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Debt Finance Exit Options for 2nd Year
Posted: Mon Oct 25, 2021 10:15 pm
by nickofdime
Hi,
I'm tired and out. What are my options in-house if I want to exit? Who would want to hire a 2nd year debt finance associate? What positions should I be looking for?
Re: Debt Finance Exit Options for 2nd Year
Posted: Mon Oct 25, 2021 10:29 pm
by Anonymous User
Honestly, you're not particularly in-demand for a company looking to take a lawyer in-house. Your experience isn't generalist, you haven't been doing it long enough to be particularly good, etc. It sucks but it's true. Why hire you when there's a third- or fourth-year associate applying to the same role?
Your best bet for an in-house job is to last another 1-2 years at the firm. You can make that more tolerable by trying for a secondment or similar.
Alternatively, assuming other firms/practice areas are out of the question, you'd be in demand for compliance roles at banks/companies, perhaps.
Re: Debt Finance Exit Options for 2nd Year
Posted: Mon Oct 25, 2021 10:45 pm
by existentialcrisis
Ask for a secondment for a break.
I know it’s not what you want to hear but you probably need to put in at least another year.
You’ll be more marketable if you can stick it out to mid level and maybe the bank you’re seconded to will even hire you.
Re: Debt Finance Exit Options for 2nd Year
Posted: Mon Oct 25, 2021 10:49 pm
by nickofdime
Anonymous User wrote: ↑Mon Oct 25, 2021 10:29 pm
Honestly, you're not particularly in-demand for a company looking to take a lawyer in-house. Your experience isn't generalist, you haven't been doing it long enough to be particularly good, etc. It sucks but it's true. Why hire you when there's a third- or fourth-year associate applying to the same role?
Your best bet for an in-house job is to last another 1-2 years at the firm. You can make that more tolerable by trying for a secondment or similar.
Alternatively, assuming other firms/practice areas are out of the question, you'd be in demand for compliance roles at banks/companies, perhaps.
What other practice areas should I consider to be a generalist? Open to any suggestions.
Re: Debt Finance Exit Options for 2nd Year
Posted: Mon Oct 25, 2021 10:51 pm
by Anonymous User
existentialcrisis wrote: ↑Mon Oct 25, 2021 10:45 pm
Ask for a secondment for a break.
I know it’s not what you want to hear but you probably need to put in at least another year.
You’ll be more marketable if you can stick it out to mid level and maybe the bank you’re seconded to will even hire you.
Are there any options other than banks? What can I do to make myself more marketable for general positions?
Re: Debt Finance Exit Options for 2nd Year
Posted: Mon Oct 25, 2021 11:04 pm
by existentialcrisis
Anonymous User wrote: ↑Mon Oct 25, 2021 10:51 pm
existentialcrisis wrote: ↑Mon Oct 25, 2021 10:45 pm
Ask for a secondment for a break.
I know it’s not what you want to hear but you probably need to put in at least another year.
You’ll be more marketable if you can stick it out to mid level and maybe the bank you’re seconded to will even hire you.
Are there any options other than banks? What can I do to make myself more marketable for general positions?
Honestly try to switch or lateral to a securities or m&a group or if you’re at a free market firm pick up assignments from those groups.
At your level of seniority the skills you’ve picked up thus far will be pretty transferable.
That’s not to say people don’t get generalist in house positions from banking groups, they definitely sometimes do, but it’s a harder sell for sure.
Re: Debt Finance Exit Options for 2nd Year
Posted: Mon Oct 25, 2021 11:32 pm
by Anonymous User
Rising 3rd year in the same situation, not sure if OP is 2019 or 2020. At any rate, I'm not having much luck so far. As robust as the lateral market is among firms, in-house does not keep pace.
There are some smaller companies that might underpay someone really desperate, but the only genuine nibble I had was going to pay in the 115-135k range. That's too far a fall if I can help it. But the thought of doing this for another year is sickening.