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Does anyone have an idea as to the exit options for associates in funds groups? Particularly interested in any info with regards to salary and in-house opportunities/expectations and geographical limitations for an associate who would have experience with fund formation, '40 Act advising, etc. Also, when would the best exit options come--as a mid-level or a senior?

I've searched the forum, but most posts seem to indicate things generally, like "limited exit options," and I'm unsure whether that simply means narrow (i.e. Not "bad") or not good.

Thanks in advance!

IM I think has decent exit options in major markets. I don't know about private funds. But there is demand for 40 Act lawyers.

As you can probably expect, the most common exit is to a fund in-house. A lot of times it will be with a client of the firm because you'll have knowledge of the client's fund docs. More junior exits seem to be in the role of first-line review of the firm's work product, providing comments back to the firm, etc. More senior exits can be to a GC-type position. The role also fluctuates wildly depending on the size of the fund. Don't think I've seen/heard anyone from the funds practice at my firm leaving to anywhere besides a fund or a bank.

I would think the exits are generally geographically restricted to NY/Boston/London, aka major financial centers. There aren't many funds operating out of Miami, etc. Completely anecdotally, the salary expectations for someone who leaves year 3-4 seem to be around first-year biglaw with maybe a slightly bigger bonus. What really fluctuates depending on the size of the fund is whether or not you get a piece of the carry. I know in some smaller shops an in-house lawyer can become an MD with 7-8 years of total experience. At some of the big ones, you might not get MD status unless you get to Deputy GC level, etc.