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If given the choice between a financing team (with special focus to project finance) and M&A/PE team, which is better in terms of work load, future prospects etc.?
Can you elaborate? Assuming it's a Tier-1 law firm, then in terms of work load, I've heard both teams work their ass off and pull all nighters. So are future prospects of M&A better than PF?
Bro M&A is way better than PF. Even work hours idk who told you are equally insane. Banking, Cap Marks and Projects are the worst in terms of work hours. M&A some days in months will be tough but that is only because an important translation is an important stage.
It isn't the work hours as the others are saying - it is the exit opportunities that M&A / PE/VC offers that is the reason. Other than that, deals are far more bespoke in even smaller M&A / PE deals and that makes the work (a little more) bearable.
Also, why is GC/M&A/PE considered the highest paying when the salary is same (at least for A0) for all teams in T1(barring a few exceptions like RE, IP, Tax)?
Written by a law student, don't pay heed.

No lawyer can ask and no client will pay 'a portion of the entire value of such transaction'. Vakeel ho, dalal nahi.
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