Funds Lawyer at STB/Deb/KE, What are your hours? Forum

[Anonymous User]

Have things slowed down since April? Are funds lawyers still working 9 am to midnight?

Entering a non-STB/Deb/KE group soon....

[Anonymous User]

Are STB and Deb funds really not 9-9 with no weekends? I've heard that quite a lot. What about funds at Skadden or PW? Heard the hours were not bad at both. Is it worth it to do funds there over STB/Deb?

[Anonymous User]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

[synergy]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

Is it any better for mid/senior level associates in those groups?

[Anonymous User]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

Is it any better for mid/senior level associates in those groups?

If being done at midnight is better then I guess; I don't see much difference.

[Anonymous User]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

Is it any better for mid/senior level associates in those groups?

Probably not better as you get more senior, although working on jr level stuff is very different than taking on more substantive work. For some they might find it more interesting but for others it’s more mentally taxing/stressful. I personally think jr funds work is extremely boring.

Funds is a practice where there is potentially a higher learning curve than other corporate practices and if you are able to master the practice more quickly, you will become much more valuable to your practice group.

Because funds is such a hot practice area and there is a relative lack of quality mid and senior level associates, I think you can have a lot of leverage against the firm as an associate (including being more aggressive to work fewer hours).

[3Lapplicant]

How are hours in those groups now?

[Anonymous User]

Generally still very high

[ZVBXRPL]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

Midlevel at STB. Working on one of the bigger funds at the Firm. Enjoy my job.

While my hours were 250-300 March-June, the firm slowed me down in the summer (less than 10 hours some weeks and less than 150 July August combined as they're afraid of burnout), but things are more in the 50 ish range per week now. Def no 1 am unless you agree to take on matters and don't set boundaries. From the senior partners: no one is going to tell you to work less unless you raise it as an issue. People who have raised have been told to just work less. Now they are senior associates...

Worked with a large team (25-30 people) who were very supportive and motivating. I look forward to come to work. Good leadership and nice people can do that.

Around closings ON THE BUSIEST FUNDS DURING THE BUSIEST TIME, 1-2 am is generally latest I see people up; is expected but those occur once a month, generally. I mean you have to put the time in to get the fund to here it has to be. But this is not the norm at all. Same fund I was on that was busy (see above) has slowed down (most investors admitted so 9 pm normal).

Okay - a funds lawyer will review subscriptions docs (think LS apps) and correspond with rich people (yes - billionaires and secretaries/heads of state's pension funds) + work on side letters (bespoke requests) and comment memos (questions about the fund's documents (the Limited Partnership (i.e., investor) Agreement, or Private Placement Memorandum (marketing stuff; plain language as compared to LPA). Correspond with tax team, AML team about items tat have to be reviewed, take charge of the tracker that keeps track of all the investors. Structure chart stuff and deal with researching random client questions.

Organization is huge. Weekend work is rare, though it was common during the height of that huge fundraise. Seriously - people's Outlook are mostly "grey" (inactive!) on weekends.

Yes hours can be long, but if you want the best training on the best funds, this is where it's at. Try to keep positive attitude and be friendly and give benefit of the doubt to all.

TLDR 50-60 per week is norm. No/very little weekend (dealer's choice).

[3Lapplicant]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

Midlevel at STB. Working on one of the bigger funds at the Firm. Enjoy my job.

While my hours were 250-300 March-June, the firm slowed me down in the summer (less than 10 hours some weeks and less than 150 July August combined as they're afraid of burnout), but things are more in the 50 ish range per week now. Def no 1 am unless you agree to take on matters and don't set boundaries. From the senior partners: no one is going to tell you to work less unless you raise it as an issue. People who have raised have been told to just work less. Now they are senior associates...

Worked with a large team (25-30 people) who were very supportive and motivating. I look forward to come to work. Good leadership and nice people can do that.

Around closings ON THE BUSIEST FUNDS DURING THE BUSIEST TIME, 1-2 am is generally latest I see people up; is expected but those occur once a month, generally. I mean you have to put the time in to get the fund to here it has to be. But this is not the norm at all. Same fund I was on that was busy (see above) has slowed down (most investors admitted so 9 pm normal).

Okay - a funds lawyer will review subscriptions docs (think LS apps) and correspond with rich people (yes - billionaires and secretaries/heads of state's pension funds) + work on side letters (bespoke requests) and comment memos (questions about the fund's documents (the Limited Partnership (i.e., investor) Agreement, or Private Placement Memorandum (marketing stuff; plain language as compared to LPA). Correspond with tax team, AML team about items tat have to be reviewed, take charge of the tracker that keeps track of all the investors. Structure chart stuff and deal with researching random client questions.

Organization is huge. Weekend work is rare, though it was common during the height of that huge fundraise. Seriously - people's Outlook are mostly "grey" (inactive!) on weekends.

Yes hours can be long, but if you want the best training on the best funds, this is where it's at. Try to keep positive attitude and be friendly and give benefit of the doubt to all.

TLDR 50-60 per week is norm. No/very little weekend (dealer's choice).

How are things when the fund is acquiring a target? Also do you ever work with the m&a team on an acquisition like that?

[ZVBXRPL]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

Midlevel at STB. Working on one of the bigger funds at the Firm. Enjoy my job.

While my hours were 250-300 March-June, the firm slowed me down in the summer (less than 10 hours some weeks and less than 150 July August combined as they're afraid of burnout), but things are more in the 50 ish range per week now. Def no 1 am unless you agree to take on matters and don't set boundaries. From the senior partners: no one is going to tell you to work less unless you raise it as an issue. People who have raised have been told to just work less. Now they are senior associates...

Worked with a large team (25-30 people) who were very supportive and motivating. I look forward to come to work. Good leadership and nice people can do that.

Around closings ON THE BUSIEST FUNDS DURING THE BUSIEST TIME, 1-2 am is generally latest I see people up; is expected but those occur once a month, generally. I mean you have to put the time in to get the fund to here it has to be. But this is not the norm at all. Same fund I was on that was busy (see above) has slowed down (most investors admitted so 9 pm normal).

Okay - a funds lawyer will review subscriptions docs (think LS apps) and correspond with rich people (yes - billionaires and secretaries/heads of state's pension funds) + work on side letters (bespoke requests) and comment memos (questions about the fund's documents (the Limited Partnership (i.e., investor) Agreement, or Private Placement Memorandum (marketing stuff; plain language as compared to LPA). Correspond with tax team, AML team about items tat have to be reviewed, take charge of the tracker that keeps track of all the investors. Structure chart stuff and deal with researching random client questions.

Organization is huge. Weekend work is rare, though it was common during the height of that huge fundraise. Seriously - people's Outlook are mostly "grey" (inactive!) on weekends.

Yes hours can be long, but if you want the best training on the best funds, this is where it's at. Try to keep positive attitude and be friendly and give benefit of the doubt to all.

TLDR 50-60 per week is norm. No/very little weekend (dealer's choice).

How are things when the fund is acquiring a target? Also do you ever work with the m&a team on an acquisition like that?

I have not had much contact with the M&A team, but maybe because I/the fund have been so heavily involved in the fundraising as opposed to the purchasing aspect, if that makes sense. But as you suggested, the M&A team/client will chose a target. Of the contact I did have, we are asked to confirm structure charts/names of general partner, limited partner, etc. no rocket science.

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

[Anonymous User]

Knowledgeable about STB and KE funds. Both are horrible rn. Just assume 9am-1am M-F with a couple hours saturday and half days sunday; that seems to be junior typical.

Midlevel at STB. Working on one of the bigger funds at the Firm. Enjoy my job.

While my hours were 250-300 March-June, the firm slowed me down in the summer (less than 10 hours some weeks and less than 150 July August combined as they're afraid of burnout), but things are more in the 50 ish range per week now. Def no 1 am unless you agree to take on matters and don't set boundaries. From the senior partners: no one is going to tell you to work less unless you raise it as an issue. People who have raised have been told to just work less. Now they are senior associates...

Worked with a large team (25-30 people) who were very supportive and motivating. I look forward to come to work. Good leadership and nice people can do that.

Around closings ON THE BUSIEST FUNDS DURING THE BUSIEST TIME, 1-2 am is generally latest I see people up; is expected but those occur once a month, generally. I mean you have to put the time in to get the fund to here it has to be. But this is not the norm at all. Same fund I was on that was busy (see above) has slowed down (most investors admitted so 9 pm normal).

Okay - a funds lawyer will review subscriptions docs (think LS apps) and correspond with rich people (yes - billionaires and secretaries/heads of state's pension funds) + work on side letters (bespoke requests) and comment memos (questions about the fund's documents (the Limited Partnership (i.e., investor) Agreement, or Private Placement Memorandum (marketing stuff; plain language as compared to LPA). Correspond with tax team, AML team about items tat have to be reviewed, take charge of the tracker that keeps track of all the investors. Structure chart stuff and deal with researching random client questions.

Organization is huge. Weekend work is rare, though it was common during the height of that huge fundraise. Seriously - people's Outlook are mostly "grey" (inactive!) on weekends.

Yes hours can be long, but if you want the best training on the best funds, this is where it's at. Try to keep positive attitude and be friendly and give benefit of the doubt to all.

TLDR 50-60 per week is norm. No/very little weekend (dealer's choice).

How are things when the fund is acquiring a target? Also do you ever work with the m&a team on an acquisition like that?

I have not had much contact with the M&A team, but maybe because I/the fund have been so heavily involved in the fundraising as opposed to the purchasing aspect, if that makes sense. But as you suggested, the M&A team/client will chose a target. Of the contact I did have, we are asked to confirm structure charts/names of general partner, limited partner, etc. no rocket science.

Thank you. All of this has been helpful and informative

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

What language are you insisting on in private placement PPMs and dealer agreements?

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

What language are you insisting on in private placement PPMs and dealer agreements?

I’m going to wager that people are insisting on including the required language under the rule to avoid an enforcement action.

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

What language are you insisting on in private placement PPMs and dealer agreements?

I’m going to wager that people are insisting on including the required language under the rule to avoid an enforcement action.

Sounds like you are not in the space and unqualified to participate in the discussion. There is no one-size-fits-all "required language" promulgated under the new Rule. The new Rule imposes new obligations in respect of which issuers who are, or are affiliated with, RIAs must comply. That compliance effort can be demonstrated through a number of emerging drafting technologies in PPMs, dealer agreements, and other investment documents that law firms and clients are still developing and negotiating in real-time. It would be awesome if a funds lawyer here would do more than "wager" on this topic, so as to illustrate the new complexity in the practice and the hours generated by the same. Thanks.

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

What language are you insisting on in private placement PPMs and dealer agreements?

I’m going to wager that people are insisting on including the required language under the rule to avoid an enforcement action.

Sounds like you are not in the space and unqualified to participate in the discussion. There is no one-size-fits-all "required language" promulgated under the new Rule. The new Rule imposes new obligations in respect of which issuers who are, or are affiliated with, RIAs must comply. That compliance effort can be demonstrated through a number of emerging drafting technologies in PPMs, dealer agreements, and other investment documents that law firms and clients are still developing and negotiating in real-time. It would be awesome if a funds lawyer here would do more than "wager" on this topic, so as to illustrate the new complexity in the practice and the hours generated by the same. Thanks.

rekt

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

What language are you insisting on in private placement PPMs and dealer agreements?

I’m going to wager that people are insisting on including the required language under the rule to avoid an enforcement action.

Sounds like you are not in the space and unqualified to participate in the discussion. There is no one-size-fits-all "required language" promulgated under the new Rule. The new Rule imposes new obligations in respect of which issuers who are, or are affiliated with, RIAs must comply. That compliance effort can be demonstrated through a number of emerging drafting technologies in PPMs, dealer agreements, and other investment documents that law firms and clients are still developing and negotiating in real-time. It would be awesome if a funds lawyer here would do more than "wager" on this topic, so as to illustrate the new complexity in the practice and the hours generated by the same. Thanks.

Anon because I am in the space and deep in the trenches. General language requirements are under the new rule re disclosure—there’s always going to be something bespoke for each client, but the concepts around the required language are largely the same. Our regulatory team’s hours have skyrocketed and their turnaround times are much longer because they’re so busy. From same day to upwards of a week. Everything is still up in the air and firms are just figuring out as they go until there’s a deficiency letter or enforcement action. It’s a fluid space still.

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

What language are you insisting on in private placement PPMs and dealer agreements?

I’m going to wager that people are insisting on including the required language under the rule to avoid an enforcement action.

Sounds like you are not in the space and unqualified to participate in the discussion. There is no one-size-fits-all "required language" promulgated under the new Rule. The new Rule imposes new obligations in respect of which issuers who are, or are affiliated with, RIAs must comply. That compliance effort can be demonstrated through a number of emerging drafting technologies in PPMs, dealer agreements, and other investment documents that law firms and clients are still developing and negotiating in real-time. It would be awesome if a funds lawyer here would do more than "wager" on this topic, so as to illustrate the new complexity in the practice and the hours generated by the same. Thanks.

I don't enjoy working with people like you. Absolutely no chill. Enjoy your billables.

[Anonymous User]

At one of these firms. Been especially killer with the new advertising rule from the SEC.

What language are you insisting on in private placement PPMs and dealer agreements?

I’m going to wager that people are insisting on including the required language under the rule to avoid an enforcement action.

Sounds like you are not in the space and unqualified to participate in the discussion. There is no one-size-fits-all "required language" promulgated under the new Rule. The new Rule imposes new obligations in respect of which issuers who are, or are affiliated with, RIAs must comply. That compliance effort can be demonstrated through a number of emerging drafting technologies in PPMs, dealer agreements, and other investment documents that law firms and clients are still developing and negotiating in real-time. It would be awesome if a funds lawyer here would do more than "wager" on this topic, so as to illustrate the new complexity in the practice and the hours generated by the same. Thanks.

Will do, thanls
I don't enjoy working with people like you. Absolutely no chill. Enjoy your billables.