BigLaw: Asset Management/Investment Fund Exit Option? Forum

[riku33090]

How's the exit option?

Thoughts?

[Anonymous User]

Almost exclusively inhouse at a fund or bank with the rare government job. Heavily reliant on NYC. Not much elsewhere. However, pay seems great although those employers can work you biglaw hours. Reputation of group seems as important as firm if not moreso. The caveat is that the work is dreadfully boring and it never seems to get better even after you pay your dues.

[Kochel]

Boston is also a huge locus of investment management work. I made the move from Biglaw to in-house at an asset manager in Boston and have never regretted it. Most in-house departments favor Biglaw firms for hiring, particularly those firms with strong 1940 Act practices: Ropes, Dechert, K&L Gates, etc. The work, while not thrilling, is regular and respected. The pay, at junior levels, will usually reflect a pay cut from Biglaw associate status, but at the senior levels can rival that of junior partners, with half the workload.

[Anonymous User]

Regional law firm work as well, particularly LP-side, but the show is NYC/HK/London/other typical international locations (to a significantly lesser extent Boston, CT, CA, TX, Chicago).

The practice naturally leans toward regulatory/tax/etc. but the corporate aspect can be the definition of papering done deals and navigating required terms/disclosures.

Takes a lot of luck, skill and timing to find a good in house position outside of a major market, though obviously these jobs exists--personally, went regional law firm, but would jump at any respectable in-house position in the same region if the opportunity presented itself.

On the private side, with the right pedigree (given the typical credentials of those hiring), it can be easier to go in-house at a relatively junior level, but things could obviously blow up and you'll be circling right back to a law firm or the next manager.

In my experience, the vast majority of lawyers (aside from partners) in this position intensely regret becoming lawyers and try to go in-house in the hopes of having more involvement in product development/even trading/analyst diligence work, but in reality a deal lawyer would likely be better suited to such positions (particularly bankruptcy with respect to distressed strategies and M&A for PE). As far as law goes though, it's not so bad, repeat/consistent business.

Edit: And to a direct answer, (typical) exits (*I've gotten aggressive recruiter emails that exceed biglaw, but I don't personally know anyone who has gotten/taken such a position):
(1) Lower comp than your corresponding biglaw class year, but higher than the typical F500 exit
(2) Better hours, more varied work, but worse hours than the typical F500 exit
(3) Earning potential is typical lower than a senior biglaw partner, but like an F500 exit, the right place can far exceed biglaw (think elite startup shop)
(4) You are and still will always be primarily involved in the fundraising/IR/compliance side of the business, unless you take a unique exit

[Anonymous User]

Boston is also a huge locus of investment management work. I made the move from Biglaw to in-house at an asset manager in Boston and have never regretted it. Most in-house departments favor Biglaw firms for hiring, particularly those firms with strong 1940 Act practices: Ropes, Dechert, K&L Gates, etc. The work, while not thrilling, is regular and respected. The pay, at junior levels, will usually reflect a pay cut from Biglaw associate status, but at the senior levels can rival that of junior partners, with half the workload.

first year in one of these groups at another big firm. Congrats on making the move, that is my dream. How many years did you work in biglaw before going in-house? Did you go in-house to an existing client/how did you get the job? What are your hours like now? Thanks for any helplful insight