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Public company GC vs. private equity GC
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Date: June 22nd, 2018 10:21 PM Author: primrose senate toilet seat $3 bn market cap public company, #5 NEO, small legal staff, $750k annual all-in comp $500mm AUM fund, #5 partner, $250k cash 7% equity, raise new fund every 2 years Long term goal is CEO or fund manager EDIT: Other consideration to mention is that I "work" very little in current role, doing a lot of deal origination and structuring. I have not drafted a document yet. I "work" like 20 hours per week and don't have a traditional boss The public role would obv be a hustle for a bit, CEO is boss, board is boss, etc |
Date: June 22nd, 2018 10:23 PM Author: Bateful kitchen Wildly different legal skills required for those two jobs
Which would you find more interesting?
Not seeing how either job puts you on ceo track |
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Date: June 22nd, 2018 10:26 PM Author: primrose senate toilet seat If you can cover off SEC regulatory aspects of capital markets and investment management, it's actually very similar. I am in the latter role right now and love it. I am a 75% finance 25% legal role, a title that gives me business credibility and a flexible mandate for deal origination and structuring Disagree on the last point based on experience |
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Date: June 22nd, 2018 10:58 PM Author: Bateful kitchen Isn’t there just a shitload of stuff you need to as a GC of a public company, like reporting and board meetings and all that shit?
Seems like the small private fund job with some upside is much more chill and will give you more exposure to the business side. Public co job might give you more “experience” if you are trying to move up chain but seems less chill. |
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Date: June 23rd, 2018 7:40 AM Author: primrose senate toilet seat Reporting and board minutes are jobs for accountants and paralegals and I takes next to no experience or brain power to do a good job. Name the last time there was any kind of material controversy that involved the filing of an 8-K or the minutes of a board (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295629) |
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Date: June 23rd, 2018 8:04 AM Author: Fuchsia Hateful Church Building Elastic Band Says a guy who is inhouse at a tiny shop. The OCC is the most insane mentally ill regulator on planet earth. They actually do audit minute books for completeness like you wouldn't believe and they tell banks to consolidate subsidiary entities whenever they feel corporate structures get too leviathan. The OCC will routinely come in and mandate that you internally merge out say 4000 subsidiary entities in your wealth management group that are all nominally inactive or tax disregarded. This crazy shit keeps a couple dozen Biglaw firms in crazy billables on the reg. Its an even bigger coup for big 4 accountants because you can only imagine how fucked up the state tax filings for 4000 nominally inactive and mostly but not exclusively disregarded entities really are. The states would never have given a shit but the OCC needs to justify its existence. A guy at a PE shop just doesn't deal with OCC. Its like talking to GOSPLAN. It's a very Soviet experience. Oh and then the Fed comes in and raises Reg W questions about the assets you're moving around and I need to draft my usual 200 page response to the Fed. And there are even Reg O issues that pop up when dealing with these kinds of consolidations and those are actually 10x worse than anything else. You tell the CEO he needs to pay off that note 28 years early and by next week.... (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295668) |
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Date: June 23rd, 2018 8:24 AM Author: poppy stimulating filthpig Yes and this stuff is handled by outside counsel, like you. Thank. (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295686) |
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Date: June 23rd, 2018 8:39 AM Author: primrose senate toilet seat Yeah I did this at a law firm before all this. No one in here is talking about OCC regulated entities. It's not hard or important for 99% of public companies (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295701) |
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Date: June 23rd, 2018 7:46 AM Author: Talking Pocket Flask Corner I've never seen a public co GC that moved to CEO outside of situations where the company is going through turmoil. I just don't think that is a credible path (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295647) |
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Date: June 23rd, 2018 8:09 AM Author: Fuchsia Hateful Church Building Elastic Band I wouldn't want to. The GC has a much easier life. Jamie Dimon is a celebrity and can't walk down the street without being recognized. The GC of the bank doesn't have this problem. Way less stress in legal all around. (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295673) |
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Date: June 23rd, 2018 12:20 PM Author: Bateful kitchen Yes I’m sure Jamie would prefer to be GC (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36296420) |
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Date: June 23rd, 2018 8:26 AM Author: poppy stimulating filthpig Depends on the sector. It’s fairly common in regulated rate-based industries, since the lawyers are core to the company’s business model. (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295691) |
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Date: June 23rd, 2018 8:45 AM Author: primrose senate toilet seat There are a few high profile examples in my sector but it would r very uncommon to go public GC to public ceo. The route from either the public or private role would be organizing a new management team around me and getting private equity backing. I have decent relationships among both management team and sponsors to do this, and the more direct route would be from a private equity role. (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295710) |
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Date: June 23rd, 2018 8:28 AM Author: poppy stimulating filthpig I would do the public company GC and it’s not even close. At PE you forever scrambling to get the next fund up. I think it’s much easier to get another good gig if you are pushed out of the public company GC role. (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295692) |
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Date: June 23rd, 2018 8:47 AM Author: primrose senate toilet seat Probably CR but the next fund is exciting and makes money for all of us. (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295713) |
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Date: June 23rd, 2018 8:56 AM Author: geriatric dilemma regret I'd take the PE shop and not close. Smaller organization, bigger upside, more control, etc. (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36295722) |
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Date: June 25th, 2018 11:29 AM Author: bespoke orchestra pit (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36305605) |
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Date: June 25th, 2018 11:27 AM Author: primrose senate toilet seat (http://www.autoadmit.com/thread.php?thread_id=4008427&forum_id=2#36305594) |