Wall Street is home to the world’s largest stock exchanges in terms of market capitalization. Wall Street, where the New York Stock Exchange and NASDAQ are located, is located in the famous Manhattan district of New York. Wall Street, where the US financial industry began to take shape in the 19th century, was also the neighborhood where the first skyscrapers rose. Times have changed, so to speak, on Wall Street, the birthplace of the greatest bankers for decades; Now in the financial center it is not the bankers, but the lawyers who win the most…
Lisa Lippman is a Manhattan real estate agent, also a lawyer. Lippman, who works as a real estate agent in one of the most expensive neighborhoods in the world, says that in recent years there has been a change in his clients, who have bought apartments worth at least 7 million dollars and have the most beautiful view of the city, such as Central Park. “It’s not the bankers who make the highest bids anymore, it’s the lawyers” says Lippman, continuing his words as follows:
“Being an investment banker used to be something very important. Now people are not paying attention. If I had to say my favorite clients, I would say wealthy lawyers.”
On Wall Street, bankers used to earn far more than lawyers, now generally banker salaries are stagnant, except for top-performing bankers. In addition, lawyer salaries are increasing rapidly as a result of the changing dynamics in law firms.
Interviews with 30 market experts and scans of the salaries of bankers and lawyers from 20 years ago provide important data. Other than top managers at banks on Wall Street, bankers typically earn between $1 and $2 million a year, including bonuses, and that’s almost the same amount as 20 years ago.
3X MORE EARNINGS THAN 20 YEARS AGO
On the other hand, lawyers working in the same positions at law firms earn almost 3 times more than they did 20 years ago, which equates to at least 3 million dollars a year. A privileged group at companies such as Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis It earns around $15 million in annual revenue.
“Things are no longer what they used to be,” said Mark Rosen, a recruitment consultant at the law firm. Lawyer salaries have risen unbelievably,” he says.
The story of attorney Rob Kindler is more interesting. Kindler states that in the early 2000s, he left the elite law firm Cravath, Swaine & Moore and moved into the banking industry in order to earn 5 times his salary. Kindler, 69, says he resigned from Morgan Stanley earlier this month and moved to the law firm named Paul Weiss. Kindler will earn over $10 million here based on its performance, which He stresses that he has surpassed his salary at Morgan Stanley.
It wouldn’t be wrong to call it the cornerstones of Wall Street for lawyers and bankers. The two groups work together to facilitate any maneuver on behalf of the world’s largest companies; helps its clients make money, as well as drive away unwanted lawsuits or investors. The reasons for the transition of wealth from bankers to lawyers are various.
First of all, it is necessary to address the changing job descriptions of lawyers. Lawyers are no longer obligated to just sign contracts. Today’s corporate lawyers try a new policy or idea on behalf of corporate executives, clash with commissions, or grapple with thorny issues like probate litigation. In other words, they are more active than they were 20 years ago.
The NYSE is the world’s largest stock exchange by market capitalization. Photo: Wikimedia Commons
At the same time, the remuneration structure of firms has completely changed, as nearly the entire industry, with the exception of some of the large law firms, has abandoned a fixed pay structure where salaries are based on seniority rather than productivity. It’s like sports teams opening their mouths to sign star players. So, a new era has begun in the bidding wars for talent transfer in law firms.
Especially in the last 15 years, some companies have taken the last step to gain talent and speed up their business by outpacing their competitors. In the first few years of 15 years, he had increased his lawyer salaries to $20 million.
In addition, it is stated that the decrease in public offerings and mergers in the financial sector has caused a recession in the sector in recent years. The decrease in premiums along with the recession causes banking salaries to remain almost the same for years.
Sources: The Wall Street Journal, Insider
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