STB vs. DPW Forum

[Anonymous User]

Deciding between offers at STB and DPW in NY. Want to do corp work but not really sure which particular practice. Mainly interested in M&A, CapMkts, RE and Tax.

I guess my decision is really going to come down to cultural fit, and would value any feedback.

Really liked the ppl at both places, maybe STB a tiny bit more. Another factor could be facetime requirements, but I know that can be practice/partner specific. Not looking to work remotely a lot, just would prefer for late nights to be able to sometimes remote in from home at like 6-7pm.

Thanks

[Anonymous User]

The downlow for STB is that the M&A group has a lot of toxic personalities but the banking and credit group is great. Cultures both collegial, wouldn't really allow something as subjective as culture sway your opinion between these two firms. Instead figure out which practice group you probably will want:

STB: Funds, RE and PE M&A are all elite.
DPW: CapM, Restructuring, PubCo/Bank M&A are elite.

Also - before COVID times DPW was very heavy on the facetime requirements Not sure how it'll be post-COVID

[Anonymous User]

The downlow for STB is that the M&A group has a lot of toxic personalities but the banking and credit group is great. Cultures both collegial, wouldn't really allow something as subjective as culture sway your opinion between these two firms. Instead figure out which practice group you probably will want:

STB: Funds, RE and PE M&A are all elite.
DPW: CapM, Restructuring, PubCo/Bank M&A are elite.

Also - before COVID times DPW was very heavy on the facetime requirements Not sure how it'll be post-COVID

Certain groups at STB are also traditionally face-time centric (especially M&A). STB cap markets is pretty good - very good issuer side representations on high-yield deals, for example, and its share of IPOs out of the Bay Area and Asia - but not quite at DPW levels. And STB public M&A is no slouch, particularly in tech areas (all the Microsoft, Refinitiv, and Dell deals, for instance). A lot of the recent partner promotions/laterals have been with a focus on public/strategic M&A.

Which is all to say - I don't think the differences are terribly pronounced. I'd say STB's a clear win if you want to do funds formation or see your life servicing PE clients (whether in M&A, cap markets or finance), DPW if you want to do anything relating to financial institutions M&A, bank regulatory work, or anything in restructuring (with the caveat that this tends to be creditor-side work compared with Weil or K&E).

If you think your interests might lie elsewhere (e.g., general M&A, general capital markets, bank finance representing all sides) then go for culture.

[Anonymous User]

The downlow for STB is that the M&A group has a lot of toxic personalities but the banking and credit group is great. Cultures both collegial, wouldn't really allow something as subjective as culture sway your opinion between these two firms. Instead figure out which practice group you probably will want:

STB: Funds, RE and PE M&A are all elite.
DPW: CapM, Restructuring, PubCo/Bank M&A are elite.

Also - before COVID times DPW was very heavy on the facetime requirements Not sure how it'll be post-COVID

Certain groups at STB are also traditionally face-time centric (especially M&A). STB cap markets is pretty good - very good issuer side representations on high-yield deals, for example, and its share of IPOs out of the Bay Area and Asia - but not quite at DPW levels. And STB public M&A is no slouch, particularly in tech areas (all the Microsoft, Refinitiv, and Dell deals, for instance). A lot of the recent partner promotions/laterals have been with a focus on public/strategic M&A.

Which is all to say - I don't think the differences are terribly pronounced. I'd say STB's a clear win if you want to do funds formation or see your life servicing PE clients (whether in M&A, cap markets or finance), DPW if you want to do anything relating to financial institutions M&A, bank regulatory work, or anything in restructuring (with the caveat that this tends to be creditor-side work compared with Weil or K&E).

If you think your interests might lie elsewhere (e.g., general M&A, general capital markets, bank finance representing all sides) then go for culture.

Can anyone comment on what "toxic personality" at STB looks like and whether there is any suggestion that 'facetime' would lighten up in the post-pandemic world? Any other details on culture/fit would be great too. Simpson seems to be a firm that gets very mixed reviews, so I am wondering if it's because of these toxic personalities or other aspects of Simpson's culture. Thanks all.

[Anonymous User]

Both places will work you hard and pay you the same, so it also depends on whether you see yourself leaving after 3-5 years and how the exit opportunities differ. DPW has a great relationship with all the banks and many leave to go in-house there. STB does a lot of PE, and a lot of people go there or to issuer-side clients. If you are more likely than not to do tax, go to DPW for sure.

[Anonymous User]

STB associate - STB is really pushing a return to the office, I would not expect this firm to be one that tolerates 'flexible work arrangements' in a post-COVID world; they want butts in seats. All firms have some better and worse personalities, but I would like to believe there is less yelling and screaming at other firms which seems to be where STB is trending and why you see comments on toxic personalities.

[Anonymous User]

STB associate - STB is really pushing a return to the office, I would not expect this firm to be one that tolerates 'flexible work arrangements' in a post-COVID world; they want butts in seats. All firms have some better and worse personalities, but I would like to believe there is less yelling and screaming at other firms which seems to be where STB is trending and why you see comments on toxic personalities.

As someone considering STB the butts in seats thing is disappointing. Not expecting to WFH all the time, but 2 a week would tremendously improve my life based on prior work experience.

[Anonymous User]

I’m pretty sure STB’s WFH policy from the fall is exactly the same as DPW’s. (3/4 days a week in the office anticipated). Although it seems that DPW have more formal processes for keeping track. Not sure it’s a big distinction (or even a small distinction) between the firms.

[Anonymous User]

Not sure about DPW but at STB the associates do not sit by group, although partners tend to cluster on certain floors, so facetime expectations probably depend more on the deal/partner.

[LBJ's Hair]

STB associate - STB is really pushing a return to the office, I would not expect this firm to be one that tolerates 'flexible work arrangements' in a post-COVID world; they want butts in seats. All firms have some better and worse personalities, but I would like to believe there is less yelling and screaming at other firms which seems to be where STB is trending and why you see comments on toxic personalities.

As someone considering STB the butts in seats thing is disappointing. Not expecting to WFH all the time, but 2 a week would tremendously improve my life based on prior work experience.

DPW's is the same. I doubt the policies are going to vary materially among the traditional corporate powerhouses https://www.law.com/americanlawyer/2021 ... ness-days/

[Anonymous User]

Not OP, but a recent junior lateral with offers at both firms as well and I’m only looking to do M&A. I’m curious as to the broader M&A client base at DPW. Do they do mostly financial institutions M&A? Am I more limited in my exits if I want to go in house to F500 companies instead of a bank? Similarly, how well does STB place folks in house at public companies? Thanks in advance!

[Anonymous User]

Not OP, but a recent junior lateral with offers at both firms as well and I’m only looking to do M&A. I’m curious as to the broader M&A client base at DPW. Do they do mostly financial institutions M&A? Am I more limited in my exits if I want to go in house to F500 companies instead of a bank? Similarly, how well does STB place folks in house at public companies? Thanks in advance!

DPW associate. Dow does a wide variety of M&A, not just financial institutions. Some examples of deals are things like Aetna and CVS merger, buy-side on Supreme purchase, sell-side of the New York Mets. They’re go to for financial institutions mergers, but have a really varied client base on other deals as well. In any case, your exit options are definitely not limited.

[Anonymous User]

Not OP, but a recent junior lateral with offers at both firms as well and I’m only looking to do M&A. I’m curious as to the broader M&A client base at DPW. Do they do mostly financial institutions M&A? Am I more limited in my exits if I want to go in house to F500 companies instead of a bank? Similarly, how well does STB place folks in house at public companies? Thanks in advance!

DPW associate. Dow does a wide variety of M&A, not just financial institutions. Some examples of deals are things like Aetna and CVS merger, buy-side on Supreme purchase, sell-side of the New York Mets. They’re go to for financial institutions mergers, but have a really varied client base on other deals as well. In any case, your exit options are definitely not limited.

Thanks so much! This is really helpful!