Path in-house for PE/M&A Associate Forum

[Anonymous User]

Currently a first year in a non-NYC PE transactions-focused group. I *think* I can do this for another 4-5 years, but transitioning to an in-house role with more normal working hours is definitely my goal. Will my marketability for in-house roles be hindered at all due to lack of exposure to securities filings? I like my group/firm so far, but want to make sure the transition in-house will be doable based on my work experience. If opportunities are going to be tough from a PE-focused practice, I guess I would want to look to lateral/change groups before I get too senior. V30 firm, top 10% at T14.

[Anonymous User]

Bumping

[thelawyler]

You'll be extremely marketable. And assuming your PE group also does portfolio company work, even more so. Often, the deal team corporate lawyers will also take on some of the non-deal portfolio company work of the acquired company, so if you stay 4-5 years as you say, you may have seen a full life cycle of an investment, including some of the more day to day bullshit they deal with. If you're also involved in add-ons, you'll see the strategic side of building out a platform, and all the legal complications that arise that differ from the original deal. Etc.

You also manage teams, are trained to be commercial, and have seen a wide range of legal docs and issues.

You will definitely have a hole for securities filings, so if you're able to get some experience in that as a junior, I'd highly recommend it just so you have some idea of what it is.

I'm a senior associate who has been at two NYC V20 shops. My friends have gone to every landing spot imaginable - to be GC at small companies to being corporate counsel at some very cool companies.

[AntipodeanPhil]

Echoing the post above, you'll be in a very good position. Try to get portfolio company work, so you're not just doing M&A, but also reviewing/revising commercial contracts, fielding general inquiries from the companies that sort of thing.

I'm in partial disagreement with post above re. securities filings. There are plenty of sophisticated, interesting private companies looking to hire for in house positions, and also plenty of positions at public companies with limited exposure to securities work. From my limited experience, public companies like to have somebody (or a small group of people) who focus on securities filings, and sometimes those can be dead end / less desirable positions. It's unlikely, for example, that someone who focuses on securities filings is going to make it to GC. Also, securities work is boring.

[Anonymous User]

Thanks both, this is all very encouraging. Definitely been involved with some portco stuff already, so helpful to know that involvement with that is important (in addition to being a lot chiller typically!).

[Anonymous User]

A close friend’s path involved being laid off then going to get his MBA and then applying heavily with those types of firms. Ymmv

[Lawsohard99]

Agree with the prior comments. I know a few GCs who are PE portco GCs, go from portco to portco (assuming a sale nonsolicit doesn’t apply), and take in 200-350k yr (with 50-100% bonus) and sale liquidity every few years. It’s probably equivalent for a career NEP in net comp.