Hi all - I know this has been touched on a few times in the past, but, with things going the way they're going, I wanted to revisit. I'm an attorney at a big law firm specializing in bankruptcy and restructuring law, with a focus on out-of-court workouts, large chapter 11s (company and creditor side), and distressed M&A (purchaser side). Like most lawyers, I'm looking at potential exit strategies and, given my background, a move to a distressed debt PE fund seems to make the most sense. In house counsel is an option, but I'm curious what the non-legal options are and everyone's thoughts on how best to pursue those opportunities and to make the career jump. Any other ideas for exit opportunities with my background are also welcome! Thanks!
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Forget about interesting work being in-house, you're closer to resemble a secretary than a lawyer. Go into RX, you'll get paid better and do more interesting work.
Also, why do you want to leave law?
Assume you're asking about the investment teams at these types of funds? If so, everyone will assume you don't know the finance part and aren't good with numbers (the obvious stereotype of lawyers).
I'm sure someone else can be more helpful here as I have no experience with this type of move, but wondering if it makes sense for you to do RX or M&A banking. Assuming you are only a few years into law, you'd still probably start out as a senior analyst or maybe associate, which may or may not be something you care about. Probably need 2 years of IB to have a shot at PE.
If you are at a good firm, you likely have alumni from your group in finance. I would suggest reaching out to them.
Glidepaths I can think of generally that I know people have recruited for post-law firm are:
- Restructuring IB (poster above is incorrect on senior analyst, this is always at the associate level post biglaw associate)
- Restructuring at a financial advisor (A&M, Alix, etc.)
- Hybrid legal counsel seats (desk lawyers at distressed desks / funds)
-Workout / restructuring professionals at debt funds;
- Distressed hedge fund analysts (will be difficult if you have no finance experience)
- Working at a service provider like Reorg
I'm a lawyer who made the jump years ago, currently at a credit HF and I love it - would highly recommend.
How did you make that transition from law? Did you do rx banking then buyside?
If you (or anyone else who has gone from a law firm to an investment-side seat on special situations/distressed credit/event-driven desk) happen to see this, please shoot me a PM. I’d appreciate a moment of your time.
.
Can you clarify more about the desk lawyer / hybrid seats you were talking about if possible?
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