Corporate Work in DC? Forum

[Anonymous User]

I want to do transactional work, but have family in DC and am thinking about taking that over New York. I like DC more as a city but don't hate Manhattan at all. Is that a terrible idea?

I have interviews set up with Gibson, Latham, and Hogan Lovells, and don't know what transactional work at any of the three would mean for my exit options and future as a lawyer. As far as I can tell, Latham has a very strong PE-oriented practice, but then again they fired 60 associates from the DC office in one go a couple years ago. Is there any stigma there, or is this now a safe place to be?

For anyone who does do corporate work in DC, what's your experience been and what would you tell me coming in?

Thanks!

[Anonymous User]

If the economy goes severely downhill again, many firms are likely to lay off associates. Would Latham do it again? Probably, but after the Great Lathaming they've hired more conservatively and still do, especially in their larger offices.

Corporate work outside of straight M&A was less affected. I get the sense that they are the great powerhouse of DC private equity, finance (both lender-side borrowing and capitol markets), and are well represented in M&A circles. BUT DC is a much smaller market for that work than NY. So exit options are a good question - not sure of those myself.

[Anonymous User]

If the economy goes severely downhill again, many firms are likely to lay off associates. Would Latham do it again? Probably, but after the Great Lathaming they've hired more conservatively and still do, especially in their larger offices.

Corporate work outside of straight M&A was less affected. I get the sense that they are the great powerhouse of DC private equity, finance (both lender-side borrowing and capitol markets), and are well represented in M&A circles. BUT DC is a much smaller market for that work than NY. So exit options are a good question - not sure of those myself.

I'm the guy who made the thread - DC "capitol markets" work is a wonderful, wonderful pun. Really clean work there.

Great help, too. I'm really worried that I'd be limiting the opportunities I'd have, since the client base just isn't quite the same versus a New York V5. Let's take Latham again, for example - a firm that has a great PE practice in DC (both for M&A and finance work on behalf of the sponsors), and let's say I end up doing a lot of work in that private M&A sphere. If you leave the firm, where do you move to if not the PE firm? Can you exit to one of a PE firm's portfolio companies?

[Anonymous User]

My guess would be moving in house to one of the portfolio companies is a pretty common move on PE work. It also depends what specifically you do - fund formation might be more limiting than general M&A, but on the other hand there are a TON of M&A lawyers and fewer finance people.

Outside of Latham there are few options as reputationally as good. I hear that Wilson Sonsini does stuff in the finance space in DC, but other than that your V10's with a decent DC presence might have enough work for you (even if it ends up being on NY projects) that it's a solid enough move.

You might also look into regulatory advisory stuff that skirts corporate and Lit. There's a lot of that here (for instance, FCC work with Telecom companies, Healthcare law/regulations, etc.), and a much wider selection of firms at all levels of 'prestige' from which to choose.