How to Break Into Financial Services Law from Corporate

Dear Grace U.,

Building on Your Corporate Foundation

Your general corporate background is actually excellent preparation for financial services law. M&A and securities work provide crucial foundational skills that translate directly to banking law - you understand deal structures, regulatory filings, and complex transactions. The key is positioning this experience strategically while demonstrating genuine interest in the regulatory aspects of financial services.

Consider starting by deepening your knowledge of core banking regulations. Familiarize yourself with the Dodd-Frank Act, Bank Holding Company Act, and current regulatory trends from the Fed, OCC, and FDIC. Many firms value associates who can speak intelligently about both transactional work and the regulatory framework governing it.

Geographic Strategy Matters

Markets like Charlotte can be attractive due to major financial institutions like Bank of America and Wells Fargo having headquarters there, creating financial services practices at firms like Moore & Van Allen, Robinson Bradshaw, and K&L Gates. Research current lateral opportunities in your target markets.

Similarly, if you're considering California, the major money center banks and fintech companies create substantial opportunities, particularly in regulatory compliance and fintech transactions. New York remains the epicenter, but the competition is fierce and the salary expectations may not justify the cost of living difference.

Targeting the Right Opportunities

Focus on firms with legitimate financial services depth, not just a few banking clients. Look for practices that handle bank M&A, regulatory enforcement, fintech transactions, and ongoing regulatory compliance work. These firms typically need associates who can grow with complex, long-term client relationships rather than just handle one-off deals.

Consider both traditional banking powerhouses and firms building fintech practices. The fintech space has been experiencing growth, combining corporate skills with emerging regulatory challenges around digital assets, payments, and lending platforms.

Positioning Your Experience

When networking and interviewing, emphasize specific deals where you worked with financial services companies, even if the work wasn't purely regulatory. Highlight any exposure to bank regulatory approvals, securities law issues affecting financial institutions, or capital markets work for banks or fintech companies.

Your high billable hours demonstrate the work ethic that financial services practices demand - these clients often have urgent regulatory deadlines and complex, ongoing needs. Frame your M&A experience as preparation for bank M&A, which involves additional regulatory layers and approval processes.

In-House Considerations

Moving in-house to a financial institution is definitely worth considering, especially at the four-year level. Banks and fintech companies increasingly hire associates directly from law firms to handle regulatory compliance, transactions, and corporate governance. These roles often provide better work-life balance and direct business exposure, though the compensation may be lower initially.

Major financial institutions and fintech companies may hire from law firms for in-house roles - research current opportunities at target institutions. The experience can be invaluable if you eventually want to return to a law firm as a more senior associate or counsel with in-house perspective.

Market Timing and Practical Steps

The current market is favorable for this type of lateral move. Financial services regulation continues evolving, creating demand for attorneys who understand both transactions and regulatory compliance. Fintech, digital assets, and ESG-related banking regulations are growth areas where firms need fresh talent.

Start by reaching out to partners in financial services practices at target firms. Many are happy to discuss the practice area with genuinely interested associates. Consider joining relevant bar associations like the American Bar Association's Business Law Section or local banking law organizations.

If you're considering a move to a different state, verify current bar admission requirements early in your process, as jurisdictions may have specific timing requirements or additional steps for experienced attorneys that change over time.

Making Your Move

This transition is very achievable with your background. Financial services law values the analytical skills, attention to detail, and client service orientation that successful corporate associates develop. The key is demonstrating genuine interest in the regulatory complexity rather than just seeking a practice area change.

Consider this a strategic career investment. Financial services law can provide excellent long-term prospects, whether you're interested in eventually making partner at a law firm, moving in-house to a senior legal role, or even transitioning to compliance or business roles within financial institutions.