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New Trends in the Investment Banking Industry

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Reports have emerged that federal prosecutors are switching jobs in an effort to accumulate riches. As a result, they are turning to white-shoe law firms which are known to represent all sorts of entrepreneurs. Furthermore, these happen to be people they have brushed shoulders with as the include terrorists, swindlers and money launderers. Some say that they have been frustrated by the bureaucracy that is associated with government institutions and this is the reason why they establish law firms. At the same time, they say that a private practice enables them to revive their entrepreneurial spirit. For instance, there are three federal prosecutors who are leaving their current positions to chase after their dreams. The three prosecutors are from the United States Attorney’s Office. They used to work for the Southern District of New York. They say that they plan to open a small boutique firm that will be based in Midtown, Manhattan. One of the three prosecutors is Nicholas J. Lewin who is 43 at the moment. He says that they expect to have zero clients on day one. The resume of Mr. Lewin includes acting as an advisor to the Federal Bureau of Investigation and prosecuting senior al-Qaida members. He terms the move as a financial suicide as he is moving to a no paycheck from a government salary.

He is on this mission with other two prosecutors namely Paul M. Krieger and Edward Y. Kim and together, they have managed to preside over 32 trials. However, this is a practice that didn’t exist some few years ago. Instead, federal prosecutors would end up in major law firms for partnership opportunities. As for lawyers, they would progress to larger law firms before jumping ship to become government prosecutors. A few years on the job would see them return to their old jobs. In these endeavors, it has been reported that these lawyers have lured clients on the promise that they will offer them personalized services. A former Southern District prosecutor known as Nicole Gueron says that she can mention 10 former prosecutors who have started their boutique law firms. She says that being a prosecutor prepares people to be their own bosses. For instance, it’s possible to make your own decision after having exercised some authority for some years. This has also been experienced in the investment industry where major investment bankers from the Wall Street have opened their advisory firms. Examples of firms that have been founded by former investment bankers include Moelis & Company as well as Greenhill & Company.

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