Why do so many Ivy League lawyers want to work in Finreg

[Anonymous]

Anonymous wrote:And maybe they believe in public service? I’ve got an AB and a JD from Ivy League schools and I went straight into the federal government. Not FinReg, because that doesn’t interest me, but still. Just because I got “fancy” degrees doesn’t mean I’m only about $.

+1 (except I did stints of public interest law as well). I never had any interest in working for a biglaw firm. Looking back, I think I could have broadened my horizons a little to look at in house jobs, but I still wouldn’t be primarily motivated by money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In private practice, they work 60-100 hours per week.

In the federal government, they work 0-40 hours per week.

It depends on what stage of life you're at or what you fundamentally want out of life.

Also, the practice of law, especially corporate law, doesn't require a very high IQ. If you look at the degrees earned by leaders in private practice, a lot of them went to bad schools.

It is not 0-40, more like 35-55, but still way better than private practice. Combination of interesting legal work plus work-life balance can't be beat.

Is FinReg “interesting legal work”?

I am in the camp with the ones I know used it to quickly become partners in private practice because they know all the people, practices and regs for their private sector clients.

Yes it is interesting legal work.

and a lot of the dudes who left the agencies to law firms to claim they “know all the people, practices and regs” don’t actually know all that much … they are just good at selling that perception to clients. But when they come talk to me it’s pretty clear they don’t have any sort of special chops that you couldn’t get by just … reading the regulations and being a person with basic social skills. The best BigLaw person I work with was not revolving door but is just really smart and good at making connections.

[Anonymous]

It's a great quality of life job.

[Anonymous]

Anonymous wrote:They learn the regs from rhe inside.

Not to mention the connections. Going from the SEC to private practice or Big Law to defend the bad people is pretty common. When wondering, money is almost always the answer.

Lawyers are mercenaries. They chase the dollars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:They learn the regs from rhe inside.

Not to mention the connections. Going from the SEC to private practice or Big Law to defend the bad people is pretty common. When wondering, money is almost always the answer.

Lawyers are mercenaries. They chase the dollars.

Ummmm --- why do you think they rep bad people? I doubt most of them do.

[Anonymous]

Two married fin reg lawyers make $500,000 to $600,000 per year if not more. How much more reasonable and predictable hours than private practice, do interesting and challenging legal work for the most part, and, assuming they have chosen their path according to their beliefs, have careers, dedicated to productive and positive public service. And a reasonable amount of time left in their lives for time with family, social lives, athletics, what have you. Also, the ones I knew do outside activities on community service boards and alike so use their skills for good public impact. I went a different direction, But I think it’s a really nice option for smart people wanting to do good while maintaining balance for a family, another activities.

[Anonymous]

This explains it perfectly:

https://www.bcgsearch.com/podcasts/12790/What-Yale-Law-School-Teaches-About-How-To-Approach-Your-Legal-Career-That-No-Other-Law-School-Does/

[Anonymous]

Anonymous wrote:Finreg agencies have a higher pay scale. It’s the sweet life. Easy work given your expertise and great hours. I wish firms allowed you o only work 40 hour weeks

+1. All of this. I left a fancy firm and was so much happier until the DOGE business happened. It’s so many reasons: Sense of mission. (No longer defending wealthy bad actors or working for toxic partners who are work-obsessed.) Work-life balance. (I actually see my family and take real vacations.) Relatively (for public sector) well-paid, with decent benefits. Flexibility— could telework or do an AWS.

It’s a great job for a well-credentialed person who wants to do good work and also enjoy their life. Or it was.

[Anonymous]

My friend went into FinReg after making partner for the work life balance.

[Anonymous]

Wanted to do interesting work that I thought helped the world and my DH is a biglaw partner so one of us has to actually be here for the kids. Probably going to leave soon because of the current environment.

[Anonymous]

Oh and my neighbor did the same and then transitioned into private practice and is now a partner at her firm.

[Anonymous]

Anonymous wrote:This explains it perfectly:

https://www.bcgsearch.com/podcasts/12790/What-Yale-Law-School-Teaches-About-How-To-Approach-Your-Legal-Career-That-No-Other-Law-School-Does/

It's unclear what the end has to do with everything that came before.

Barnes doesn't make the connection.

I think what he intended to say was, Yale Law School grads understand that "rent seeking" / biglaw is a losing game.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s easy $. There’s no easier place to make 250k. After slogging from 9th grade thru biglaw to get to where I am, yeah I want to twiddle my thumbs for a quarter million. YMMV. -Double Ivy, at FinReg.

How do you make $250 in a govt job? I thought attorneys were hired on the GS scale.

Not at regulatory agencies. They have separate scales that are higher. That’s why SEC attorneys can make much more than DOJ.

[Anonymous]

Anonymous wrote:Two married fin reg lawyers make $500,000 to $600,000 per year if not more. How much more reasonable and predictable hours than private practice, do interesting and challenging legal work for the most part, and, assuming they have chosen their path according to their beliefs, have careers, dedicated to productive and positive public service. And a reasonable amount of time left in their lives for time with family, social lives, athletics, what have you. Also, the ones I knew do outside activities on community service boards and alike so use their skills for good public impact. I went a different direction, But I think it’s a really nice option for smart people wanting to do good while maintaining balance for a family, another activities.

Yep, that's us. I'm at finreg equivalent of 15 and H is in private sector. We make around 600k and we have a very comfortable life. We also have family resources, so don't need to work crazy hours.

[Anonymous]

I worked in a professional role supporting attorneys. They have it easy in these places and are well paid. Many have been there for years and do little.

DOGE recently got rid of paralegals, librarians and secretaries in the agency but left the attorneys untouched - even the ones who could retire.

So places are afraid of them too. But readily go after others.