alumniguy wrote:Veyron wrote:This sounds horrible. . . and I'm trying so hard to keep an open mind about transactional law heading into OCI.
I MUCH prefer transactional over litigation. It isn't that horrible either (and it much more collaborative than litigation). I find myself being a bit negative about biglaw on these boards but I think that is primarily to counter all of the biglaw hype. Biglaw, if you are working with the right people, can be a great working experience most of the time.
The pure and simple fact is that law school doesn't teach you anything about the practice of law - especially in the transactional world. Biglaw transactional work is complex stuff that requires a litany of documents. You may understand the concept of a loan agreement, but you have no idea how much additionally paperwork is involved (much of it is pretty useless in my opinion) - we are talking massive amounts of schedules attached to the loan agreement, a security agreement, guarantees, corporate resolutions, amendments to corporate formation documents, shareholder agreements, warrant subscriptions, etc. If you are like the average first year, then it'll take you a few "deals" to get to know what all if involved. You job as a junior is to get to know these documents intimately so you know both what they do and how to draft/negotiate them. For the primary documents (e.g., a loan agreement) it will take you a few years before you are even ready to draft/negotiate and even then, you'll need a bunch of hand holding your first time through.
The same goes for a real estate transaction or an M&A transaction. You will be amazed at the type (and number) of documents required to close many biglaw deals.
Good info, thx.
Is real estate considered transactional work or is it its own thing?