Banker or lawyer? Which is the better career choice?

I spent ten years at a Magic Circle law firm in London and despised it. I then went in-house and disliked that too, although it was slightly less painful.

I can’t recommend law but I’m entirely the wrong personality for it. It helps to be pointlessly argumentative and competitive. Well executed sophistry also goes a long way.

Pay is good, but be under no illusion, they get their pound of flesh.

Personality is a big one. I lasted 4.5 years simply because I despised everything about finance.

My thoughts on this are quite consistent: the cream rises. If you think you're a stud then back yourself in a corporate environment. Make less in your 20s and early 30s but spend far less time at work, and you'll possibly catch up / pull ahead anyway by your mid-late 30s.

I don't think the upside is necessarily there in law / finance anymore. The initial fast cash isn't what it once was, and most people are either going to leave for something less stressful OR hit a ceiling relatively quickly. And, even if you don't, you're married to the job.

These firms are largely against WFH etc, which invariably means paying significantly more to be located near the office, commuting on top of an already far longer work day, and it's just a completely different level of lifestyle to friends who go into the office 1-2 days per week, & have never worked weekends or nights.

The latter now live in the countryside in houses they own, waking up at 8am for a leisurely walk and coffee and working until they clock off at around 4pm to hit the gym. They're still flush with cash, making 6 figures, and ostensibly have hours per day they could put into other lucrative pursuits. They drive very nice cars, they have very nice holidays. They're set. You could double their salaries and their lifestyles wouldn't be that much more appealing.

Plus the finance and law drop outs (such as myself) end up making about the same money as them in industry / in-house.

All in, my 4.5 years gave me next to nothing to show for it at a large cost to my lifestyle and (probably) my health.

I have to say this is a good thread. Thanks to everyone who shared their views. I was thinking about going to law school and appreciate the advice on here.

To the original poster what did you end up doing?

banker or lawyer? neither. you're committing yourself to a statistically probable lifetime of depression, sedentary lifestyle, poor work life balance, poor marriage, poor relationship with your children, poor life satisfaction, lack of general meaning in what you do. all so that you have enough money to what, buy the house that your parents or your wife's parents or your wife demands you have? buy the outdoor appliance that keeps you on the same level as your coworkers or brothers in law? buy the car that makes you feel you are...some sort of successful person?

you'll probably laugh at this or dimiss it now. you'll come to realize the truth of it in time, but by then, it will be too late.

if you're smart, find what you LOVE, and do that instead. the world does not need more bankers and lawyers. plenty of cogs are churning that machine to its swift climate change destruction already.

I agree, this was a stellar thread and discussion.

I've heard that Investment bankers tend to have a not-so-great career satisfaction compared to other professions, and I believe that is due to the high stress and long hours.

Do those in the industry or who know those that are find that to be true?

Thanks loads to all who contributed and I would love to hear more or some updates since most of the comments were made 3+ years ago.

Our child went into one investment banking and this gives me some understanding at a grass roots level, which is very informative.