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On the hours and workload - Cap marks is work all year around, given good market conditions, and becomes predictable after you’ve done your first deal or two. This can work to your advantage in the sense that you can plan your calendar ahead for any holidays, etc. M&A/PE/VC is extremely unpredictable and you have zero idea if you’re going to be spending the next 3-4 nights in the office. Both fields require you to slog for hours on end.
Work culture - Won’t name names, but the firm I worked for had extremely understanding partners (cap marks) and focused a lot on having a life outside work. Can’t say the same for the M&A team I worked for. But this is entirely luck - do your own research before you apply for a team.
Quality of work - M&A all the way. You’re at least thinking like a lawyer and using your brain. Can’t say the same for cap marks which involves very little application of mind. You will find yourself doing the most mundane of tasks begging for AI to replace your job, because it is just THAT monotonous.
Concluding remarks - Just do an MBA and get yourself out of this service industry. Cap marks or M&A, you’re at the mercy of a client that has the ability to dictate your time. Personally, that’s no way to live life.