Bankruptcy Clerkships

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MurdockLLP
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Bankruptcy Clerkships

Postby MurdockLLP » Mon Jan 16, 2017 12:14 pm

I currently have an SA lined up with a V50 firm in NYC. I was wondering what benefit, if any, a clerkship with a bankruptcy court (SDNY or Del) would have for my long term career. Finally, would I need to clerk straight from law school, or could I work for a year, clerk, switch firms/return to my firm?

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MurdockLLP
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Re: Bankruptcy Clerkships

Postby MurdockLLP » Wed Jan 18, 2017 8:26 am

bump.

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Re: Bankruptcy Clerkships

Postby Anonymous User » Wed Jan 18, 2017 11:32 am

MurdockLLP wrote:I currently have an SA lined up with a V50 firm in NYC. I was wondering what benefit, if any, a clerkship with a bankruptcy court (SDNY or Del) would have for my long term career. Finally, would I need to clerk straight from law school, or could I work for a year, clerk, switch firms/return to my firm?


Do you want to do bankruptcy?

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mjb447
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Re: Bankruptcy Clerkships

Postby mjb447 » Wed Jan 18, 2017 11:59 am

I know some people who've really enjoyed and feel they benefited from doing "specialty" clerkships (e.g. bankruptcy, tax, immigration) in an area that they didn't want to work in, but obviously that can set your career back a whole year and is not consistent with everyone's goals. So yeah, I agree: I think we need to know a little bit more about your "long term career" in order to answer your question.

(There are bankruptcy judges who hire people after law school.)

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MurdockLLP
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Re: Bankruptcy Clerkships

Postby MurdockLLP » Wed Jan 18, 2017 1:20 pm

Anonymous User wrote:
MurdockLLP wrote:I currently have an SA lined up with a V50 firm in NYC. I was wondering what benefit, if any, a clerkship with a bankruptcy court (SDNY or Del) would have for my long term career. Finally, would I need to clerk straight from law school, or could I work for a year, clerk, switch firms/return to my firm?


Do you want to do bankruptcy?


I really loved my Bankruptcy course last semester and am taking Corporate Reorganization now. I could absolutely see myself working in Restructuring.

mjb447 wrote:I know some people who've really enjoyed and feel they benefited from doing "specialty" clerkships (e.g. bankruptcy, tax, immigration) in an area that they didn't want to work in, but obviously that can set your career back a whole year and is not consistent with everyone's goals. So yeah, I agree: I think we need to know a little bit more about your "long term career" in order to answer your question.

(There are bankruptcy judges who hire people after law school.)


My question is would I better benefit more from clerking right after law school or after working for a few years?

umichman
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Re: Bankruptcy Clerkships

Postby umichman » Wed Jan 18, 2017 1:57 pm

MurdockLLP wrote:
Anonymous User wrote:
MurdockLLP wrote:I currently have an SA lined up with a V50 firm in NYC. I was wondering what benefit, if any, a clerkship with a bankruptcy court (SDNY or Del) would have for my long term career. Finally, would I need to clerk straight from law school, or could I work for a year, clerk, switch firms/return to my firm?


Do you want to do bankruptcy?


I really loved my Bankruptcy course last semester and am taking Corporate Reorganization now. I could absolutely see myself working in Restructuring.

mjb447 wrote:I know some people who've really enjoyed and feel they benefited from doing "specialty" clerkships (e.g. bankruptcy, tax, immigration) in an area that they didn't want to work in, but obviously that can set your career back a whole year and is not consistent with everyone's goals. So yeah, I agree: I think we need to know a little bit more about your "long term career" in order to answer your question.

(There are bankruptcy judges who hire people after law school.)


My question is would I better benefit more from clerking right after law school or after working for a few years?


I have spoken with restructuring associates at Kirkland/Weil/paul weiss/Milbank. They said that if you can get a SDNY or Del, it would be great, but is unnecessary for your long term career. It doesn't really help much long term because they said that one extra year at a firm is more valuable than a year clerkship and the bankruptcy folks are more concerned with firm experience. However, I spoke with a first year who did the Delaware Bankruptcy clerkship, he said that he enjoyed it, but that he could have learned more if he started at the firm. Alternatively, if you cannot get a bankruptcy job, working at those courts would help you get your first job. They basically told me that the restructuring world is so small that you do sufficient networking just by working at a big firm.

Also, they said that going to do a clerkship after you have already started at a firm is pointless.

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TheJanitor6203
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Re: Bankruptcy Clerkships

Postby TheJanitor6203 » Thu Jan 19, 2017 12:15 pm

I'd say about 1/2 the BK clerks I know worked at a firm first then decided to clerk for various reasons. A lot of BK judges won't hire a clerk straight out of law school since BK is a specialized/complicated area. That being said, if you want to get into a big firm BK practice group but can't straight of law school, then a BK clerkship is a good way to get in. In the market I'm in, most of the big firms I want to go to put a high premium on a BK clerkship. Some even appear to have an unofficial policy of only hiring BK clerks.

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Re: Bankruptcy Clerkships

Postby umichman » Thu Jan 19, 2017 12:24 pm

TheJanitor6203 wrote:I'd say about 1/2 the BK clerks I know worked at a firm first then decided to clerk for various reasons. A lot of BK judges won't hire a clerk straight out of law school since BK is a specialized/complicated area. That being said, if you want to get into a big firm BK practice group but can't straight of law school, then a BK clerkship is a good way to get in. In the market I'm in, most of the big firms I want to go to put a high premium on a BK clerkship. Some even appear to have an unofficial policy of only hiring BK clerks.


Are u in Delaware? I am just wondering which markets are that selective for bk practices?

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Re: Bankruptcy Clerkships

Postby MrT » Thu Jan 19, 2017 12:30 pm

umichman wrote:
TheJanitor6203 wrote:I'd say about 1/2 the BK clerks I know worked at a firm first then decided to clerk for various reasons. A lot of BK judges won't hire a clerk straight out of law school since BK is a specialized/complicated area. That being said, if you want to get into a big firm BK practice group but can't straight of law school, then a BK clerkship is a good way to get in. In the market I'm in, most of the big firms I want to go to put a high premium on a BK clerkship. Some even appear to have an unofficial policy of only hiring BK clerks.


Are u in Delaware? I am just wondering which markets are that selective for bk practices?

It appears he's in Dallas.

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TheJanitor6203
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Re: Bankruptcy Clerkships

Postby TheJanitor6203 » Thu Jan 19, 2017 12:31 pm

Texas. To clarify, I'm not saying most big firms in my market appear to primarily hire BK clerks. It's just the majority of the firms I plan to target after my clerkship do (3 out of 4).

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Re: Bankruptcy Clerkships

Postby Anonymous User » Mon Jan 23, 2017 3:55 pm

MurdockLLP wrote:I currently have an SA lined up with a V50 firm in NYC. I was wondering what benefit, if any, a clerkship with a bankruptcy court (SDNY or Del) would have for my long term career. Finally, would I need to clerk straight from law school, or could I work for a year, clerk, switch firms/return to my firm?


Former SDNY/Del clerk here. If you can afford it financially, I would say go for a clerkship straight after law school. Obviously, there are pros/cons for both, but as a clerk you are going to learn so much more in that year than you would as a first year associate. You are going to get to see cases from start to finish and talk about every single issue that comes up with your judge. By the time you are done with the clerkship you are going to have had a lot more exposure than a typical first year.

The clerkship will also allow you to really figure out what type of restructuring work that you want to do (i.e. debtor vs. bondholder vs. secured lender vs. UCC). That is something you are not going to be able to do as a SA or first year. Plus you are building a career long relationship with your judge and the other judges in that court.

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Re: Bankruptcy Clerkships

Postby Anonymous User » Mon Jan 23, 2017 4:00 pm

Anonymous User wrote:
MurdockLLP wrote:I currently have an SA lined up with a V50 firm in NYC. I was wondering what benefit, if any, a clerkship with a bankruptcy court (SDNY or Del) would have for my long term career. Finally, would I need to clerk straight from law school, or could I work for a year, clerk, switch firms/return to my firm?


Former SDNY/Del clerk here. If you can afford it financially, I would say go for a clerkship straight after law school. Obviously, there are pros/cons for both, but as a clerk you are going to learn so much more in that year than you would as a first year associate. You are going to get to see cases from start to finish and talk about every single issue that comes up with your judge. By the time you are done with the clerkship you are going to have had a lot more exposure than a typical first year.

The clerkship will also allow you to really figure out what type of restructuring work that you want to do (i.e. debtor vs. bondholder vs. secured lender vs. UCC). That is something you are not going to be able to do as a SA or first year. Plus you are building a career long relationship with your judge and the other judges in that court.


Would you say that the biggest restructuring firms do some of all that work? or just debtor?

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Re: Bankruptcy Clerkships

Postby Anonymous User » Mon Jan 23, 2017 4:10 pm

Anonymous User wrote:
Anonymous User wrote:
MurdockLLP wrote:I currently have an SA lined up with a V50 firm in NYC. I was wondering what benefit, if any, a clerkship with a bankruptcy court (SDNY or Del) would have for my long term career. Finally, would I need to clerk straight from law school, or could I work for a year, clerk, switch firms/return to my firm?


Former SDNY/Del clerk here. If you can afford it financially, I would say go for a clerkship straight after law school. Obviously, there are pros/cons for both, but as a clerk you are going to learn so much more in that year than you would as a first year associate. You are going to get to see cases from start to finish and talk about every single issue that comes up with your judge. By the time you are done with the clerkship you are going to have had a lot more exposure than a typical first year.

The clerkship will also allow you to really figure out what type of restructuring work that you want to do (i.e. debtor vs. bondholder vs. secured lender vs. UCC). That is something you are not going to be able to do as a SA or first year. Plus you are building a career long relationship with your judge and the other judges in that court.


Would you say that the biggest restructuring firms do some of all that work? or just debtor?


To some extent yes, but it would vary based on which firm (i.e. Kirkland is going to do more creditor work, than Milbank is going to do Debtor work). Even then though, I am not sure what kind of exposure you can get as a first year to different types of work. It is just going to be luck of the draw.

Moonraker
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Re: Bankruptcy Clerkships

Postby Moonraker » Thu Feb 09, 2017 4:32 pm

It is a fantastic opportunity if you are interested in bankruptcy, and even for general litigation when working on adversary proceedings.

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Re: Bankruptcy Clerkships

Postby Anonymous User » Thu Feb 09, 2017 4:50 pm

There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?

umichman
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Re: Bankruptcy Clerkships

Postby umichman » Thu Feb 09, 2017 4:59 pm

Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?


Yes

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Re: Bankruptcy Clerkships

Postby njdevils2626 » Thu Feb 09, 2017 5:08 pm

Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?


This will largely depend on location of your clerkship, but I'd be confident you can accomplish your goals

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Re: Bankruptcy Clerkships

Postby Anonymous User » Thu Feb 09, 2017 8:30 pm

Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?

Received a Quinn Emanuel reception invite earlier today. Also, over the past few months I have heard from two recruiters looking for immediate openings. I don't think the demand is quite as high for BK clerks but there is definitely interest out there.

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Re: Bankruptcy Clerkships

Postby Anonymous User » Thu Feb 09, 2017 8:32 pm

Anonymous User wrote:
Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?

Received a Quinn Emanuel reception invite earlier today. Also, over the past few months I have heard from two recruiters looking for immediate openings. I don't think the demand is quite as high for BK clerks but there is definitely interest out there.


For Quinn emanuel bk?

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Re: Bankruptcy Clerkships

Postby Anonymous User » Thu Feb 09, 2017 8:33 pm

njdevils2626 wrote:
Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?


This will largely depend on location of your clerkship, but I'd be confident you can accomplish your goals


Current restructuring associate at Weil/KE, there are a lot of bankruptcy clerks out there in the competitive districts and all of them are looking for spots in a select few groups, all of which are fairly small. Fortunately, restructuring at top firms is incredibly busy right now.

If you're coming from SDNY/DE you likely have a shot, if not from those districts it's going to be very difficult. Either way, I would start hustling and making connections ASAP.

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Re: Bankruptcy Clerkships

Postby Anonymous User » Thu Feb 09, 2017 9:20 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?

Received a Quinn Emanuel reception invite earlier today. Also, over the past few months I have heard from two recruiters looking for immediate openings. I don't think the demand is quite as high for BK clerks but there is definitely interest out there.


For Quinn emanuel bk?

It doesn't specify BK but BK clerks are not on the district court distribution list so they had to have specifically sent it to BK clerks. I mean, it's a reception which is generally just an invitation to apply.

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Re: Bankruptcy Clerkships

Postby Anonymous User » Fri Feb 10, 2017 1:30 pm

Anonymous User wrote:
njdevils2626 wrote:
Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?


This will largely depend on location of your clerkship, but I'd be confident you can accomplish your goals


Current restructuring associate at Weil/KE, there are a lot of bankruptcy clerks out there in the competitive districts and all of them are looking for spots in a select few groups, all of which are fairly small. Fortunately, restructuring at top firms is incredibly busy right now.

If you're coming from SDNY/DE you likely have a shot, if not from those districts it's going to be very difficult. Either way, I would start hustling and making connections ASAP.



Former SDNY/DE BK clerk here. Everybody that I know that clerked in both of the SDNY/DE was able to find a job at top restructuring firms (K&E, Paul Weiss, Skadden, Akin, Milbank, Kramer, etc.). This was true for people that have clerked the past three years. In those same years the clerks that I have met from the EDNY and SDTX ended up at various large firms in their restructuring groups (Locke Lord, Bracewell, McDermott, Dechert).

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Re: Bankruptcy Clerkships

Postby Anonymous User » Fri Feb 10, 2017 3:42 pm

Anonymous User wrote:
Anonymous User wrote:
njdevils2626 wrote:
Anonymous User wrote:There's a separate thread for clerkship jobs but I wanted to ask about bankruptcy clerks' past experiences specifically since there doesn't appear to be any talk about that in the other thread. What kind of recruiting activity are people seeing?

I'll be a graduate from a 40ish ranked school and depending on this semester I'll either be barely in or out of the top 25%. What kind of expectations should I have for job prospects after my clerkship? I want to end up in a restructuring group or a non-bankruptcy transactional group at a large firm. Is that a reasonable expectation?


This will largely depend on location of your clerkship, but I'd be confident you can accomplish your goals


Current restructuring associate at Weil/KE, there are a lot of bankruptcy clerks out there in the competitive districts and all of them are looking for spots in a select few groups, all of which are fairly small. Fortunately, restructuring at top firms is incredibly busy right now.

If you're coming from SDNY/DE you likely have a shot, if not from those districts it's going to be very difficult. Either way, I would start hustling and making connections ASAP.



Former SDNY/DE BK clerk here. Everybody that I know that clerked in both of the SDNY/DE was able to find a job at top restructuring firms (K&E, Paul Weiss, Skadden, Akin, Milbank, Kramer, etc.). This was true for people that have clerked the past three years. In those same years the clerks that I have met from the EDNY and SDTX ended up at various large firms in their restructuring groups (Locke Lord, Bracewell, McDermott, Dechert).


Yes, I left out EDNY, and I suppose SD/ND TX as well. I think if you're coming out of a clerkship from those places you're in a good spot (though not guaranteed). Outside of those places it gets much more difficult.

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Re: Bankruptcy Clerkships

Postby Anonymous User » Sat Jul 01, 2017 1:04 pm

Is there anyone in here familiar with the Dallas big law bankruptcy world that can give me in the insider's scoop on the firms? Mostly interested in HayBoo, Winstead, Norton Rose, V&E, and Akin Gump.

Moonraker
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Re: Bankruptcy Clerkships

Postby Moonraker » Mon Jul 03, 2017 9:01 pm

Clerked in SDNY/DE. Absolutely invaluable experience and was with a truly wonderful judge. I highly recommend it. The great thing is you will gain experience that is useful whether you want to go into transactional (if you are lucky to have a major filing where you work on first day motions, DIP financing, and 363 sales), or litigation (working on adversary proceedings). There is very little to lose, and it is a great chance to really develop your skills as an attorney.




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