GC at a VC. Taking Qs. Forum

[Anonymous User]

I'll keep some details vague, but thought id answer Qs people might have..

[Anonymous User]

What's the work like? What has your career progression been like in order to end up in a position like this one? Thanks!

[Anonymous User]

What's the work like? What has your career progression been like in order to end up in a position like this one? Thanks!

I coordinate with outside counsel to manage the formation of our investment funds as well as investments out of those funds, and everything else.

A lot of my career was positioning. I ended up working in the start-up and venture capital law space in big law, which provided me with a ton of connections and credibility for obtaining this position.

But I've met my peers at other funds and they all had their own ways of making it, some of which were completely unrelated to their current jobs (i.e., know a person who did structured finance at a distant market who ended up as GC of a fairly prominent VC...).

I generally think its a function of being in the right practice areas and knowing the right people. And I'm not a good networker so if I can do it others definitely can.

[Anonymous User]

top VC (assuming a small one), or less prominent shop that an average startup is less likely to hear of?

[Anonymous User]

top VC (assuming a small one), or less prominent shop that an average startup is less likely to hear of?

What do you mean by "top" VC? Do you mean where does it rank in IRR compared to other VCs? Or is it well known? I can't answer the question if it's the former as IRR is pretty closely guarded. But is it well known? Yes, it's very well known. I would caution you from drawing any conclusions about how good (or bad) our returns are based on that statement, though.

[Anonymous User]

What are the best practice groups to work in at a BigLaw firm if you intend to move to a VC/PE firm down the line? For the GC position at a VC/PE firm do they prefer to hire attorneys that may have previously worked in the finance industry or have relevant non-law credentials like a CPA or CFA? Have you met any lawyers in your industry that moved from the legal side to the deals/finance side?

[Anonymous User]

What are the best practice groups to work in at a BigLaw firm if you intend to move to a VC/PE firm down the line? For the GC position at a VC/PE firm do they prefer to hire attorneys that may have previously worked in the finance industry or have relevant non-law credentials like a CPA or CFA? Have you met any lawyers in your industry that moved from the legal side to the deals/finance side?

I wouldn't conflate VC with PE, as I think moving to one or the other involves pretty different career paths. If your goal is to be head honcho at the latter, it's going to be difficult. I'd say being in fund formation is hugely helpful, as is being a superstar in PE deals.

If your goal is to be head honcho at the former, I'd say working in fund formation is also hugely helpful, but you're going to have to get your training by doing start-up and VC deals. Building out connections is also hugely important for both.

I'd say it's very difficult to become GC at a PE fund straight out. You typically have to be pretty deep into biglaw to get it (and probably partner material).

VCs are different, just depends on which fund you're talking about.

Switching over to deals just depends on fund. I think if your goal was to do deals all along, you shouldn't have gone to law school. That said, some funds let you sink your teeth into deals more than others. Just really depends on your relationship with the partners.

That said, I recommend investments all the time.

[Anonymous User]

Thank you that was very helpful. Could you also touch on if you think a CFA is of any value if you want to move from BigLaw Investment Management group -> GC at an investment firm somewhere down the line? Is a JD/CPA useful? Just curious as it seems like those credentials along with the relevant knowledge they provide could be very helpful to someone who is a GC at an investment firm. A lot of the CEOs at these places have CFAs I believe?

[Anonymous User]

Thank you that was very helpful. Could you also touch on if you think a CFA is of any value if you want to move from BigLaw Investment Management group -> GC at an investment firm somewhere down the line? Is a JD/CPA useful? Just curious as it seems like those credentials along with the relevant knowledge they provide could be very helpful to someone who is a GC at an investment firm. A lot of the CEOs at these places have CFAs I believe?

IMO it's a waste of time. Time spent networking and building up contacts is fare more useful.

[Mack.Hambleton]

What's the pay like

[Anonymous User]

What's the pay like

I make in the low $200s+bonus+carry.

[Anonymous User]

I'm in the process of switching practice groups from litigation-based group to PE/M&A. There was no option to move to a VC/start-up practice, but that's ultimately the end goal. Should I be trying to make contacts with the VC community, or should I also be looking to do fund formation/general corporate work down the line?

[Anonymous User]

I'm in the process of switching practice groups from litigation-based group to PE/M&A. There was no option to move to a VC/start-up practice, but that's ultimately the end goal. Should I be trying to make contacts with the VC community, or should I also be looking to do fund formation/general corporate work down the line?

I'd look to move to a VC/start-up practice. The networking and contacts tend to come with it. Investor-side venture financings are easy and mid-levels, assuming they're competent, can usually run them with little partner supervision. Those kinds of deals give you great rapport with the client. A lot of the time, you're just dealing with the investment partner directly as the VC won't have hired their GC yet. Great opportunity to prove value.

In my case... VC wasn't a fund I had worked for or across. I just applied through a job posting and my network was well acquainted with the partners at the fund, so I got to the top of the stack and front of the line fairly quickly (although my resume was almost tossed before any of that happened)

[Anonymous User]

I'm sitting on an offer from a firm with top VC practice. Would you say the fund-formation and financing works get repetitive after the initial learning curve? Do you recommend doing a mix of VC and company-side work if the goal is moving in-house at a reputable VC?

Finally, How big is the legal team at your (or comparable size) VC?

Much appreciated!

[Anonymous User]

Thanks for taking questions on this.

My question might be slightly outside of your area of expertise, but I thought you might have some familiarity based on your background. I'm a mid-level at a top M&A practice in NYC, and I'm considering trying to make a move in-house to a venture-backed company. Ideally I'd like to take my time and try to find an exit into a company that I find particularly compelling, preferably in the C/D stage with 1-2 counsel already involved (given my relative lack of experience for a GC-level role). Based on the above:

1.) Is there anything you might suggest that I can do to improve my background for an AGC/corporate counsel position at companies I apply to, particularly since I'm coming from one of CSM/DPW/STB/SASMF rather than Cooley/WSGR/FW/Gunderson types?

2.) Are there any types of experience that you would recommend one specifically try to draw out on his or her resume for those types of positions? I've been fortunate to tackle a high volume of substantive work at a fairly early point in my career, but I'm not sure how much I should focus on highlighting the relatively sophisticated M&A work I've taken a senior role on vs. the more general, day-to-day corporate work that I've also done for clients. The former is probably more impressive and much better training, but I worry that it could be less relevant to what a company will actually be looking for.

Any input on the above questions would be greatly appreciated.

[Anonymous User]

I'm sitting on an offer from a firm with top VC practice. Would you say the fund-formation and financing works get repetitive after the initial learning curve? Do you recommend doing a mix of VC and company-side work if the goal is moving in-house at a reputable VC?

Finally, How big is the legal team at your (or comparable size) VC?

Much appreciated!

I'd say financing work can get repetitive, but only if you stick with early stage stuff. When you go to your firm, your goal should be to do deals for VCs and to have a portfolio of late to mid to early stage clients. This would allow you to get exposure to Series A financings as well as the pre-IPO Series F ones, and also explore all the unique intricacies that a late stage company faces.

My legal team is small. VC legal teams tend to be small in general. I have the budget and latitude to hire more, but I'm still figuring out what need I'd be trying to fill.

[Anonymous User]

preferably in the C/D stage with 1-2 counsel already involved (given my relative lack of experience for a GC-level role).

It doesn't take a lot to be competent as a GC. Many second years in corporate can make the transition quite easily.

1.) Is there anything you might suggest that I can do to improve my background for an AGC/corporate counsel position at companies I apply to, particularly since I'm coming from one of CSM/DPW/STB/SASMF rather than Cooley/WSGR/FW/Gunderson types?

Try to get as much general corporate experience as possible (as opposed to doing just deals), and try to market yourself as someone who can help a mid-to-late stage start-up on needs particular to its existence (i.e., acquisitions and IPOs). I'd also emphasize securities law experience as that is hugely helpful for a start-up on the verge of an IPO.

2.) Are there any types of experience that you would recommend one specifically try to draw out on his or her resume for those types of positions? I've been fortunate to tackle a high volume of substantive work at a fairly early point in my career, but I'm not sure how much I should focus on highlighting the relatively sophisticated M&A work I've taken a senior role on vs. the more general, day-to-day corporate work that I've also done for clients. The former is probably more impressive and much better training, but I worry that it could be less relevant to what a company will actually be looking for.

It's easy to fall into the trap of thinking "I did 100B acquisition of Y company by X Fortune 10 company," and think that would impress anyone in-house. It wouldn't. At worst, you've guaranteed your ding and alienated the person interviewing you. At best, your experience will have fallen on deaf ears.

Unless you're trying to work at a company that's a serial acquirer and has an in-house M&A legal team (think Google, Facebook, Yahoo, etc.), your goal should be to try to get as much general corporate and securities experience, and to market that experience when you interview. When I interviewed, I mentioned my big time M&A experience maybe once or twice. My core marketing was focused on my strengths in doing the daily stuff companies/VCs handle. If your goal is to go to a VC, you should have fluency in venture financing and some experience with fund formation (or vice versa), and otherwise be able to negotiate commercial agreements.

If your goal is to be a GC more generally, you should also demonstrate substantial leadership (i.e., not act like an associate accustomed to taking orders from the brass; a GC's boss is not a lawyer, and so has to take the lead on many things). It's a mindset shift, but one that you need to take in order to convince an interviewer that you're the right person for the job.

[Anonymous User]

preferably in the C/D stage with 1-2 counsel already involved (given my relative lack of experience for a GC-level role).

It doesn't take a lot to be competent as a GC. Many second years in corporate can make the transition quite easily.

1.) Is there anything you might suggest that I can do to improve my background for an AGC/corporate counsel position at companies I apply to, particularly since I'm coming from one of CSM/DPW/STB/SASMF rather than Cooley/WSGR/FW/Gunderson types?

Try to get as much general corporate experience as possible (as opposed to doing just deals), and try to market yourself as someone who can help a mid-to-late stage start-up on needs particular to its existence (i.e., acquisitions and IPOs). I'd also emphasize securities law experience as that is hugely helpful for a start-up on the verge of an IPO.

2.) Are there any types of experience that you would recommend one specifically try to draw out on his or her resume for those types of positions? I've been fortunate to tackle a high volume of substantive work at a fairly early point in my career, but I'm not sure how much I should focus on highlighting the relatively sophisticated M&A work I've taken a senior role on vs. the more general, day-to-day corporate work that I've also done for clients. The former is probably more impressive and much better training, but I worry that it could be less relevant to what a company will actually be looking for.

It's easy to fall into the trap of thinking "I did 100B acquisition of Y company by X Fortune 10 company," and think that would impress anyone in-house. It wouldn't. At worst, you've guaranteed your ding and alienated the person interviewing you. At best, your experience will have fallen on deaf ears.

Unless you're trying to work at a company that's a serial acquirer and has an in-house M&A legal team (think Google, Facebook, Yahoo, etc.), your goal should be to try to get as much general corporate and securities experience, and to market that experience when you interview. When I interviewed, I mentioned my big time M&A experience maybe once or twice. My core marketing was focused on my strengths in doing the daily stuff companies/VCs handle. If your goal is to go to a VC, you should have fluency in venture financing and some experience with fund formation (or vice versa), and otherwise be able to negotiate commercial agreements.

If your goal is to be a GC more generally, you should also demonstrate substantial leadership (i.e., not act like an associate accustomed to taking orders from the brass; a GC's boss is not a lawyer, and so has to take the lead on many things). It's a mindset shift, but one that you need to take in order to convince an interviewer that you're the right person for the job.

Thank you. This is very helpful and exactly what I wanted to know.

[Anonymous User]

Why did you go in house? Are you working less hours than at your firm? How many years experience did you have and when do you think is a solid time to start looking elsewhere?

[Anonymous User]

Why did you go in house? Are you working less hours than at your firm? How many years experience did you have and when do you think is a solid time to start looking elsewhere?

I thought it was a unique opportunity. I was a mid-level associate in biglaw and very few are given the opportunity to become a GC somewhere else. I was also well regarded at my former firm, so I believed that if anything went wrong I could always return.

I think after year 3 is a solid time to start looking. You start to really get into AGC roles or above that don't have a steep paycut and have a higher probability of leading somewhere positive in the organization. I know a lot of attorneys who try (and some who do) leave within years 1 or 2, but I don't view the landing spots as favorable.

My hours are fairly straightforward: 930 to 530, no weekends or any work on vacation. I'm not really expected to be responsive during off hours unless something urgent pops up. I'll sometimes get a head-start on emails because they do tend to pile up, however. But that doesn't take a ton of time to handle.

[jkpolk]

Can we get married and then, afterwards, I serve as house husband?

[Anonymous User]

Can we get married and then, afterwards, I serve as house husband?

GF is going into management consulting, so that was kind of my marriage plan

No but seriously, had I been in biglaw I would've just quit and become house husband to take care of the kids. With this job, seems like I won't have to do quite that... although I am very tempted by house husband status.

[Anonymous User]

I make in the low $200s+bonus+carry.

Not to be too nosy, but do you mind giving a rough % of base range for the bonus? (wondering if we're talking just a nominal bonus or something more substantial)

Thanks

[Anonymous User]

Great thread, thanks for doing this. How involved are you on the business/investment side? Is your legal work mainly related to the Fund itself, or are you involved with the portfolio companies' corporate needs as well?

[Anonymous User]

Not to be too nosy, but do you mind giving a rough % of base range for the bonus? (wondering if we're talking just a nominal bonus or something more substantial)

Thanks

Around 20%.