In the world of consulting, long hours and frequent travel are common. It may be necessary for consultants to spend 60 to 80 hours per week working on-site with customers for weeks or even months at a time. Between projects, there are times of downtime that can be used to refuel and catch up on personal obligations. The work of a consultant is also much more diverse and adaptable than that of a lawyer, with assignments spanning from process improvement to strategy development.
The work schedule for lawyers, on the other hand, may be more rigid, with long hours and weekend work frequently occurring, especially in larger firms. In addition to being more repetitive, a lawyer’s job mostly entails conducting research and producing legal documents. Although there are options for specialization within the subject, such as in criminal law or business law, a lawyer’s daily tasks could be more predictable than those of a consultant.
Both consulting and law can be extremely lucrative professions in terms of pay. The typical annual base compensation for a management consultant at McKinsey & Company, as reported by Glassdoor, is $165,000, plus additional bonuses and profit-sharing opportunities. In major companies, lawyers can also make six-figure salaries; according to NALP, the median pay for a first-year associate is $190,000. It’s important to remember that salaries might vary significantly depending on geography, company size, and other factors.
What about the further connected questions then? Yes, law graduates or those with JDs are employed by consulting firms. For instance, McKinsey & Company actively seeks out JDs with a background in law and strong analytical abilities. McKinsey does provide sponsorship for employees seeking an MBA, but there are some restrictions and conditions. While the firm does not cover the full cost of an employee’s MBA program, it does provide financial assistance and paid time off for those who are enrolled in an MBA school while working for McKinsey.
To sum up, both consulting and law are demanding professions that demand a lot of effort and long hours. Lawyers may have a more consistent schedule and an emphasis on legal study and drafting, in contrast to consultants who may have more flexibility and a wider range of tasks. The choice between these two careers will ultimately come down to individual interests, aptitudes, and lifestyle preferences.
Yes, it is commonly accepted that getting a job at McKinsey is difficult. One of the best consulting organizations in the world, McKinsey is quite picky about who it hires. Top performers from prestigious universities and businesses frequently submit numerous applications to the firm. McKinsey seeks applicants with outstanding academic records, strong analytical abilities, superior communication abilities, and a history of demonstrating leadership potential. The company also values diversity in the workforce and places a high priority on cultural fit. As a result, individuals who are qualified and can show that they align with the company’s culture and values are more likely to be hired by McKinsey.