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General Counsel for PE or HF
Posted: Wed Dec 31, 2014 10:45 am
by Anonymous User
If a PE firm has an in-house general counsel, is that position generally considered a back office support/compliance role, or would a GC play a more strategic role in the firm's deals? Also, any insight on QOL and pay for that type of position?
Re: General Counsel for PE or HF
Posted: Wed Dec 31, 2014 7:40 pm
by Anonymous User
Anonymous User wrote:If a PE firm has an in-house general counsel, is that position generally considered a back office support/compliance role, or would a GC play a more strategic role in the firm's deals? Also, any insight on QOL and pay for that type of position?
LBO fund
Private LBO deals are complex. As a GC at a LBO fund, you get to work on interesting, high-impact, and complex legal matters.
VC fund
Legal documents for VC financing deals tend to be relatively standardized. As a GC at a VC fund, most financing deals you work on are unlikely to be as legally complex compared to deals of LBO/HF GCs. However, VC GCs get to work on important strategic issues at the business/law border. You also get to manage a lot of interesting private deals at exit.
Hedge Fund
HF GCs' work depends on the type of HF. GCs at distressed debt funds get to work on strategic matters. Some large HFs have very small legal departments (as small as one lawyer). GCs at these funds are more of generalists, who can work on high-level, strategically important issues and assign work to outside counsels.