FROM LAW TO INVESTMENT BANKING: DILEMMA OF A LAWYER

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Thanks for finding our website a “breath of fresh air”.

I passed your case to a member of JarusHub Analysts Council, who is in a better to treat:

OBAFEMI BAMIDELE, Msc (Edinburgh), ACA, ACCA, CIS, CFA

(Wide experience in investment banking and oil and gas industries)

Investment Banking is a very  wide field ranging from the securities origination side to securities trading.

Some lawyers are involved in different aspects of investment banking transaction.

He could simply try pick up an employment with some of these firms. An example is Banwo Ighodalo and Co. By doing this he might escape a pay cut or at least minimize it as his legal experience should still count.

Continuing with CFA is also a good idea and the farther he has gone in the program, the more attractive he is to employers and the better his negotiation power.

With the CFA qualification and with the experience in the legal side of investment banking, he can settle in the legal aspect niche of investment banking after which he might try making foray into other parts of IB he wishes, although I believe will have a competitive advantage in the legal aspect.

In addition to what Obafemi advised, I will also add that you should start applying to IB firms immediately. Any level of CFA passed is goldmine. I have friends that moved to an IB company with CFA 1 alone. Go and package your CV and start circulating. Start with all these indigenous firms like Merristem, FBN Capital, Cardinal Stone, Vetiva, BGL etc. Try IBTC Wealth Management too. You can also have a go at foreign ones like RenCap. Networking is also important. You may get insiders to help drop your CV in these firms.

I  slightly differ with Obafemi on pay cut. To the best of my understanding, law firms don’t pay much, and only in very few law firms do employee with 3 years experience earn as much as an entry level investment banker. I stand to be corrected. That said, your experience can also fetch you some premium above the fresh entry level guy. In any case, I endorse Obafemi’s advice: you can marry your legal experience with IB, which will be a fantastic combination.

Meanwhile, start circulating your CV, while you continue your CFA papers.

All the best.

Jarus

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