Junior V20 Associate Taking Questions Forum

[Anonymous User]

Recently attended an event with 0L's and actually met mostly cool people; it put me in the mood to answer some questions and be helpful. Also, it helps that I am awaiting feedback on an assignment and really can't leave in the interim.

Intel: Primary Market; Banking/Finance Associate; I generally like my job. Ask away, or don't.

[Killingly]

What kind of finance stuff do you do? Loan origination?

[Anonymous User]

V20 Associate: Primarily I work with structured finance, secured lending and asset securitization (largely in the marketplace lending arena). Also, note that I do work on both borrower and lender side.

[Killingly]

Any tips for incoming associates who are going to be doing that type of stuff?

[Split90]

Thank you for doing this!

Did you have any related work experience prior to law school?

What was your undergrad major?

Do you have any advice for someone who lack such finance related major or work experience but want to practice in your field?

[Anonymous User]

How are the hours? Billable and in general?

[Anonymous User]

Any tips for incoming associates who are going to be doing that type of stuff?

V20 Associate: Be willing to look dumb and do the work outside of billable hours. By thatI mean, if you don't have a finance background, you will have so many questions. You can't be afraid to ask or be afraid to ask someone to sit down with you and explain the overall transaction to you. Unlike some other practice areas, this can information the small ancillary documents that a junior associate is in charge of.

Also, take secured transactions.

Thank you for doing this!

Did you have any related work experience prior to law school?

What was your undergrad major?

Do you have any advice for someone who lack such finance related major or work experience but want to practice in your field?

V20 Associate: No problem re: answering questions. My undergrad major was in the humanities (unrelated to my finance work). I worked for three years in the public sector but had no finance (other than personal interest) experience at all like a number of people in my group. No worries though, you catch up quickly. My only advice is to try some work during you summer to make sure that this is the type of work that you want to do. Otherwise, it can be excruciating. Also, see above.

[Anonymous User]

How are the hours? Billable and in general?

V20 Associate: Not great to be honest. But I generally have a pretty predictable schedule now that I know the partners a bit more (and when they do most of their work), but it can still be a grind. We are bonus eligible at 2,000 but honestly, I don't have the ability to hit pause once I hit that number.

I usually get in later (9:30 or so) take off around 7:30-8:00 and work from home as needed.

[Anonymous User]

What types of loans have you securitized? Are there any more interesting or difficult? I've dealt some with student loan securitizations this summer and am interested in doing this work at a firm, but it seems like credit card receivables are the more common assets. Do you find them to be a lot different? And which agreements do you get to do substantive work on?

[Anonymous User]

What types of loans have you securitized? Are there any more interesting or difficult? I've dealt some with student loan securitizations this summer and am interested in doing this work at a firm, but it seems like credit card receivables are the more common assets. Do you find them to be a lot different? And which agreements do you get to do substantive work on?

V20 Associate: We honestly do a bit of everything. Without getting into too much detail we do a fair bit of student loan work, personal loans, credit cards, single family residences and receivables from other fairly discrete asset pools. Most asset pools look pretty similar. Obviously there are some distinctions (i.e., the ability to diligence the obligors) but overall, once you have done some you start to get it. I deal primarily with the purchase agreements and servicing agreements. On our larger deals (with more documents) I draft the ancillary documents and keep track of the closing checklist.

[UpandDown97]

How are the hours? Billable and in general?

V20 Associate: Not great to be honest. But I generally have a pretty predictable schedule now that I know the partners a bit more (and when they do most of their work), but it can still be a grind. We are bonus eligible at 2,000 but honestly, I don't have the ability to hit pause once I hit that number.

I usually get in later (9:30 or so) take off around 7:30-8:00 and work from home as needed.

Seems like compared to other people on here, 9:30 to 8 PM (plus an hour I guess at home?) ain't all that bad compared to some other people in Big Law. Perhaps I'm wrong?

[A. Nony Mouse]

Work from home as needed =/= "an hour I guess at home," though.

[Anonymous User]

Work from home as needed =/= "an hour I guess at home," though.

V20 Associate: This is the credited response. My comment was meant to indicate that I generally have work to do when I get home. Sometimes about four hours worth. And note that while I get to the office late, I am usually on calls starting at 8:30 or so which I have to prepare for. Also, case in point, I am currently drafting a Loan Purchase Agreement.

[UpandDown97]

Work from home as needed =/= "an hour I guess at home," though.

Put the question mark cause I made an assumption based on her post. Looks like I misread.

Edited: sorry!

[Anonymous User]

Work from home as needed =/= "an hour I guess at home," though.

Put the question mark cause I made an assumption based on his post. Looks like I misread.

V20 Associate: "Her" post. . And seriously, no worries. You had no way of knowing.

[Anonymous User]

What types of loans have you securitized? Are there any more interesting or difficult? I've dealt some with student loan securitizations this summer and am interested in doing this work at a firm, but it seems like credit card receivables are the more common assets. Do you find them to be a lot different? And which agreements do you get to do substantive work on?

We honestly do a bit of everything. Without getting into too much detail we do a fair bit of student loan work, personal loans, credit cards, single family residences and receivables from other fairly discrete asset pools. Most asset pools look pretty similar. Obviously there are some distinctions (i.e., the ability to diligence the obligors) but overall, once you have done some you start to get it. I deal primarily with the purchase agreements and servicing agreements. On our larger deals (with more documents) I draft the ancillary documents and keep track of the closing checklist.

What size deals do you get to draft purchase/servicing agreements on? Does it seem like this is generally a practice area where juniors generally get a fair amount of substantive work early on because the deal sizes are all over the place? Similar to like a middle market corporate group?

Thanks for taking the questions. The attorneys I work for are years out of firm practice, so its hard to get good info out of them on how the practice works at a firm.

[Anonymous User]

What types of loans have you securitized? Are there any more interesting or difficult? I've dealt some with student loan securitizations this summer and am interested in doing this work at a firm, but it seems like credit card receivables are the more common assets. Do you find them to be a lot different? And which agreements do you get to do substantive work on?

We honestly do a bit of everything. Without getting into too much detail we do a fair bit of student loan work, personal loans, credit cards, single family residences and receivables from other fairly discrete asset pools. Most asset pools look pretty similar. Obviously there are some distinctions (i.e., the ability to diligence the obligors) but overall, once you have done some you start to get it. I deal primarily with the purchase agreements and servicing agreements. On our larger deals (with more documents) I draft the ancillary documents and keep track of the closing checklist.

What size deals do you get to draft purchase/servicing agreements on? Does it seem like this is generally a practice area where juniors generally get a fair amount of substantive work early on because the deal sizes are all over the place? Similar to like a middle market corporate group?

Thanks for taking the questions. The attorneys I work for are years out of firm practice, so its hard to get good info out of them on how the practice works at a firm.

V20 Associate: My experience may not be representative of others are we are understaffed at present. But I find I get substantive work; almost terrifyingly so. I often have to go back and ask for much more guidance when partners just want to turn us loose. The deal I am currently drafting an agreement for is upwards of the $300 million mark.

[Johann]

do you have timr for an SO/family? longterm plans?

[Anonymous User]

do you have timr for an SO/family? longterm plans?

Well, it's not presently an issue for me, but there are obviously a number of people who manage that successfully in my practice area. It helps that my firm is not huge on facetime requirements. Long term plan for now is to stay at the firm for as long as they will have me. Then perhaps exit to a bank or something comparable.

[Anonymous User]

Do you do any non-security asset-backed financing's? Like warehouses or bank participations?

[DJ JD]

Did you summer exclusively in finance, or did you pick it after getting a sampling of it as a summer? I didn't have any time this summer to get work there, and while the firm I was at had a highly regarded practice, but I don't want to pref it having done no work there.

If you did try other things, could you compare your perspective, however limited it may be, of the differences between the work?

[Anonymous User]

Do you do any non-security asset-backed financing's? Like warehouses or bank participations?

V20 Associate: Yes. I have been on three warehouse deals and we do a lot of syndication work. I am in the process of drafting a term loan agreement. We do a pretty broad scope of work and, obviously, they want to avoid having you specialize too soon. Still, the bulk of my work is in the asset back security arena.

Did you summer exclusively in finance, or did you pick it after getting a sampling of it as a summer? I didn't have any time this summer to get work there, and while the firm I was at had a highly regarded practice, but I don't want to pref it having done no work there.

If you did try other things, could you compare your perspective, however limited it may be, of the differences between the work?

V20 Associate: I generally did my summer work in project finance and the tax arena. I also practiced in a different area for a bit. The deal pace was substantially slower as our deals often have a month long timeframe in my current practice group. Also, I did most of my work with one or two clients vs. here where I work with a wide array of folks (and a lot of banks). I'm not really sure what else your question is trying to get at so fee free to follow up if I didn't answer you clearly enough.

[Anonymous User]

V20 Associate: Unfortunately, I appear to have been appointed to the recruiting committee so now also taking recruiting questions.

[Killingly]

Any tips for incoming associates who are going to be doing that type of stuff?

V20 Associate: Unlike some other practice areas, this can information the small ancillary documents that a junior associate is in charge of.

What were you trying to say here? Familiar with ancillaries (that's been like 85% of my assignments), just unsure of what you were getting at.

[Anonymous User]

Any tips for incoming associates who are going to be doing that type of stuff?

V20 Associate: Unlike some other practice areas, this can information the small ancillary documents that a junior associate is in charge of.

What were you trying to say here? Familiar with ancillaries (that's been like 85% of my assignments), just unsure of what you were getting at.

Oops. Forgot some words it seems. I intended to say that it is important to understand the actual transaction because, unlike at some first where you are just searching for typos or what have you, the ancillary documents we work with can change substantially based on your understanding. Also, let me reiterate the importance of taking secured transactions or at least understanding the basics of how secured transactions work.