More Prestigious Law School over Business School?
I'm coming into my second year at an upper MM PE fund and starting to think about what I want to do next. My goal longer-term is to move to a smaller MM (or lower-MM) fund hopefully closer to my hometown. In the meantime, I'm thinking I want to do graduate school.
My fund is decently well known, but it isn't in a traditional megafund, so b-school placement isn't a guarantee. I think Harvard/Stanford are possibilities, but I still don't think I have a great shot, especially considering how difficult competition has gotten. However, before I got into banking in undergrad, I took the LSAT and scored very well. As the law schol game is much more numbers driven, I believe I'm close to a lock at Harvard or Stanford Law.
My impression for b-school for PE associates is that it's another prestige box to check, and there isn't really anything to learn or gain from the experience itself. If that's the case, why not go to a top-level law instead of a very good, but not top business school (e.g. Booth or Columbia)? The type of funds I'm targetting won't be doing OCI at either of these places and I plan on networking extensively / working with headhunters anyway. Furthermore, I think the law school experience would be much more interesting / intellectually stimulating that business school, and I can cross register with any MBA classes that I really want to take. Also, being a summer associate at a law firm sounds like the best job ever. And who knows, maybe I'll like legal work enough to do that full time (probably not transactional, I know what those guys have to deal with. But litigation seems like it could be very interesting).
There are obviously several cons to this, which include time/expense for another year, a generally tougher academic program (probably not nearly as fun as all the trips people in b school take) and a more complicated story to have to explain in interviews. But does the brand name outweigh those in the long term?
Just FYI, every lawyer I've spoken to from the V14 to whatever's beyond has never said law school was "intellectually stimulating". And you're constantly worrying about your GPA whereas in bschool, a lot of them have grade nondisclosure. Not in law/business school but have plenty of family who has been to both.
You will get no PE recruiting support at a law school, no matter how good it is. If you want to go to law school for the intellectual experience, that is fine, but in that case I would recommend getting a JD/MBA so that you still have the business school recruitment resources. It is very difficult to go to just law school and then get a job in finance, even with the pre-graduate experience.
That's one of the silliest things I've read in awhile. How is going to law school going to help you continue your career in finance??
The title of the post tells you everything, you care more about prestige. If you are chasing prestige, then go ahead and attend Harvard or Stanford law. This post reads like you are trying to convince yourself to attend law school, but why not spend the extra year at Stanford and get the JD/MBA if that's the case. Also, it doesn't sound like you are 100% dedicated to PE as a career path, so why not go to business school and explore the alternatives?
You don't really value an MBA, which is understandable. Getting a post-MBA role at a PE fund is a grind, and can be dependent on your networking capabilities. At a HSW, you would still face intense competition for a position, but why not stand out and hit the pavement in NYC at CBS? Realistically, your best odds are probably higher lateraling to a career track position at a multi-billion dollar fund now... so why chase prestige? Do you want to end up at a Mega Fund? If so, look at the placement statistics for HSW and remove the associates that returned to their former firms. Do you think you could garner one of those few coveted spots by heavily networking and convincing them to hire a law student? That would probably be just as difficult as grinding it out to get that position from CBS.
Apologies if this advice is poorly received, but it seems like you are trying to convince yourself of things in an open forum, and we all like to help!
Best of luck!
"Furthermore, I think the law school experience would be much more interesting / intellectually stimulating that business school, and I can cross register with any MBA classes that I really want to take. Also, being a summer associate at a law firm sounds like the best job ever. And who knows, maybe I'll like legal work enough to do that full time (probably not transactional, I know what those guys have to deal with. But litigation seems like it could be very interesting)." To be honest, you seem like you have no idea what you really want to do.
Going to law school only to go back to PE and continue having lawyers do your transaction documentation is frankly ridiculous.
It sounds like you are exploring the possibility of becoming an attorney. If so, talk to some lawyers before you decide, not just finance people
Law school would be a waste of time.
Why would you want to go from being the boss (PE) to being the lackey (lawyer).
Also, when your knee deep in criminal procedure and torts, when you have limited interest in the subjects, you will wonder why tf you are there. I know this, because I did.
Plus, all of the pressure for grades and an arbitrary grade system with no objective right or wrong answer....good luck with that
Doesn't anyone think that it could be long-term either for selling or the knowledge of the law? I mean yeah it is tough to see how it is good in the short-term but a lawyer with finance knowledge in PE could be a highly effective combo.
The incremental knowledge is not worth $200K
Don't forget about job security though
Interviewer: So let me get this straight, you worked in finance, are currently in law school, and want to come back to finance? Walk me through that decision making process?
You: Um well like bschool was harder to get into that law school, so I went there because its more prestigious. Also, think of the new skillset I have.
Interviewer: Frankly, I question you decision making process, but that aside please, explain to me how your one M&A structuring class in an ocean of constitution law, torts, procedure and environmental law have anything to do with analyzing a business, let alone adds any value to our firm. You know we hire attorney's for this stuff right, actual experts.
You: It was intellectually stimulating, that and prestigious.
Interviewer: Anyway, so it was great meeting you, I'm sure we'll be in touch.
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