As I enter into my 4th year, I have realised that I am not inclined towards a law firm job. I am quite interested in finance and would want to know if appearing for the CAT and getting into management consulting makes sense over leaving a corporate law firm job. If not, what other avenues are available for a law student interested in finance? I do know seniors from NLUs/other law schools who have opted for this option. If any of such seniors are reading this, what are the requirements to get into an IIM/ business school as a law student?
It's too hard to get into the top IIMs. You can try some newer IIMs (though they are in obscure cities and have no reputation) or ISB or SP Jain (easier to get into and better known that the newer IIMs). I would suggest ISB or SP Jain.
Yes, it's tough. But, they have diversity points. And being from a law background that too from an NLU has it's own perks. Will probably be a good fit. He should consult his seniors.
Why do you think a job in consulting has anything in common with finance? Please talk to MBA grads and see what they are doing in life, what they learnt in college, etc... Giving CAT to do management consulting is almost as specific as giving CLAT to join a Competition Law practice. You might not get into the right college, you might not get the right internships, you might not be hired by MBB firms, etc... If you generally are open to most MBA profiles, only then should you consider an MBA. Joining MBA to do only MBB work is very unlikely given how the odds are stacked against you.
Unless you are open to doing an MBA from a random college and then joining some random company where your role is titled 'consultant'.
Plus your work profile post MBA v. joining BigLaw are largely similar. you will be doing useless work in the tertiary sector with only the paychek being a motivating factor. IMO there is no big difference.
DB offers Analyst positions to lawyers - I recall couple of NLS graduates joining them. You can start there, do an CFA and then push for a move to the banking side. That way you do not start on a completely new ground.
There are partners in law firms who are NLU graduates and have also MBAs (can think of at least 3 examples between CAM and SAM) but the fact that they came back to law means you should start early if you want this shift and that being a banker is quite tough. The shift will become less attractive after you have worked for a few years as a lawyer.
Money wise, an MBA may not make much sense. 2 years of work ex + 2 years of MBA and you graduate with a 24-36 lacs rupee job which is the average pay package at the good IIMs. 4 years into a law, you make about 30 lacs as an SA. Not to mention you have also lost out on 2 years of salary as opportunity cost while studying and also ended up paying an additional 20-30 lacs for the MBA. So, it's almost a loss of 50 lacs.
That said, the career opportunities after an MBA are far wider than after LLB. So, do it only if you want to switch careers. As some of the comments above have already pointed out, there is hardly any difference between working at a consulting firm v. a law firm - there you look at Excel Sheets and PPTs, here you look at Word files and PDF. But at the end of the day, it's the same soul-sucking living for the paycheck.
Like User 4 has said, an MBA doesn't make a lot of sense if you are only after working in MBB. However, it is still a viable option if you want to switch careers and do not want to work as a lawyer anymore. I have known people who have done that, and they are generally happy that they did that. It depends on how much you hate your current work I suppose. Nevertheless, I think it's not a good option for you given you don't even know what consulting really entails - it is not related to finance. Go for an MBA if you want to quit law, and not law firms. Unlike what many has said here, I think there is a substantial difference between consulting and a law firm job. Not in the lifestyle, but in the actual work and learning opportunities. Exit opportunities are also substantially different. However, I know a few lawyers who have managed to tap into exciting exit opportunities right without going for an MBA. There are all sorts of people in law.
I do know seniors from NLUs/other law schools who have opted for this option. If any of such seniors are reading this, what are the requirements to get into an IIM/ business school as a law student?
Unless you are open to doing an MBA from a random college and then joining some random company where your role is titled 'consultant'.
Plus your work profile post MBA v. joining BigLaw are largely similar. you will be doing useless work in the tertiary sector with only the paychek being a motivating factor. IMO there is no big difference.
There are partners in law firms who are NLU graduates and have also MBAs (can think of at least 3 examples between CAM and SAM) but the fact that they came back to law means you should start early if you want this shift and that being a banker is quite tough. The shift will become less attractive after you have worked for a few years as a lawyer.
That said, the career opportunities after an MBA are far wider than after LLB. So, do it only if you want to switch careers. As some of the comments above have already pointed out, there is hardly any difference between working at a consulting firm v. a law firm - there you look at Excel Sheets and PPTs, here you look at Word files and PDF. But at the end of the day, it's the same soul-sucking living for the paycheck.