<p>Investment bankers can definitely do the same. In fact, most of the extremely successful bankers leave banking to start their own funds. Most of the entire Greenwich, Connecticut hedge fund industry (of which Greenwich is hedge fund heaven) consists of funds started by former bankers. </p>
<p>Opening up your own law firm is not that simple, as I'm sure ariesathena could tell you. You have to secure clientele and deal with all of the headaches involved in starting any business. It's obviously very good if you are highly entrepreneurial and you know how to promote yourself, but if you don't have that kind of personality, then it's a very bad fit. </p>
<p>I don't know about not having to worry about being laid off. The truth is, associates at the big firms get "laid off" all the time. Of course, they don't call it that. Rather, you get induced to resign. That's because as an associate at a big law firm, you're basically fighting to make partner, and the fact is, most associates will not make partner. If it's clear that you're not going to make it, the firm is going to nudge you out, gently at first (hence, convincing you to resign), but they will fire you if you don't take the hint. </p>
<p>Furthermore, it is also true that in a general economic downturn, law firms will lay associates off left and right. For example, during the tech downturn, Silicon Valley law firms that specialized in advising tech clients were laying young lawyers off left and right. </p>
<p>For example, consider this quote:
"Firm-wide, Gray Cary is rebounding from a tough year in 2002, when it laid off 68 lawyers as the dot-com crash hit home in Silicon Valley. "</p>
<p>Same thing happened after 9/11 - lots of New York law firms laid off a lot of young associates. So don't fall for the notion that you don't have to worry about being laid off if you are a lawyer.</p>