Lateral as a First Year Forum

[Anonymous User]

Kirkland SHATTERS THE MARKET.

OP, don't do this. Kirkland is a sweatshop. They're desperate for first-years and are making offers to anyone that has a pulse. It looks bad to move as a first year.

Not Kirkland. I have friends there and its just as bad in Houston as it is everywhere else, if anyone is wondering.

Any chance you could say more about this? I was hoping it would have more of a TX vibe since they pulled a bunch of people from V&E/BB. Does just as bad in Houston as it is everywhere else mean it's a sweatshop and has higher billables than other shops in town?

Yeah, hours are worse than Houston generally, but that is what you sign up for with them. Biggest problem is that the partners are psychos (screamers, mean-spirited) and the office is generally unfriendly and morale is low.

Maybe some people are more geared to it than others, but my two friends there are absolutely miserable.

In their 3-4 months there? And do they at least think it'll improve once the office expands and is on firmer ground?

[Old Gregg]

Any super small office with such a high PPP is going to be a massive sweatshop. With fewer associates, the hours get spread around fewer people.

Going to a small office also negates the biggest benefit of the free market system: choosing who you can work for. At least in a big office, if you don't gel with one partner there are still many others. In a small office, the opportunities to find a compatible "boss" are a lot fewer.

[downinDtown]

I have the opportunity to go from the headquarters of a vault 100 firm to a smaller office of a vault 10 firm. This is in Texas. I do finance work now and would continue to do so at the new firm. My guess is deal flow and hours would be similar to the job now; pay would be higher in three to four years but comparable now. The people are fine at the new firm and I think their prospects are generally positive.

Having trouble concentrating on work and wanted to throw the topic out here. General advice? Questions I should ask that I may not have thought of?

I guess some questions I would consider are: (1) whether the people who have recently lateraled to the firm like or regret making the jump? (2) how long are people staying there before they leave, and where are they exiting/lateralling to? (3) is the practice more broad or more niche than where you're currently at? (4) and if you're not tied to TX long-term, will making the jump give you better career/location portability?

I think whether you should consider making the jump depends on if you're talking about STB, Latham, or Weil. I think Skadden has only one partner who focuses on project finance, and a few other attorneys who work on energy projects, but I don't think that qualifies as a "practice group".

If you're in Dallas at either HayBoo or Locke, going to Weil is a big step up, but just depends on if you like the people/vibe there.
If you're in Houston, going from a firm like BG, BB, or V&E, the work at Latham would be pretty similar, but maybe more focus on the underwriter side. If you're at NRF, going to STB or LW is a step up, IMO.

STB is a pretty small office (less than 20 people total, I think), and about/less than half of the people in the office focus on banking & finance (1 partner and 3 counsel with 6 or 7 associates). Lots of focus on energy-related transactions (i.e., O&G mezzanine financing, reserve-based loans, and acquisition financings, etc.)

LW - biggest B&F group of the V10s here in TX----(Rest of this is from 2nd-hand sources) L&W office and finance practice in Houston has grown and is still expanding (I think they have 25+ attorneys who work in/on banking/finance stuff). Got a good bit of laterals from other Houston firms HQs and some from out of state. Lots of good connections with underwriters; have some high-yield debt work in their office.

Weil (Dallas) is a much smaller group after a bunch of partners and associates left for Sidley last year. Weil's PEMA group is well-reknowned nationwide. Dallas office focuses on PE, doing mezz, acquisition, and subordinated debt financings. I know that they were looking to fill spots in corporate (but not sure which practice group(s)) because of the attorneys' departure last year.

In sum - if you like the people; the work and the hours are the same; and the pay and exit options are better--> take the plunge IMO