Switching Practice Groups and Cities

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Switching Practice Groups and Cities

Postby Anonymous User » Fri Feb 10, 2017 3:43 pm

Hey all,

I'm a 4th year finance associate in NYC that plans on trying to get out of NYC over the next year. Probably will be looking to move out west to either the mountain west or the PNW. I've given finance the old college try and the more senior I get, the more bored and annoyedI get with it. Drafting and reviewing credit agreements is honestly more boring that drafting ancillary documents and it seems that finance is one practice that truly gets worse the more senior you get. As it is, I want to switch out to a more general corporate/M&A practice for exit ops and because my friends that do it seem far more interested in it.

I don't want to ask to switch groups at my current firm, since I'll likely be trying to leave the firm to move starting in the fall and think that is a bad look, but was wondering how hard it is to switch practice groups in a lateral move? Anyone have any experience with this?

Thanks all.

Anonymous User
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Re: Switching Practice Groups and Cities

Postby Anonymous User » Sat Feb 11, 2017 11:50 am

Bump Bump

Anonymous User
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Re: Switching Practice Groups and Cities

Postby Anonymous User » Mon Feb 13, 2017 12:58 pm

Bump - anyone with any experience with this at all?

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Re: Switching Practice Groups and Cities

Postby Anonymous User » Mon Feb 13, 2017 2:27 pm

I have no experience with this but I would think the best course of action would be to switch in your firm, stay at least a year, then lateral. Unless you have been doing substantial M&A/corporate work already, I don't see how or why a direct lateral/switch would work. I don't see an upside for the lateral firm in taking in a 4th year with no practice experience in the group you want to lateral to.

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Re: Switching Practice Groups and Cities

Postby Anonymous User » Mon Feb 13, 2017 2:38 pm

Anonymous User wrote:I have no experience with this but I would think the best course of action would be to switch in your firm, stay at least a year, then lateral. Unless you have been doing substantial M&A/corporate work already, I don't see how or why a direct lateral/switch would work. I don't see an upside for the lateral firm in taking in a 4th year with no practice experience in the group you want to lateral to.


I agree completely, which is why I would likely make it known that I would be willing to drop multiple class years to switch to general corporate. I figure this way they get a guy with 4 years of finance under his belt who is willing to loose out on some salary to start fresh. Switching within the firm isn't really doable at this point since we plan on moving early 2018 and I'd like to leave NYC as soon as possible.

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Re: Switching Practice Groups and Cities

Postby Anonymous User » Mon Feb 13, 2017 2:40 pm

Anonymous User wrote:
Anonymous User wrote:I have no experience with this but I would think the best course of action would be to switch in your firm, stay at least a year, then lateral. Unless you have been doing substantial M&A/corporate work already, I don't see how or why a direct lateral/switch would work. I don't see an upside for the lateral firm in taking in a 4th year with no practice experience in the group you want to lateral to.


I agree completely, which is why I would likely make it known that I would be willing to drop multiple class years to switch to general corporate. I figure this way they get a guy with 4 years of finance under his belt who is willing to loose out on some salary to start fresh. Switching within the firm isn't really doable at this point since we plan on moving early 2018 and I'd like to leave NYC as soon as possible.


I have no idea if this woudl work. But what if you could try to pitch it as you woudl do some finance work for them but you also want to try some more general corp. Then once you are there take on more and more gen corp. This coudl be a stupid idea, im just thinking about it

Npret

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Re: Switching Practice Groups and Cities

Postby Npret » Mon Feb 13, 2017 2:45 pm

What kind of corporate do the firms you want to move to actually practice? I know the PNW and mountain west are small and competitive. Do you have ties? Do you have connections?

favabeansoup

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Re: Switching Practice Groups and Cities

Postby favabeansoup » Mon Feb 13, 2017 2:51 pm

Anonymous User wrote:
Anonymous User wrote:I have no experience with this but I would think the best course of action would be to switch in your firm, stay at least a year, then lateral. Unless you have been doing substantial M&A/corporate work already, I don't see how or why a direct lateral/switch would work. I don't see an upside for the lateral firm in taking in a 4th year with no practice experience in the group you want to lateral to.


I agree completely, which is why I would likely make it known that I would be willing to drop multiple class years to switch to general corporate. I figure this way they get a guy with 4 years of finance under his belt who is willing to loose out on some salary to start fresh. Switching within the firm isn't really doable at this point since we plan on moving early 2018 and I'd like to leave NYC as soon as possible.


I have heard of laterals sometimes dropping a (single) class year to make moves easier, but I haven't ever heard of someone dropping multiple years just to start in a new practice group.

I mean it might work, but I personally haven't heard of someone doing this.

Npret

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Re: Switching Practice Groups and Cities

Postby Npret » Mon Feb 13, 2017 2:54 pm

favabeansoup wrote:
Anonymous User wrote:
Anonymous User wrote:I have no experience with this but I would think the best course of action would be to switch in your firm, stay at least a year, then lateral. Unless you have been doing substantial M&A/corporate work already, I don't see how or why a direct lateral/switch would work. I don't see an upside for the lateral firm in taking in a 4th year with no practice experience in the group you want to lateral to.


I agree completely, which is why I would likely make it known that I would be willing to drop multiple class years to switch to general corporate. I figure this way they get a guy with 4 years of finance under his belt who is willing to loose out on some salary to start fresh. Switching within the firm isn't really doable at this point since we plan on moving early 2018 and I'd like to leave NYC as soon as possible.


I have heard of laterals sometimes dropping a (single) class year to make moves easier, but I haven't ever heard of someone dropping multiple years just to start in a new practice group.

I mean it might work, but I personally haven't heard of someone doing this.


I think offering to drop a year or two before asked might seem desperate. I'm not sure how that works but I wouldn't offer coming in as a second year upfront.

oblig.lawl.ref

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Re: Switching Practice Groups and Cities

Postby oblig.lawl.ref » Mon Feb 13, 2017 3:27 pm

I personally know one person who dropped two class years to change practice groups. She also moved from the east coast to the west coast. There was some overlap between the groups but probably not quite as much as you have with gen corp. I had heard of one other that did it as well.

PNW and Mountain West may be a difficult lateral in general. LA/Bay Area may be more doable, I would think, just based on size/insularity of the markets.

I would try to get gen corp assignments sooner rather than later, including at your current firm if possible. You're not getting any more junior.

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Re: Switching Practice Groups and Cities

Postby Anonymous User » Mon Feb 13, 2017 3:39 pm

oblig.lawl.ref wrote:I personally know one person who dropped two class years to change practice groups. She also moved from the east coast to the west coast. There was some overlap between the groups but probably not quite as much as you have with gen corp. I had heard of one other that did it as well.

PNW and Mountain West may be a difficult lateral in general. LA/Bay Area may be more doable, I would think, just based on size/insularity of the markets.

I would try to get gen corp assignments sooner rather than later, including at your current firm if possible. You're not getting any more junior.


This is great to know. I definitely plan on trying to take on more corporate assignments (talking to the head of my group about an interest in trying some general corporate work). Hoping that since finance still has some significant overlap the sell is easier than switching from other groups. I definitely know the mountain west can be tough to crack, but figured its worth a shot. Worst case I guess California would be there, but honestly, its so expensive that it almost seems not worth leaving NYC.



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