Bankers and lawyers - advice please - which job is better?

[fairyteapot]

Hi All

After 4-5 years of juggling and doing this and that I'm 'on ramping' (isn't that the phrase?!) back into a proper career.

Unbelievably I have a choice between two opportunities. The money is the same, both are (fairly) flexible, but I don't know which will have better long term prospects. One is a compliance role at a large investment bank, the other is a PSL role at a pukka city firm. The IB role I think will be more fun, and I worry that the PSL role will require me to use my fuzzy brain again which I'm not sure I can be bothered with (long legal advices - yawn). But would the longer term prospects be better back in the law? Any PSL's out there with views, or bankers?

What would you do?

[Speckledeggy]

I'd forget the long term plan and concentrate on which one gives me the best vibe. Things to think about could be - how did you feel at interview, what did you think about the people you met, did you feel comfortable, did you like the environment, etc. Think about each opportunity and scribble down your thoughts.

Only you know which is the right opportunity
for you.

I try to do this a lot. I often end up with lots of illogical conclusions but I trust my instinct and have ended up with some pretty good results!

[Sequins]

IMO definitely banker - you'll get a bonus and you will be a true member of the in-house team and you will see your work have an impact on things and you have the opportunity for career progression.
PSL - you'll be eligible for a bonus but it will never be paid, your colleagues will take you for granted, your work will be less "important" for the team / firm, and the role stays the same forever.

[ViveLeCliche]

I'm a PSL at a bank for the legal dept - I have specialised working in-house for companies for the past 10 years having had a little bit of private practice experience.

It really depends on what you want. IB compliance - bonus won't be that big (you're still back office) and it depends on what your role is. Compliance can be v boring and as an ex-lawyer you will probably get lumbered with producing a regulatory risk tracker but you might get the opportunity to develop training which can be fun.

PSL in private practice - again really depends on what your role is. I know a few PSLs who have escaped the drafting standard forms stuff and become more client facing which they enjoy because more sociable. Again training can be much more fun and working on more strategic KM projects (lot of IT involved invariably)

Please CAT me if you think I might be useful to talk to (pretty sure I paid my fiver when I joined?!)

[BenignNeglect]

I'd go for the bank - longer term I think there will be more career opportunities.

[Sequins]

VLC is right re bonus but I just meant you should take that into account if you think they are both paid the same, I suspect the PSL role is paid less in practice.

[Bink]

If you are looking at progression & long term prospects, then IB I think - portable skills, diverse opportunities within a corporate (you mightn't want to be compliance for ever), business with capital growth - share options etc. - which helps on the very-long-term planning (pensions and so on) side.

[fairyteapot]

Hi All

Thanks so much for your replies - definitely given me good food for thought. I think the idea of going with the gut is a good one, apart from the problem that my gut is saying 'argh! a proper job again! How will it ever work?' - but that's another thread! Veering toward IB - will be having a coffee with likely boss to flesh out flexibility and should know if it's for me after that.

[vanitypear]

I'm a PSL. I'd say do the compliance role. PSL is great if you really want part-time, very fixed hours, fit round the family. But if you are heading back into a proper career there will be more to interest you, more growth opportunities and teamwork than as a PSL I would say. I'd take it if I could!

[fairyteapot]

Thanks vanitypear - am doing the compliance thing I've decided. Mainly due to the hard work the PSL firm would require (even as a PSL - which might be an easier option for ex fee earners, but I've never been a fee earner and have taken a more unconventional route, and think a magic circle firm would come as a massive shock to the system!). Also agree compliance may offer more options further down the line. We'll see. Dreading 4 days but hopefully that won't be forever. There are never any simple answers!

[BeenBeta]

IBank staff are going to be slashed at the end of this year. They stopped hiring front office staff at the end of June and are already laying plans for cutting staff. Trading and advisory revenues are down and they are splitting off their trading desks into unregulated UCITS vehicles under pressure from regulators.

Law firm is probably safer.

[PrivetDancer]

That's quite a sweeping statement Beta!
The IB I work for is doing well and still hiring, I don't think we'll have layoffs this year.