lawgod wrote:This is a good thread.
I was kind of wondering this myself, as I prepared to tell interviewers I was hooked on hard core transactional.
That's not a good idea. The interviewer will ask follow up questions, and it won't end well.
Anyway, it's really hard for a summer associate to get an accurate picture what's involved in transactional work. For every thing a SA would see, there will be 10 things they don't. I thought I had a good idea when I was a summer, but once I started, I realized I didn't know anything.
There's no difference, really, in corporate work in a V10 vs a V50. Any talk about being more creative at the top firms is just BS. If anything, the opposite is true. On large deals, your client (say, a large PE fund) will likely dictate 98% of what happens and are very sophisticated. They'll want to follow whatever they did in similar deals, almost nothing is material, and after a certain point, it becomes pretty formulaic. Large companies usually have their affairs in order, so there are less surprises.
However, in smaller deals, that's when you find more unique situations. Lawyers tend to have my influence on what happens, junior attorneys get more substantive work, and there is always a surprise or 4 when you look behind the curtain. I prefer to work on smaller deals for this reason, as larger deals end up being a little more boring.