I have been working in the legal industry for a few years now (M&A, Restructuring & Banking & Finance Law) I would like to know what are the best hedge fund strategies that align well with legal expertise.
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Special sits / merger arb
Would Activist HF be a good fit too?
In most cases your experience wouldn’t matter all that much . You need to get specific on how your current skill set is a value add. So anything that prior law experience would give an edge
distressed credit or credit l/s or not HF related but on private side: private credit
Assuming you mean on the investment side? Most likely distressed credit and litigation financing. Don’t really think the legal side is as important in activism or private credit though I could be wrong
One caveat I’d mention is you’d want to be careful as a lot of distressed shops bifurcate between a desk lawyer and an investment professional. It’ll be much easier to get a role as a desk lawyer than as a pure IP (relatively as these roles are still rare) and it’s not easy to transition from desk lawyer to IP as some people often think they can do, so worth thinking carefully whether that’s the route you’d want to take.
How do the responsibilities mainly differ? And have u seen people make that jump, or is a move to aRx IB still preferable prior to doing any of this?
It’s completely different responsibilities. Desk lawyer have minimal modeling exposure and they won’t expect you to really understand a business/sector. Even at a distressed credit HF, you need to understand the finance/business side first then understand the legal/capital structure/rx dynamics.
It’s still doable tho. A senior analyst at my fund was hired out of law school and he’s crushing it.
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