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RIA vs Lawyer (long post)

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Feb 14, 2020 8:02 pm

Hello all!

I graduated from a local university in May 2019. My East TX city has about 100,000 people. Around the time of graduation, I got a job with an RIA as his assistant. It has grown into me taking on a lot of responsibility: office management, helping him research, open client accounts, etc. We are the only two people at the firm. My boss is 62 and wants to retire in 5-7 years. He is looking for someone to take over.

However, ever since I was a kid I have always wanted to be a lawyer. I did take the LSAT and got a 145 (bad score). I do enjoy the flexibiltiy of my jo and have talked to the branch manager of Morgan Stanley, she says I am lucky to be where I am currently. In the past 9 months I have joined the symphony board, built up my business contacts, helped grow the firm, and bought a car.

Now that I set up the situation, I am seeking advice from fellow advisors. Would you leave behind everything in my current job to go to law school or stay where I am?

I feel like I have so much potential here, but at the same time I feel financially handicaped because of being an independent. (Our AUM is between $25-50M)

I am also looking at online MBA programs, which are significatly cheaper.

Please help.