Investment banks offer many different practice areas that typically fall under broader classifications such as investment banking, investment management, merchant banking, finance and operations, information technology, global research, fixed income, risk management, and equities. Due to high salaries, large potential bonuses and the drama associated with the financial markets, investment banking has become increasingly popular among JDs. Investment banks value the ability of their associates to attract clients and generate business, and new hires are expected to participate in client development right from the start. Practioners with only a few years of experience find that investment bankers have more responsibility in the early years than is true of a typical law firm associate. Additionally, the incentive to make the switch from law practice to investment banking has not only been the ability to make a deal happen, but also the opportunity to spend time and energy on a variety of tasks, rather than primarily on research and drafting.
Investment banking is extremely lucrative.
Investment banking salaries start higher and increase more steeply than salaries for the equivalent experience curve in the legal profession. By all accounts the disadvantages of investment banking are long, unpredictable hours and occasionally extensive travel. Hours fluctuate depending on the client and the project, ranging from 50 to 120 hours per week. By most estimates, the average is about 60-80 hours weekly, usually with at least one day s work per weekend. There is a greater opportunity and need for travel than in traditional firm practice.