2nd Year Big Law Associate - Help me plan my next move Forum

[Anonymous User]

As the title suggests, I am starting to think what the best option for my career be. As background, I'm class of 2017 and have been at my firm for about 19 months. I was planning on sticking through at least summer and leaving at the 2 year mark, or alternatively, through January 2020 at the 2.5 year mark after getting bonus. I am in NYC and do about 50% banking/finance lender-side work (commitment papers, syndicated term loans and revolvers, ABLs) and 50% debt capital markets work (144A or registered bond deals, mostly high yield).

Options:

1) Go in-house. Any recommendations here? I am concerned that my skill set is not really in demand by corporations. Most people exit to banks from my firm but even then, seems you need to be in the 3rd-4th year range before banks will even touch you.

2) Go to another NYC firm and try to retool while I still can. If I don't want a bank exit, this is the play. While I don't think I can do a complete retool into tech transactions or something else hot, would it be smart of me to make a smaller leap and do capital markets? Maybe I can spin my current experience and go to a firm that does more issuer side work and equity deals too? This will require me to spend at least another 2 years in big law though before I can go in house with hopefully better exit ops.

3) Do nothing and hold onto my current skill set which would be wasted if I retool per option 2. Try to get a 9 month secondment to a bank as a third year associate which will help with the big law burn out. Stay as long as possible and bank $$$ and then (i) either go in house to a bank or (ii) leave law all together. I am hesitant about this option because it's so final. The longer I wait to take action, the more doors close and I become branded a finance lawyer and if I don't like the banking exits, ultimately I have to end up leaving the law.

#3 is the easiest probably right now and guaranteed money for a while, but a shitty lifestyle and don't know what it means for my long term career.
#1 doesn't hurt to try to do and if something comes along, something comes along.
#2 is the decision I am really trying to figure out. Should I pull the trigger? What if I don't like the second firm or practice? It might cut my big law life short and earning potential if I use up my lateral move this early in the game.

Happy to hear any insights, thoughts or other comments.

[jkpolk]

I think impossible to make this call without drilling down on (i) what things you dont like about the job, (ii) what things you do like about the job, and (iii) what you want out of life in general.

If you're generally OK with firm life and you just want different subject matter, check your firm's internal job listings. If you haven't burned any bridges you can probably retool inside your own firm.

[Anonymous User]

I think impossible to make this call without drilling down on (i) what things you dont like about the job, (ii) what things you do like about the job, and (iii) what you want out of life in general.

If you're generally OK with firm life and you just want different subject matter, check your firm's internal job listings. If you haven't burned any bridges you can probably retool inside your own firm.

I don't like the limited scope of what I do and not really a fan of banking (essentially speed drafting of contracts, commitment papers being weekend killers and dealing with security and collateral). Otherwise I think I can stand big law hours at least for a bit more. Firm doesn't do anything else. I mostly just like getting paid and having decent people to work with. Cons for going is feeling risk adverse about having to deal with screamers or other people at firms I might click less with. Don't really have many meaningful connections here though being junior.

Out of life, I just want to be able to make a decent 150k+ salary with decent room for advancement and growth and stable hours so I can enjoy weekends and nights for things that matter more than work.

[jkpolk]

I think impossible to make this call without drilling down on (i) what things you dont like about the job, (ii) what things you do like about the job, and (iii) what you want out of life in general.

If you're generally OK with firm life and you just want different subject matter, check your firm's internal job listings. If you haven't burned any bridges you can probably retool inside your own firm.

I don't like the limited scope of what I do and not really a fan of banking (essentially speed drafting of contracts, commitment papers being weekend killers and dealing with security and collateral). Otherwise I think I can stand big law hours at least for a bit more. Firm doesn't do anything else. I mostly just like getting paid and having decent people to work with. Cons for going is feeling risk adverse about having to deal with screamers or other people at firms I might click less with. Don't really have many meaningful connections here though being junior.

Out of life, I just want to be able to make a decent 150k+ salary with decent room for advancement and growth and stable hours so I can enjoy weekends and nights for things that matter more than work.

Sounds like you should kick the tires on in-house jobs. I think you could get something at a public company.

[Anonymous User]

I think impossible to make this call without drilling down on (i) what things you dont like about the job, (ii) what things you do like about the job, and (iii) what you want out of life in general.

If you're generally OK with firm life and you just want different subject matter, check your firm's internal job listings. If you haven't burned any bridges you can probably retool inside your own firm.

I don't like the limited scope of what I do and not really a fan of banking (essentially speed drafting of contracts, commitment papers being weekend killers and dealing with security and collateral). Otherwise I think I can stand big law hours at least for a bit more. Firm doesn't do anything else. I mostly just like getting paid and having decent people to work with. Cons for going is feeling risk adverse about having to deal with screamers or other people at firms I might click less with. Don't really have many meaningful connections here though being junior.

Out of life, I just want to be able to make a decent 150k+ salary with decent room for advancement and growth and stable hours so I can enjoy weekends and nights for things that matter more than work.

I think you should lateral and try to re-tool to more of a general corporate practice.

I was in a similar position and lateraled and I'm happy with my decision. I too was in a very focused corporate group where I wasn't exposed to a variety of transaction types. I was staring down a certain type of exit and I knew I didn't want that. I lateraled around the same time as you to a general corporate/M&A group and I think it's definitely opened up different types of exits for me.

The lateral market is hot right now. If you're an associate at a V100 Biglaw firm you probably have a pretty good chance at lateraling somewhere making market. I think a lateral move is the way to go because you're still relatively junior to go in-house (and you said you don't want to go in-house at a bank anyway, which seems to be the only place your skill-set would land you). You can (1) extend your Biglaw lifetime by lateraling and (2) hopefully gain more broad experience so you can find an in-house exit that better suits you.

[Anonymous User]

I think impossible to make this call without drilling down on (i) what things you dont like about the job, (ii) what things you do like about the job, and (iii) what you want out of life in general.

If you're generally OK with firm life and you just want different subject matter, check your firm's internal job listings. If you haven't burned any bridges you can probably retool inside your own firm.

I don't like the limited scope of what I do and not really a fan of banking (essentially speed drafting of contracts, commitment papers being weekend killers and dealing with security and collateral). Otherwise I think I can stand big law hours at least for a bit more. Firm doesn't do anything else. I mostly just like getting paid and having decent people to work with. Cons for going is feeling risk adverse about having to deal with screamers or other people at firms I might click less with. Don't really have many meaningful connections here though being junior.

Out of life, I just want to be able to make a decent 150k+ salary with decent room for advancement and growth and stable hours so I can enjoy weekends and nights for things that matter more than work.

I think you should lateral and try to re-tool to more of a general corporate practice.

I was in a similar position and lateraled and I'm happy with my decision. I too was in a very focused corporate group where I wasn't exposed to a variety of transaction types. I was staring down a certain type of exit and I knew I didn't want that. I lateraled around the same time as you to a general corporate/M&A group and I think it's definitely opened up different types of exits for me.

The lateral market is hot right now. If you're an associate at a V100 Biglaw firm you probably have a pretty good chance at lateraling somewhere making market. I think a lateral move is the way to go because you're still relatively junior to go in-house (and you said you don't want to go in-house at a bank anyway, which seems to be the only place your skill-set would land you). You can (1) extend your Biglaw lifetime by lateraling and (2) hopefully gain more broad experience so you can find an in-house exit that better suits you.

How long have you been at your new firm? What was your experience like after lateraling? Did it feel like it took you a while to adjust given you had no real experience in m/a or more general corp? Did you use a recruiter / how did you spin your experience and desire to retool?

With respect to your point (1), I agree but thought of it as a double edged sword. I.e. if what I really want to do is extend time in big law and have no desire to change my practice, I can just stay at my current firm until I get pushed out and then make another move (and up two twice I feel like is possible).

[Anonymous User]

Looks like votes are pretty evenly split. Bumping for any anecdotes/stories if you have friends/class mates who practiced bank finance / high yield and have left on to greener (or not greener) pastures.