What kind of assignments do corp. SA's do during the summer?

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Anonymous User
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What kind of assignments do corp. SA's do during the summer?

Postby Anonymous User » Tue Mar 24, 2015 9:52 am

I'm going to be doing capital markets for the most part. Maybe some real estate stuff. I don't really know anything about corporate work, I did lit for 1L summer. What kind of stuff are they going to have me doing? Doc review?

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Tiago Splitter
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Re: What kind of assignments do corp. SA's do during the summer?

Postby Tiago Splitter » Tue Mar 24, 2015 10:04 am

Diligence: Read through company docs looking for things that may need to be disclosed. Add what you've looked at to the diligence memo.

Statistical backup: When a company issues securities they need backup for most claims they make in the offering document. You'll help track down some of those numbers and add the files to the binder your firm will make in case the SEC comes calling and wants to see the backup.

You might also help "draft" an offering document by using a precedent and updating it with more current information, all of which will be given to you. I'm sure there are other kinds of capital markets work people will list but those are the big ones and most of what I did. None of this stuff is particularly difficult so don't worry.

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2014
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Re: What kind of assignments do corp. SA's do during the summer?

Postby 2014 » Tue Mar 24, 2015 12:16 pm

If you do work for underwriters you will probably be given a draft of a prospectus and asked to review the risk factors section and to flag areas that are of concern or are too vague. You might be asked to look at prospectuses from other similar companies and see if any are included or missing from yours that seem relevant.

You will likely do a lot of shadowing for conference calls where your firm will get or give updates on progress from the various parties to the offering. To the extent work comes from these calls you might be asked to take a rough first crack at any memos or sections of the prospectus or underwriters agreement that are at issue.

You will probably do some more menial things such as physically creating binders, reviewing for errors, etc

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North
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Re: What kind of assignments do corp. SA's do during the summer?

Postby North » Tue Mar 24, 2015 12:42 pm

2014 wrote:If you do work for underwriters

How would you find this out? Underwriters are the bank side of a security offering, as opposed to the company issuing the security, right?

Also interested in hearing more in re: OP's question, I'm in a similar boat.

desertlaw
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Re: What kind of assignments do corp. SA's do during the summer?

Postby desertlaw » Tue Mar 24, 2015 1:32 pm

North wrote:
2014 wrote:If you do work for underwriters

How would you find this out? Underwriters are the bank side of a security offering, as opposed to the company issuing the security, right?

Also interested in hearing more in re: OP's question, I'm in a similar boat.


Not sure what your first question means, but if your firm/office does capital markets work, chances are that they do some of both UW's and issuer/company side work.

Corporate summer work is hit or miss depending on what deals are busy during that time. Sometimes you can do higher-level research or writing projects just because the firm usually can't make $ off you doing diligence all day like they can for a junior associate since SA's are usually written off.

Various precedent searches of public filings, maybe some drafting based on precedent. Nothing you can't figure out after a bit of learning.

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skers
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Re: What kind of assignments do corp. SA's do during the summer?

Postby skers » Tue Mar 24, 2015 2:09 pm

My guess is this is actually decently varied by firm/market. My firm was very much in the don't give summers any boring projects or real work camp, so certain projects were kind of informally out of bounds, but still given out occasionally. As a summer your projects are mostly just to see that you aren't retarded, to keep you busy, and be marginally helpful and it's a little harder to break off discrete chunks of corporate work. Shadowing conference calls and things like that are probably standard.

Mostly just make sure and hit all your deadlines and you'll be fine. They expect your work to be bad.

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2014
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Re: What kind of assignments do corp. SA's do during the summer?

Postby 2014 » Tue Mar 24, 2015 4:21 pm

North wrote:
2014 wrote:If you do work for underwriters

How would you find this out? Underwriters are the bank side of a security offering, as opposed to the company issuing the security, right?

Also interested in hearing more in re: OP's question, I'm in a similar boat.

If you are in NY like 5-6 firms do a disproportionate amount of the UW work, just look up the main counsel for the big banks. Issuer work is tougher to predict since companies usually only do one IPO so it's often whatever firm handles their M&A work that gets the issuer side representation. Most firms listed on the chambers list do a little of both though I believe. Outside of NY it's probably less predictable, but that's why NY does the most Cap Markets volume by some huge factor.

Asking associates who you work with/lunch with what their UW/Issuer breakdown is and which they like more would be a very valid topic.




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