment banking analyst, you will use financial data to advise clients on future investments and manage their current investments. You will create custom plans to help clients reach their investment goals. Other roles in investment banking include risk analysts, management consultants, financial advisors, and chief financial officers (CFOs).
Remember that the transition from law to investment banking may take time, and you may not move directly from law school into investment banking. However, with persistence and strategic networking, you can leverage your law degree and finance knowledge to successfully transition into the world of investment banking.
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Pursue a career in company law
A career in company law is an excellent choice for finance professionals with a law degree. Company lawyers, also known as corporate and financial lawyers, work with businesses and organizations to navigate the legal aspects of their financial operations and transactions.
Job Roles and Responsibilities
Company lawyers advise their clients on a range of issues, including finance, banking, commerce, compliance, and regulation. They are responsible for drafting and interpreting commercial contracts, negotiating deals, and providing legal advice. For example, during mergers and acquisitions, company lawyers play a crucial role in transactional planning, legal due diligence, and preparing investment strategies. They ensure that all legal aspects of the deal are thoroughly analyzed to protect their clients' interests.
Company lawyers also work with different types of financial arrangements, such as credit transfers to companies, and the legal frameworks surrounding these transactions. They may also specialize in areas like M&A, banking law, insolvency, and corporate transactions.
Skills Required
Company lawyers need strong analytical, legal, and strategic decision-making skills. They must be proficient in all fields related to finance and have a keen understanding of the legal and commercial implications of financial decisions. Additionally, presentation and contextual skills are highly valued, as well as the ability to wear multiple hats and adapt to different roles within the legal industry.
Career Path and Salary
A career in company law can lead to competitive positions in top law firms and in-house legal departments. Entry-level positions, such as internships or paralegal roles, are a great way to gain experience and build a career in this field. With further education and experience, company lawyers can advance to director or chief financial officer (CFO) positions, earning competitive salaries.
Networking and Connections
Building a strong network is essential for finance professionals pursuing company law. Connecting with law school graduates working in the financial field can provide valuable industry insights and job opportunities. It is also beneficial to showcase enthusiasm for the financial field during job interviews and be prepared to discuss relevant skills and experience.
A career in company law offers finance professionals with a law degree a diverse and challenging path. It requires a unique combination of financial and legal expertise, strong analytical skills, and the ability to navigate complex transactions. With the right qualifications, experience, and connections, finance professionals can excel in this high-demand field, contributing to the success and compliance of businesses while enjoying competitive salaries and career advancement opportunities.
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Frequently asked questions
Some roles in finance that require a law degree include financial attorney, investment banking analyst, and chief financial officer (CFO). A financial attorney works with the laws and regulations surrounding the financial field, including banking, investment sectors, and bankruptcy. An investment banking analyst helps clients at an investment banking firm decide on future investments and manage their current investments. As a CFO, you would be responsible for all the financial activities of a business.
Some roles in law that require a finance degree include corporate law, bankruptcy law, elder law, asset protection, and white-collar crime defense. A law degree with a finance background is also useful for company law, banking law, and insurance law.
Some ways to transition from a career in finance to a career in law include networking with graduates from your law school who work in the financial field, volunteering or interning at a financial institution, and pursuing a Master of Laws (LLM) to develop legal knowledge. It is also beneficial to show enthusiasm for the career switch and be able to articulate your reasons for doing so during interviews with hiring managers.
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