private equity exit op? Forum

Anonymous User · Post by **Anonymous User** » Fri Sep 18, 2015 1:39 pm

Hi. I've read quite amount of posts regarding exit ops, but I wanted ask some more specific questions regarding private equity practice and the possibility of transferring over to PE firms. If I work at law firms with top PE practice (KE, STB, etc.), how many years of experience would I need to have a realistic chance of transferring over? would I need to get an MBA (given I have no financial background whatsoever) or is recruiting through a headhunter also a possibility?

thanks!

Anonymous User · Post by **Anonymous User** » Fri Sep 18, 2015 1:59 pm

To be business side, or to do legal or quasi-legal (compliance, IRBD) work? Business side is both difficult and unpredictable and is going to depend much more on you as a person than any credentials you have. Legal or quasi-legal work requires about 3-5 years experience, typically somewhere like STB/K&E/Deb with a strong PE practice but really fine from any big law firm as long as you've done PE work.

Anonymous User · Post by **Anonymous User** » Fri Sep 18, 2015 2:06 pm

Anonymous User wrote:To be business side, or to do legal or quasi-legal (compliance, IRBD) work? Business side is both difficult and unpredictable and is going to depend much more on you as a person than any credentials you have. Legal or quasi-legal work requires about 3-5 years experience, typically somewhere like STB/K&E/Deb with a strong PE practice but really fine from any big law firm as long as you've done PE work.

Business side. So by "as a person" you mean networking and other softs? I was just curious because given that I have no background in the field, what the minimum experience is in terms of whatever expertise required by the PE firms.

Anonymous User · Post by **Anonymous User** » Fri Sep 18, 2015 2:17 pm

Also interested in this. Specifically, if anyone could speak to exit options (in-house, legalish) available from STB/K&E from the PE groups there. TYIA.

Anonymous User · Post by **Anonymous User** » Fri Sep 18, 2015 3:29 pm

"As a person" means a number of things -- sociability, personal connections in business (from college, family, pre-law school work, etc.), ability to understand the business side of things (which will be more true of people who went to business school but probably not improved much by business school). But it's important to know that it's not common at all. Maybe one associate in the past ten years from STB or K&E has moved to the business side of a PE firm.

Anonymous User · Post by **Anonymous User** » Fri Sep 18, 2015 4:35 pm

Anonymous User wrote:"As a person" means a number of things -- sociability, personal connections in business (from college, family, pre-law school work, etc.), ability to understand the business side of things (which will be more true of people who went to business school but probably not improved much by business school). But it's important to know that it's not common at all. Maybe one associate in the past ten years from STB or K&E has moved to the business side of a PE firm.

I see, so its near zip when it comes to business-side posts. In terms of compensation, are legal-side jobs at PE firms substantially lower than the business-side jobs? how do they compare to biglaw salary (suppose 5th-yr associate)?

Thanks

Anonymous User · Post by **Anonymous User** » Sat Sep 19, 2015 8:51 pm

curious how this might work out if one has an Investment Banking background, specifically in M&A. Thinking of leveraging those contacts, but will that background in actual business side deal making be a significant plus?

Internetdan · Post by **Internetdan** » Sun Sep 20, 2015 5:56 am

Anonymous User wrote: In terms of compensation, are legal-side jobs at PE firms substantially lower than the business-side jobs?

Yes.

Anonymous User · Post by **Anonymous User** » Sun Sep 20, 2015 9:53 am

LOL moving from a PE legal practice to a business role is statistically-impossible. There was a similar thread a few months ago where a poster relentlessly argued otherwise, and when challenged to find profiles on linkedin could only find (1) someone who went back for his MBA, (2) someone who could have made the jump directly without law school (i.e. college->IB->MF->HLS experience), and (3) someone who was actually in an operational role (COO, not an investor).

It was especially sad because said poster was trying to make the jump with non-elite credentials (eg. ND law degree and was an associate in ... Akron, OH?) but clinging on to the notion that you can do anything in the world with a law degree + some 'hustle.'

TA923 · Post by **TA923** » Sun Sep 20, 2015 10:11 am

Anonymous User wrote:LOL moving from a PE legal practice to a business role is statistically-impossible. There was a similar thread a few months ago where a poster relentlessly argued otherwise, and when challenged to find profiles on linkedin could only find (1) someone who went back for his MBA, (2) someone who could have made the jump directly without law school (i.e. college->IB->MF->HLS experience), and (3) someone who was actually in an operational role (COO, not an investor).

It was especially sad because said poster was trying to make the jump with non-elite credentials (eg. ND law degree and was an associate in ... Akron, OH?) but clinging on to the notion that you can do anything in the world with a law degree + some 'hustle.'

Lol at thinking that because you didn't go to a T14, you can't get into PE. It's all about your work experience.

Anonymous User · Post by **Anonymous User** » Sun Sep 20, 2015 10:21 am

(ND bro)

Nah, my point was that whichever law school you went to, you probably can't get into FO PE. But I would agree that specifically w/r/t your transfer application from ND to NW, the difference would have been marginal.

Moving to the legal question, the story that I got from every STB/KE partner was that lateraling in-house to a MF is absolutely doable, and in fact there was a lot of self-selection to smaller funds (relatively, or actual MM) at a more senior level or with opportunity for growth, e.g., a fund hiring their first lawyer.

TA923 · Post by **TA923** » Sun Sep 20, 2015 10:31 am

Anonymous User wrote:(ND bro)

Nah, my point was that whichever law school you went to, you probably can't get into FO PE. But I would agree that specifically w/r/t your transfer application from ND to NW, the difference would have been marginal.

Moving to the legal question, the story that I got from every STB/KE partner was that lateraling in-house to a MF is absolutely doable, and in fact there was a lot of self-selection to smaller funds (relatively, or actual MM) at a more senior level or with opportunity for growth, e.g., a fund hiring their first lawyer.

Your point is just straight up wrong. Your law school is irrelevant if you're even in the small pool of candidates who could possibly make the jump. Also, dropping acronyms like you actually know what you're talking about is an amateur move.

Old Gregg · Post by **Old Gregg** » Sun Sep 20, 2015 4:15 pm

Breaking in front office at a PE fund as a PE lawyer is incredibly difficult barring other business side experience. A lot of people think they can jump into the role, but it's quite demanding in terms of non-law skills that you have to have cultivated. Also, almost all PE people went to HSW and did IBD before their MBA. Just being outside of that cohort diminishes your chances significantly.

I know one associate who successfully made the jump. But he was so good he would have made equity partner at my firm.

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