What are the major differences between big law, MBB and IB? (Apart from the actual work they do, that is).

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There are a lot more law firms that are considered big law, while MBB is a small group of consulting firms that are considered to be elite. MBB is extremely competitive to get into. Bulge bracket banks are equivalent of MBB. Compensation structure varies for all 3 depending on experience level. Big law has the highest floor and stability in compensation; IB has the highest ceiling in compensation.

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I don’t know that much about consulting but between IB and big law, they are paid differently, hours are different and job security is vastly different.

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Banking is much more bonus based in terms of comp. I remember seeing VP comp years ago where a base might be $150k and bonuses were multiples of that (this was like 10 years ago). Even at senior levels comp was heavily bonus based. Hours were also much worse at the bank. An MD told me his analysts averaged about 100 hours per week. And it was very normal to see people there one week and gone the next. It’s very rare to see firms fire people.

Agree with C1. Job security is a huge difference between IB and biglaw, starting with interns not being guaranteed an offer like summer associates in biglaw to having a way higher chance of being canned as you progress up the ladder from analyst to associate to VP. The tradeoff is a far higher ceiling for what you can make as you ascend the totem pole but that’s also deeply tied to your performance. The sheer amount of work and heartache required to make biglaw partner vs. bulge bank MD is probably a wash overall.

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