Carry for In-House Counsel
Hi all, I know this may be an "every fund is different" sort of question but I have an interview coming up for an in house counsel role at a PE fund. On the topic of compensation, is it appropriate for in-house counsel for carry? Its certainly not a deal breaker if that out of bounds to ask for but if its a common part of comp at a PE fund I would hate to leave it on the table by not asking for it.
Thanks in advance for you insight.
I would be shocked if you got carry as in-house counsel, unless you were coming in as MD perhaps. Carry is for partners, deal professionals, and a bit for IR. Corporate teams do not get carry as it's already a minuscule pot to divvy up.
Wouldn't say it's off limits to ask but I would 99.9% expect them to say no
It is not uncommon for in-house counsel to get carry. Maybe not from day 1 but definitely down the road. The carry % won't be much though, but better than nothing.
Highly disagree that 99.9% would say no lol - this is just wrong.
Definitely possible, and personally, I would ask for it. While very much firm dependent, it will often depend on how strategic your role is within the firm. For example, if your firm had a complex distressed strategy, you may be a key driver of value creation navigating bankruptcy processes and litigation. In some cases, GCs may fill board seats at portfolio companies.
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