M&A Lawyer -> Restructuring Banker
Hi everyone,
I've been lurking about this forum for a while now and have found the posts on restructuring immensely helpful for getting a general idea for what distressed debt banking / restructuring is about.
By way of background - I am currently a common law qualified (ie, similar legal system as the UK and US) M&A private equity lawyer from Singapore, and have been working for the largest law firm in my country for the past 1.5 years. I graduated from a law school internationally ranked in the top 14 and finished near the top of my class. I've a good working legal knowledge of the UK insolvency process, which from my limited understanding, is not extremely different from the US system.
I've been interested in trying out for an IB distressed debt role in the US (NY or CA) within the next year. I do have limited finance background (I had completed my BBA in Finance immediately before law) and have been trying to find out all that I can about this industry.
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Does anyone know if such a switch has been done / is feasible, or would I just be wasting my time trying?
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How useful would prior legal knowledge be viewed to the top tier shops (HLH, Lazard, BX etc)? Would it be easier to try breaking into a BB eg, BAML, or a boutique instead?
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Aside from learning excel modelling / valuation for distressed debt, are there any other resources / skills which you would recommend I pick up in my spare time?
Any thoughts/views at all from those in the industry on any of the above would be very much appreciated.
Most BBs don't have a RX practice due to conflict of interest (especially balance sheet focused banks). I think MS/GS might have a RX team in their london office, although i'm not too sure.
I think you're best bet would be to lateral to an Elite boutique (you're prior list being on point). I've met met a few M&A/restructuting bankers from these shops but yet to meet any at the BB (probably just less common). In terms of additional skills, they'll probably want to test your technical skills but get any interview prep guide and you should be fine. In my opinion one of the biggest hurdles you'll face is interviewing for IB roles in the US if you're currently in Singapore. It's one thing for a lawyer in the US to want to make the switch (after having gone to law school here) but it seems like a completely different ball game if you're coming from abroad. Probably you're best bet would be to work with recruiters and see what alumni network you have at some of these firms. If nothing else, try cold calling with ex-lawyers who work at these shops.
You can always stay in Asia. I did restructuring for an EB in HK; the deal flow exists and mainly covers SEA (metals and mining, energy) and China (real estate)
Do you have 1.5 years PQE in total, or more? What level are you going for? @jayax
If you think the UK process is similar to the US I question your capacity to practice law, let alone transition into distressed.
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