Columbia EIP 2014 Forum

[Anonymous User]

Roberts & Holland CB today, a long time after EIP. I don't think I'm going to take it, because the firm offer I'll likely take won't let me split the summer with them. Hope that frees it up for someone who wants it.

[Anonymous User]

Between Cravath or Simpson for me. Probably going w/ Cravath. Good luck to all others.

[Anonymous User]

All this Schulte stuff is coming from the same guy who wants to "do hedge funds." If you'd rather do the paperwork to set up funds then exit to compliance in an HF or PE firm than work for or against a hedge fund in a contested transaction then exit to the business side in an HF or PE firm, you should choose Schulte over Cravath.

To chime in as a second year associate, getting staffed to the deal team of a hedge fund formation was by far the worst part of my first year. just so much bs paperpushing

Could you pm me or post here on how you like the firm? And what the potential exit options look like etc. Schulte is one of my considerations

I don't work at Schutle, I was just saying how much I hated doing fund formation work.

I had a horrible callback experience at Schulte and did not get an offer.

[Anonymous User]

What does one usually look out for when going back to a firm for a second look after an offer?

[Anonymous User]

I don't work at Schutle, I was just saying how much I hated doing fund formation work.

I had a horrible callback experience at Schulte and did not get an offer.

What exactly does fund formation work specifically entail that makes it so cumbersome, and what sort of exit options do you have? Is it essentially compliance at PE/hedge funds?

[Anonymous User]

Gibson LA offer, for those wondering

[Anonymous User]

Turnaround?

[Anonymous User]

I don't work at Schutle, I was just saying how much I hated doing fund formation work.

I had a horrible callback experience at Schulte and did not get an offer.

What exactly does fund formation work specifically entail that makes it so cumbersome, and what sort of exit options do you have? Is it essentially compliance at PE/hedge funds?

THis was the only fund work i've ever done, so I really am not qualified to speak about exit options, etc.

This was for an initial formation of a hedge fund and the first closing. Much of the work related to the main agreement between the general partner (an entity of the people actually forming the hedge fund) and the limited partners (the investors) (the limited partnership agreement/LPA). As a junior, this essentially meant turning comments of the full document (~110 pages) a couple of times a week. The comments I had to turn were generally hand-written, which is a very person-specific thing but made it unpleasant.

We had to form a number of corporate entities in order to have the proper corporate structure, all of which require certificates of formation, initial LPAs, initial LLC agreements, getting EINs, etc.

Side letters with each individual investor (again, mostly turning hand-written comments and being organized about things).

Helping prepare securities and tax legal opinions and backup certificates. Coordinating with Delaware counsel for their opinion.

Preparation and organization of subscription documents (where each investor actually signs up and commits to provide X amount of money)

Continually monitoring and updating closing checklist for the above and a million other pieces of small shit to make sure we were on track and had everything.

etc.

It was just a lot of really small things to (a) keep track of and (b) make sure were perfect and in order. I would personally rather be doing something like diligence for m&a or cap markets than updating the closing checklist and rewording the LPA for the 20th time that month, but to each their own

[Anonymous User]

I don't work at Schutle, I was just saying how much I hated doing fund formation work.

I had a horrible callback experience at Schulte and did not get an offer.

What exactly does fund formation work specifically entail that makes it so cumbersome, and what sort of exit options do you have? Is it essentially compliance at PE/hedge funds?

THis was the only fund work i've ever done, so I really am not qualified to speak about exit options, etc.

This was for an initial formation of a hedge fund and the first closing. Much of the work related to the main agreement between the general partner (an entity of the people actually forming the hedge fund) and the limited partners (the investors) (the limited partnership agreement/LPA). As a junior, this essentially meant turning comments of the full document (~110 pages) a couple of times a week. The comments I had to turn were generally hand-written, which is a very person-specific thing but made it unpleasant.

We had to form a number of corporate entities in order to have the proper corporate structure, all of which require certificates of formation, initial LPAs, initial LLC agreements, getting EINs, etc.

Side letters with each individual investor (again, mostly turning hand-written comments and being organized about things).

Helping prepare securities and tax legal opinions and backup certificates. Coordinating with Delaware counsel for their opinion.

Preparation and organization of subscription documents (where each investor actually signs up and commits to provide X amount of money)

Continually monitoring and updating closing checklist for the above and a million other pieces of small shit to make sure we were on track and had everything.

etc.

It was just a lot of really small things to (a) keep track of and (b) make sure were perfect and in order. I would personally rather be doing something like diligence for m&a or cap markets than updating the closing checklist and rewording the LPA for the 20th time that month, but to each their own

You understand that you had those jobs prob bc you were the most junior associate on the project and therefore had the shitty job right? And that's not an accurate reflection of the substantive work you'd be doing once more experienced

[Anonymous User]

Gibson LA offer, for those wondering

On the spot?

[Anonymous User]

You understand that you had those jobs prob bc you were the most junior associate on the project and therefore had the shitty job right? And that's not an accurate reflection of the substantive work you'd be doing once more experienced

Yes, as I said in my post, "as a junior, this means you will be..."

My point was that I like the shitty jobs in m&a/cap markets much more than fund formation. This is directed at current 2Ls, so that's what they would be doing for the first few years, many of whom wouldn't make it beyond that point. Just stating the facts.

[Slambonie3]

Same question as the other anon then about exit options after working on hedge funds fora few years if anyone knows

[Anonymous User]

You understand that you had those jobs prob bc you were the most junior associate on the project and therefore had the shitty job right? And that's not an accurate reflection of the substantive work you'd be doing once more experienced

Yes, as I said in my post, "as a junior, this means you will be..."

My point was that I like the shitty jobs in m&a/cap markets much more than fund formation. This is directed at current 2Ls, so that's what they would be doing for the first few years, many of whom wouldn't make it beyond that point. Just stating the facts.

Yup exactly. The other poster completely missed your point.

[Anonymous User]

did schulte give a ton of offers? how have they taken over this thread?

[Anonymous User]

Gibson LA offer, for those wondering

On the spot?

Not original anon, but I've heard they're doing on the spot offers.

[Anonymous User]

did schulte give a ton of offers? how have they taken over this thread?

If you look at Schulte's EIP results from last year they had a very low percentage of people actually accept their offers, which suggests that they made offers mostly to people who had other offers at higher ranked firms like Cravath. I'm not sure how you could tell that by interviewing and looking at a resume, but I imagine it has to do with honors/law review.

[Anonymous User]

Less than a quarter of Schulte offers were made to Honors students last year. Schulte is basically two things: a solid backup option for Stone/Kent people and a reliable target for the rest of the class.

[Anonymous User]

Less than a quarter of Schulte offers were made to Honors students last year. Schulte is basically two things: a solid backup option for Stone/Kent people and a reliable target for the rest of the class.

Unless you know you want to do investment mgmt/hedge funds or even certain litigation I believe. Then they're a great option for any one here

[Anonymous User]

Less than a quarter of Schulte offers were made to Honors students last year. Schulte is basically two things: a solid backup option for Stone/Kent people and a reliable target for the rest of the class.

Unless you know you want to do investment mgmt/hedge funds or even certain litigation I believe. Then they're a great option for any one here

No CLS kid is taking Schulte over Cravath/SullCrom/Skadden/DPW etc. A solid backup because it gives so many offers and is not selective, but not many end up taking the offer.

[Anonymous User]

Less than a quarter of Schulte offers were made to Honors students last year. Schulte is basically two things: a solid backup option for Stone/Kent people and a reliable target for the rest of the class.

Unless you know you want to do investment mgmt/hedge funds or even certain litigation I believe. Then they're a great option for any one here

No CLS kid is taking Schulte over Cravath/SullCrom/Skadden/DPW etc. A solid backup because it gives so many offers and is not selective, but not many end up taking the offer.

They're about as selective as Paul Hastings yup

[Anonymous User]

any latham ny offers? what was the turnaround time?

[Anonymous User]

.

[Anonymous User]

I still haven't heard from 3 firms from EIP: Ropes and Gray JL, Mintz Levin SR, and Haynes and Boone (scheduled with MM and YM, but I forget who I actually interviewed with) (all NY offices). I'm assuming that they're all implied rejections (especially because I know that Ropes and Mintz have already conducted callbacks), but I was wondering if anybody has gotten official rejections from them?

[Anonymous User]

Someone's bitter towards Schulte lol

[Anonymous User]

I still haven't heard from 3 firms from EIP: Ropes and Gray JL, Mintz Levin SR, and Haynes and Boone (scheduled with MM and YM, but I forget who I actually interviewed with) (all NY offices). I'm assuming that they're all implied rejections (especially because I know that Ropes and Mintz have already conducted callbacks), but I was wondering if anybody has gotten official rejections from them?

I haven't heard back from ropes either. Along with a few others such as Mayer brown Cahill Wilson sonsini PA and hogan lovells