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is being a FUND FORMATION LAWYER cr
Poast new message in this thread
Date: January 28th, 2022 6:06 PM Author: duck-like internet-worthy voyeur (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864455) |
Date: January 28th, 2022 6:06 PM Author: Bearded wine hissy fit cq (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864457) |
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Date: January 28th, 2022 6:07 PM Author: big menage scourge upon the earth GIRHTHY WATERFALLS (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864460) |
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Date: January 28th, 2022 6:07 PM Author: Mauve rehab psychic not really (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864462) |
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Date: January 28th, 2022 6:08 PM Author: duck-like internet-worthy voyeur FORMING FUNDS out of raw documents and sweat with your bloody calloused hands (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864481) |
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Date: January 28th, 2022 6:13 PM Author: multi-colored cuck kitty Not on the corporate side (although still better than M&A). Specialist-side (Tax/ECB) is pretty credited tho. (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864507) |
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Date: January 28th, 2022 6:20 PM Author: big menage scourge upon the earth tax is the same partnership allocation, capital markets and shareholder-related issues over and over again. it's dry af compared to advising an operating company. only one step up from debt work (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864550) |
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Date: January 29th, 2022 8:58 AM Author: mildly autistic parlour Yes the shareholder issues of an investment fund (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43867411) |
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Date: January 28th, 2022 6:17 PM Author: Nighttime floppy athletic conference Yes. You can learn it very quickly relative to other fields so easier to advance if you are not the bluebooking type. Associates are the main point of contact and you are in direct contact with the decision makers at smaller fund clients and not some associate assistant GC that is creating work to create work. The clients are all high net worth so you don’t haggle over fees and bullshit like that as much. Hours are more predictable that M&A or CM. Exit opps are very good - many leave for funds paying mid six figures for cushy boring jobs.
The downside is that the work is very cookie cutter (every good firm has a set of docs they maintain and they just pull it off the shelf and make a few tweaks). You are pretty far removed from the actual deal work that gets you familiar with company financials or legal matters that some find interesting. Frankly most legal work is pretty esoteric and stupid but it’s nice to have a little bit of connection to reality when you work in other tranny areas. But on net it’s probably the best area to practice in if you are at the right firms for it, assuming you can get excited about found structuring or can get over the type of work you are doing. |
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Date: January 28th, 2022 6:39 PM Author: Submissive appetizing casino blood rage Lool. Rich ppl in PE don't whine and haggle over fees. Is this serious? They are the worst about that especially compared to salaried megacorp drones. Plus LPs don't want blown up organizational expenses, they have to reimburse the GPs / sponsor for those.
Idk where you are that FF has chill hours but not K&E or STB type places especially these days. |
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Date: January 29th, 2022 4:51 AM Author: Nighttime floppy athletic conference It’s all reimbursed most of these funds don’t give a fuck.
And I don’t mean chill hours I just mean more predictable. You’re still billing a ton and it still sucks but it is objectively more predictable than other tranny work in a normal year. |
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Date: January 29th, 2022 9:02 AM Author: outnumbered bateful forum pervert I love how law firms can make tens of millions doing "cookie cutter" work from a "set of docs they maintain and pull off the shelf and make a few tweaks". What a joke! (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43867423) |
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Date: February 4th, 2022 8:33 AM Author: Nighttime floppy athletic conference Yeah I mean it really comes down to doing a LOT of that work and doing a good job maintaining and understanding the forms. Not any firm can do it well or efficiently because it requires enough scale. But those that do can print money doing it. (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43904460) |
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Date: January 28th, 2022 7:14 PM Author: Cerise den personal credit line From my experience, you are rarely a pure fund formation attorney. You will be working on adviser issues and maybe dabble into other areas depending on the strategy. The fund docs are relatively simple, but can be pretty easy work to do at times. We use outside counsel for our fund docs at times, but I tend to handle most of the work when I can especially if it is a new strategy. (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43864759) |
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Date: January 29th, 2022 3:01 AM Author: duck-like internet-worthy voyeur How much do u make. What are the best in house gigs and how best to position urself for them if ur starting out.
Thoughts on hedge fund vs pe vs some Blackrock fidelity invesco garbage type place? |
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Date: January 29th, 2022 9:31 AM Author: Cerise den personal credit line Prior 2 yrs salary has been btw $375-400k in Chicago, which is very good here. Most recruiters call me about positions paying ~$300-350k. I know of a few places that might pay a bit more for my class year. A few places horribly underpay their attys around like $200k.
I've only really dealt with PE feeder funds, so a more knowledgeable poaster can talk about it. I would say that you should work on investment advisery matters (e.g., Form ADV shit, IMAs), fund formation, general corporate work, and securities compliance (but don't go full compliance).
So, from what I know,
BDC's are offering ppl my class year $400-600k, but they are such a weird structure and once you go BDC, it is hard to go back to the publicly traded market side.
Hedge funds pay well in some places and pure shit at others (I've been approached with jobs from $250k startup fund to $450k). You'd deal with the same stuff as at a typical asset manager.
Asset managers. I think you can group them by standalone or tied to a bank/insurance company. I have worked at both types. Standalone ones are so much fucking better -- less bullshit. Also, betwen passive and active manager, Blackrock is king of passive and I imagine that affects their pay structure for noninvestment personnel. The more active firms have (IMO) higher pay ceilings and tend to do more exciting stuff. Where I am at now, I get reimbursed for almost everything tangentially related to work. Recently went to London on a personal matter, and my boss said, "Stop by the London office one day and we'll pay for your flight." At a larger org, there would have been so much red fucking tape to even try and pull that shit.
Also, I've seen lawyers go to the business side into product development roles and even investments especially with distressed debt strategies. |
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Date: January 29th, 2022 12:54 PM Author: duck-like internet-worthy voyeur Thx bro do u have a throwaway (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43868548) |
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Date: January 29th, 2022 3:34 PM Author: Cerise den personal credit line tupac_biggie_pit@yahoo.com (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43869539) |
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Date: January 29th, 2022 3:16 AM Author: Disgusting national security agency NOT WORKING is the only cr, HTFH (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43867043) |
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Date: January 29th, 2022 3:54 PM Author: Orchid office partner Really need to be at a PEERFIRM to have this be a good practice. And even then, it is a bit of a back office practice.
If you go even slightly down market, there will be one or two partners there who will never retire and keep doing new funds for the same TTT PE firms.
Bringing in new business will be impossible.
Downside for doing it someplace like Weil, STB, Ropes etc is you won’t get as big of a lifestyle adjustment as compared to the main transactional groups. |
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Date: January 30th, 2022 5:12 AM Author: duck-like internet-worthy voyeur What about FUND FORMATION in house (http://www.autoadmit.com/thread.php?thread_id=5018669&forum_id=2#43872839) |