I’m not sure what you disagree with. Yes, there’re internal and external lawyers who work on the dox and help close deals. However, some securities lawyers have made a very successful transition to IB. Some teams are led by lawyers. Even some PE funds are led by lawyers. IB isn’t rocket science and it isn’t even a quantitative HF.
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Perhaps you might have exceptions, but we are talking about the elite firms. Unless you are or were a senior partner at a top merger firm or private equity firm, I don’t think you should state your view so forcefully, because it’s not correct in general. Many many many securities and corporate lawyers would love to transition but it’s not happening.
Of course I was talking about well known firms. I personally known people (one of them is a dear friend) who have made such transition. However, I don’t want to imply that such transition is easy or widespread. There’re certainly a lot more lawyers who want to make the transition than those who actually made that transition.
One of my best friends has been an analyst for nearly twenty years; been at his current firm nearly seven years; has no illusions about ever making partner or even a very senior position. He basically just likes the money; seems to think he is on schedule to retire fully self-funded by the time he is 50 y/o. That’s the good part. OTOH, he would also be the first to admit that he would never have hacked it in law school; he simply hates reading and always has. And, if he ever had to write anything longer than a brief summary full of bullet points he would be completely lost.
Since a new thread was started with the above link, I am closing this older discussion. Feel free to continue the conversation on the new thread.