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Incoming biglaw 1st year. Got assigned to the corporate group. I know fuck all about our financial system, lending, debt, leverage, etc. I did take corporations in 2L . Compared to my friends I feel my knowledge is sorely lacking but should I bother reading a book in the next couple of months or just figure it out as I go? Is there a basic book that would help?

From what I've heard you'll really learn most of this on the job but if it would help your anxiety, check out Damodaran's online lectures. He's an NYU Stern corporate finance professor who's essentially put up his entire class on the internet in an abridged format for the purpose of giving non b-school students a basic intro to the subject. He's also not as boring as you'd expect considering the subject matter. Highly doubt you'll find a better free resource, and you could probably pay a lot of money for worse ones.

Start reading the WSJ/FT/Dealbook. Subscribe to Matt Levine's daily newsletter (he's now at Bloomberg Opinion). Damodaran is a really good learning resource, but if you don't even know the difference between a balance sheet and an income statement, I would recommend reading/highlighting the first few chapters of a corporate finance hornbook.