Funds Exit Opportunities Forum

[Anonymous User]

Seems like the general consensus is that the most likely inhouse landing spot for funds lawyers is legal department at funds (obviously).

Does anyone know if any mid level funds lawyer that have exited into big public companies (eg FAANG) doing corporate work? I know people with funds experience have landed general corporate inhouse roles before but is it nearly impossible at companies like FAANG? Just curious as a funds mid level who do not want to be stuck geographically to NYC/BOS.

[Anonymous User]

Seems like the general consensus is that the most likely inhouse landing spot for funds lawyers is legal department at funds (obviously).

Does anyone know if any mid level funds lawyer that have exited into big public companies (eg FAANG) doing corporate work? I know people with funds experience have landed general corporate inhouse roles before but is it nearly impossible at companies like FAANG? Just curious as a funds mid level who do not want to be stuck geographically to NYC/BOS.

I think it’s definitely possible. I was told by a recruiter to split each portion of my resume into general corporate and funds specific if applying to corporate roles. I think it’s much easier to move into one if you already have in house experience, however. That said, I’ve never gotten an interview for a non funds role, despite applying to a few commercial counsel jobs.

[Anonymous User]

What do the exit options look like for someone interested in doing PE fund formation at Deb/KE/STB?

I've been looking at other threads on this subject for a while, and I'm still confused as to what typical exits are for this practice area.

I've seen some people say the exit options are some of the best out there (salary cut, but as close to 9 to 5 you can find), but I've seen others say the opposite (Big Law salary, Big Law hours).

I've also no idea how common and competitive these jobs at 9 to 5 funds exists are.

The predictability of funds is attractive to me, but I'd rather do M&A or Cap Markets if I'm struggling to find a job after my stint in Big Law.

I will just say that in general these days, across practice groups and exit options, I think it is really hard to find a true "9 to 5" job anymore if you want a job that provides you with above average income in America. Even at a cushy job I think at a minimum you'll probably work 9 to 6 (or more accurately 8 to 5). From a funds practice perspective, I find it difficult to to imagine that being an option. Investment management work just isn't that kind of life, from the global investors/offices you need to manage to the internal business folks you have to partner with.

I think the closet you can get to "easy" options, might be working LP side at a big public pension plan or the like since it is really just working for the government.

If you don't mind longer hours and want a higher salary, if you exit out in-house to a well-performing fund at a senior-ish level (5-6 years minimum) you can do quite well for yourself. In-house a decent amount of your comp is going to come from bonuses instead of base salary too, which may vary based on fund performance instead of individual hours like at a law firm.

There aren't as many fund exit jobs out there because there aren't as many fund lawyers as there are traditional M&A lawyers. So I don't think they are inherently more competitive than other jobs. I think if an in-house M&A role opened up at a FAANG, for instance, they'd probably receive 20-30x the applications than an opening for a funds role at a big fund shop just because there are way more M&A lawyers who qualify. Fund job openings also tend to be in NYC, to a lesser degree in other larger cities. M&A/gen corporate roles tend to be more spread out geographically.

Deb/KE/STB are all well regarded funds teams. You will be incredibly busy because I think KE and STB alone must handle like 50% of all larger fund formations, particularly on the VC and PE side. I don't know what life would be like as an associate though and whether you can get good experience early on due to the volume of work they have and their size. I will say that their fund teams are often on the larger side compared to other firms out there, but you will more than likely be working on the "hotter" and most popular funds in town.

If you specifically want to think about hedge funds, I would also maybe add Schulte, Kleinberg Kaplan, Fried Frank and Wilkie, among others.

This is really helpful, thank you!

Does anyone who work in-house at a fund regret not choosing a more general practice area like M&A or Cap Markets?

[chruck]

How do in-house roles look at SEC experience in Division of Investment Management or Exams (focused on IAs/funds)? Especially, if you have no big law experience?

Also, do typical in-house roles qualify for carry? Or would that be more GC/Deputy GC? Would an exit to a CCO/high level compliance role be worth it comp wise if you got carry?

[Anonymous User]

Chiming in to share that depending on your goals, being at a smaller firm can be helpful as far broadening your exit options. While we don't have the same name recognition that big firms/fund practices do, our clients rely on us for some of their day-to-day legal work in a way that clients didn't at my former biglaw firm. So we still handle all the funds work, but also do a fair bit of employment, commercial, etc. agreements. We've had a few associates go in-house at large non-FAANG tech companies in addition to funds, and the broader experience seems to have helped them go that route.

So, in short, if you're looking for a more laid back firm experience while maintaining solid (but maybe not top-tier) exit opportunities, a smaller firm or boutique might be worth exploring.