Many students dream of a career as public servants, but Big Law comes calling with hefty six-figure salaries, and for many kids, that is an offer that is too good to refuse.
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1. Many law students don't fancy a job in Big Law, but some might not have a choice. There are students who want to be public servants, but then Big Law comes calling with hefty six-figure salaries, and that can be hard to turn down.
Law firms regularly frequent law school campuses to round up their next batch of juniors. While students sometimes scoff at the idea of a career in corporate law, their professors doubt some can say no to a lifestyle akin to the fictional corporate lawyer of "Suits" fame, Harvey Specter.
They're also often plagued with thousands of dollars in unpaid student loans. And a gig in corporate law is the quickest way to whittle down their debt.
There can also be a certain ease in tracking down a job in corporate law. Every year, law firms interview students for summer internships, and those who get selected are exposed to roughly three months of the Big Law life.
Kirkland & Ellis, often the law firm of choice for Wall Street's biggest banks and investment firms, welcomed more than 500 summer associates in 2021.
Yes, the hours are long, and the work can be arduous, but you're doing it from a fancy skyscraper with a towering view of the big city. Sometimes you also get treated to a night out with expensive wine or box seats at the ball game.
"People will do things they don't care a whole lot about if they get paid enough," said Stephen Bright, a professor at Yale Law School who teaches capital punishment and issues of race and poverty.
Read the full feature story from Insider's Senior Correspondent Casey Sullivan on why some law students, despite finding a career in corporate law unthinkable, might struggle to say "no" to that $200,000 salary.
ICYMI, Casey has a bevy of stories on Big Law that are worth a read:
- Here's why so many lawyers hate their jobs — and are desperate to quit.
- Brad Karp, lawyer to the rich and powerful, wrestles with his future.
- Jonathan Schiller helped build Boies Schiller, but behind the scenes, he drove people away.
- Paul Weiss' relationship with Apollo has been lucrative. It has also sowed tensions within the firm and altered its DNA.
In other news:
2. BlackRock's acquisition of Vanguard Renewables underscores the rise of renewable natural gas. But critics argued the label is greenwashed. Here's why the money manager bought the provider of a controversial energy source for $700 million.
3. Bankers working on the debt financing supporting the buyout of Citrix Systems are doing whatever it takes to get the loans off of their books, according to Bloomberg. The banks — including Bank of America and Goldman Sachs — are gauging investor interest in a $500 million equivalent loan in euros and $3 billion in secured bonds.
4. After almost four years at the helm of Goldman Sachs, what has David Solomon, its chief executive achieved? This deep dive from the Financial Times digs into the reinvention of the bank and argues that his efforts have not been as transformative as many had hoped.
5. Manchester United stock has rallied as its owners, the Glazer family, are reportedly open to selling a stake. The football club's stock jumped 6% on Wednesday, and, to be clear, Elon Musk was kidding when he said he'd buy a stake in the club.
6. A Goldman Sachs vice president who quit for a crypto gig has returned to the bank. Andrew Pesco left Goldman's quantitative investment strategies team for crypto-investing firm Domain Money last year. He has rejoined Goldman Sachs as a managing director in its asset-management division, efinancialcareers reported.
7. Healthcare startups are raising less money this year as investors react to an unstable market. Here are the 16 healthcare companies to buck that trend and hit $1 billion valuations this year.
8. Young bankers are worried about their nights off and ponder whether there are dark days ahead, Bloomberg reported. Junior bankers, with more time on their hands due to a dip in dealmaking, are hitting up bars, boats, and Broadway shows.
9. Startups like Uber, Postmates, and Airbnb have relied on thorough pitch decks to net billions of dollars in capital. Here is an inside look at more than 800 pitch decks that founders have used to fund expansion plans, operations, and mergers and acquisitions.
10. So-called "golden visas" offer immigrants residence through investment programs. Here are 20 countries — including Australia and Portugal — that offer these visas with costs ranging from $19,000 to $2.5 million.
Done deals:
- JPMorgan Chase, financial risk company RapidRatings, and the Illinois State Black Chamber of Commerce have launched the Financial Health Pilot Project — an initiative to enable minority-owned businesses to develop longer term business relationships. Businesses get a free financial assessment and market intelligence to understand and interpret their financial position to investors, lenders, and clients.
- CVC Credit has priced a $500 million collateralized loan obligation. Société Générale arranged the deal, which is CVC's fifth CLO this year. The investment firm has raised more than $2.4 billion in structured transactions in 2022.
- Francisco Partners has acquired workplace learning and development company SAP Litmos from the German multinational firm SAP.
Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.