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elpolitomijo

Big Law vs. Regulatory Careers for Someone Interested in Finance Law

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You say plaintiff side litigation is fighting against the "big guy". I say plaintiff litigators try to jam circles into squares and then settle for pennies on the dollar with a rich corporation who wants you to leave it the fk alone.

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4 minutes ago, FingersCr0ssed said:

You say plaintiff side litigation is fighting against the "big guy". I say plaintiff litigators try to jam circles into squares and then settle for pennies on the dollar with a rich corporation who wants you to leave it the fk alone.

Not to mention the plaintiffs are sometimes (often?) massive pension funds. I guess you could say you’d be on the side of many “little guys” in those cases.

Edited by easttowest

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33 minutes ago, FingersCr0ssed said:

You say plaintiff side litigation is fighting against the "big guy". I say plaintiff litigators try to jam circles into squares and then settle for pennies on the dollar with a rich corporation who wants you to leave it the fk alone.

 

29 minutes ago, easttowest said:

Not to mention the plaintiffs are sometimes (often?) massive pension funds. I guess you could say you’d be on the side of many “little guys” in those cases.

I guess I'd rather be fighting on the side of the public (even if it's on behalf of a pension fund) than on the side of some rapacious PE firm. I worked at a hedge fund - I know how these guys operate haha

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23 hours ago, elpolitomijo said:

 

I guess I'd rather be fighting on the side of the public (even if it's on behalf of a pension fund) than on the side of some rapacious PE firm. I worked at a hedge fund - I know how these guys operate haha

You can still do this kind of work, be the good guy FBI in a Wolf of Wall Street tale. You have experience with the operational side of private equity, trust me its much more than 99% of any incoming lawyer so you'd get an OSC job. They do enforcements and their most recent regulatory revision I think they were given more power. 

Not to forget civil action is still a valid path, you can avenge the unions and ordinary people. I assume you know about the chatroom rate-rigging scandals that plagued the financial industry in 2010s. Well, here's an interesting revenge story of them taking on the big banks. Its one of the most important cases I think that's emerging right now. 

https://www.mondaq.com/canada/financial-services/954714/superior-court-certifies-10-billion-foreign-exchange-price-fixing-class-action

There's a few similar cases related to muni bonds that are hitting the US, potentially you might see these things creep up here too. Its the city governments going after the big banks for market manipulation.

https://news.bloomberglaw.com/antitrust/goldman-citi-bofa-others-to-face-muni-bond-price-fixing-suit

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On 11/26/2020 at 4:51 PM, FingersCr0ssed said:

You say plaintiff side litigation is fighting against the "big guy". I say plaintiff litigators try to jam circles into squares and then settle for pennies on the dollar with a rich corporation who wants you to leave it the fk alone.

 

On 11/26/2020 at 4:56 PM, easttowest said:

Not to mention the plaintiffs are sometimes (often?) massive pension funds. I guess you could say you’d be on the side of many “little guys” in those cases.

If he's fighting for the pension funds or whatever else in financial markets, chances are the poor, helpless corporation or bank he's going against will probably have the power to manipulate entire markets and industries. Investor-side litigation isn't necessarily the McScrooges squeezing out the helpless, innocent bankers since the financial sector's main movers have very concentrated power and abroad they were quite scandal-filled the last decade. 

I mean if anyone remembers the LIBOR scandal, there's very strong evidence that a bunch of UK banks milked billions out of canadian pension funds and mom and pop investors and nothing was done about it in Canada. I for one would welcome @elpolitomijo becoming a robinhood-esque lawyer. 

Edited by mazzystar

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55 minutes ago, mazzystar said:

 

If he's fighting for the pension funds or whatever else in financial markets, chances are the poor, helpless corporation or bank he's going against will probably have the power to manipulate entire markets and industries. Investor-side litigation isn't necessarily the McScrooges squeezing out the helpless, innocent bankers since the financial sector's main movers have very concentrated power and abroad they were quite scandal-filled the last decade. 

I mean if anyone remembers the LIBOR scandal, there's very strong evidence that a bunch of UK banks milked billions out of canadian pension funds and mom and pop investors and nothing was done about it in Canada. I for one would welcome @elpolitomijo becoming a robinhood-esque lawyer. 

Yeah haha, I'm not trying to come across as sanctimonious or a hater against big law attorneys or anything like that. I have a few corporate lawyer friends and I fully understand why people go into those roles. Let's face it, big law has some benefits...

But after spending the past few years on that side of fence I just know it isn't for me anymore. ¯\_(ツ)_/¯

 

 

 

Edited by elpolitomijo

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4 hours ago, mazzystar said:

You can still do this kind of work, be the good guy FBI in a Wolf of Wall Street tale. You have experience with the operational side of private equity, trust me its much more than 99% of any incoming lawyer so you'd get an OSC job. They do enforcements and their most recent regulatory revision I think they were given more power. 

Not to forget civil action is still a valid path, you can avenge the unions and ordinary people. I assume you know about the chatroom rate-rigging scandals that plagued the financial industry in 2010s. Well, here's an interesting revenge story of them taking on the big banks. Its one of the most important cases I think that's emerging right now. 

https://www.mondaq.com/canada/financial-services/954714/superior-court-certifies-10-billion-foreign-exchange-price-fixing-class-action

There's a few similar cases related to muni bonds that are hitting the US, potentially you might see these things creep up here too. Its the city governments going after the big banks for market manipulation.

https://news.bloomberglaw.com/antitrust/goldman-citi-bofa-others-to-face-muni-bond-price-fixing-suit

I think OP has a lot of misguided perspectives about what a commercial litigation practice in a large firm actually looks like, and the nature of the clients overall. I won't try to unpack that. But I do want to caution OP not to presume they will get any particular job based on their prior experience - for example, it is by no means a given that private equity experience before law school would necessarily land you a legal job at the OSC. Those jobs available to law students are given out primarily based on law school grades and law school experience, just like any other position. Prior industry experience could be considered an asset, but would not outweigh the other considerations. 

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5 hours ago, elpolitomijo said:

Yeah haha, I'm not trying to come across as sanctimonious or a hater against big law attorneys or anything like that. I have a few corporate lawyer friends and I fully understand why people go into those roles. Let's face it, big law has some benefits...

But after spending the past few years on that side of fence I just know it isn't for me anymore. ¯\_(ツ)_/¯

honestly I'm not being sarcastic. just wanted to inject some fun into the otherwise incredibly mundane world of business law. i'd recommend you become a criminal defense attorney if you want to have fun. afterall nobody makes movies about any kind of corporate lawyer but they do make lots of defense lawyer movies. in my opinion its also the field of law where you meet the most colorful personalities since you are a true underdog within the system. 

2 hours ago, barelylegal said:

I think OP has a lot of misguided perspectives about what a commercial litigation practice in a large firm actually looks like, and the nature of the clients overall. I won't try to unpack that. But I do want to caution OP not to presume they will get any particular job based on their prior experience - for example, it is by no means a given that private equity experience before law school would necessarily land you a legal job at the OSC. Those jobs available to law students are given out primarily based on law school grades and law school experience, just like any other position. Prior industry experience could be considered an asset, but would not outweigh the other considerations. 

yes, true. experience though does go a long way and alot of firms seem to value business degrees since most of them can already read accounting statements and have basic knowledge of their industry. imo this type of casework in financial law can also be much more boring, especially OSC/securities law type stuff I'd imagine. just endless piling on of forms and disclosure reviews. 

still think working in a hedge fund, i'd doubt you'd be able to count the number of law students with that bracket checked off and lots of firms would want someone with that level of insight.

Edited by mazzystar

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On 11/28/2020 at 12:00 AM, mazzystar said:

[...]

yes, true. experience though does go a long way and alot of firms seem to value business degrees since most of them can already read accounting statements and have basic knowledge of their industry. imo this type of casework in financial law can also be much more boring, especially OSC/securities law type stuff I'd imagine. just endless piling on of forms and disclosure reviews. 

still think working in a hedge fund, i'd doubt you'd be able to count the number of law students with that bracket checked off and lots of firms would want someone with that level of insight.

Possibly for a solicitor practice involving securities work. But not litigation, which is what OP identified an interest in.

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