Banking attorneys working in-house are often more free to relocate than banking attorneys in private practice. This is because of the obvious differences in work patterns between attorneys working solo, or in law firms, and those working in legal departments of big companies. When it comes to choosing locations for accepting in-house banking attorney jobs, Chicago has a special place for such job candidates, and a look at this page on LawCrossing would do more than convince you of that truth.
Chicago is a banking attorney’s paradise because of the presence of huge financial companies, stock exchanges and the presence of the Federal Reserve Bank of Chicago. The Chase Bank has its commercial and retail banking headquarters in the city. The city is also home to 17 Financial Times 500 companies and 12 Fortune Global 500 companies. Chicago houses very big employers like Boeing, Kraft Foods, McDonald’s, Sears Holdings Corporation and Motorola.
While partners at big law firms mostly make more than General Counsel or corporate counsel, with good companies, it is also true that in-house attorneys have very respectable earnings. Those moving from other parts of the country receive sign-up bonuses and relocation packages. Besides that, for most experienced in-house counsel, there are variable components in their incomes like stock grants, cash bonus, and yes – pension. Of course, as an employee, you would also be entitled to 401(K) and perquisites.
It might seem crazy, but there are many attorneys, who went in-house seeking better work-life balance, but ended up earning more money than they would have ever guessed was available on the job.
Back to the point, Chicago is important to most attorneys seeking jobs and not only banking attorneys going in-house. This is because even if you are making something close to $150,000 that is the current median salary for young lawyers in Chicago, you could still enjoy a lifestyle that would cost you double if you were in New York.
Being the third most populous city in the country Chicago has a vibrant economy and ranks seventh in the 2014 Global Cities Index. It was named the fourth most important business center in the world in the MasterCard Worldwide Centers of Commerce Index and is considered a major global financial center.
So, if you are looking at openings for in-house banking attorneys, Chicago is worth all of your attention.