Exit opportunities for Capital Markets lawyer? Forum

[Anonymous User]

I will be working as a ECM lawyer at a biglaw firm upon graduation. Basically, my idea has been to do it for a couple years and then get out. Ideally, I've always wanted to work for the federal government. However, I have no real idea what my exit opportunities would be for ECM? Like even for inhouse jobs, am I particularly intriguing if all I know is how to IPO companies? I also have no clue how this experience is relevant for any governmental agency (except maybe some group in the SEC, although I think it's really hard to get in the SEC?)

So I was hoping someone who has already done this path has some guidance on what I can expect as to exit opportunities or if's better to try and lateral to a different group, as I really don't want to stay in a law firm for a longer period of time.

[Anonymous User]

Capital Markets exit ops aren’t as great as M&A’s, but you can still go in-house at a public company. They all have public reporting requirements that they need some level of in-house expertise for. Just make sure that as you build your practice, you’re getting experience with reporting/some of the regulatory requirements, not just IPOs. Any firm with a big CM practice should be able to get you this.

[Anonymous User]

Capital Markets exit ops aren’t as great as M&A’s, but you can still go in-house at a public company. They all have public reporting requirements that they need some level of in-house expertise for. Just make sure that as you build your practice, you’re getting experience with reporting/some of the regulatory requirements, not just IPOs. Any firm with a big CM practice should be able to get you this.

How much experience do you typically need for one of these in-house public company roles? 2-3-4 years?

[Anonymous User]

Government wise I'd say Corp Fin at the SEC, but that's largely it. Think in-house is your best avenue.

[Buglaw]

I will be working as a ECM lawyer at a biglaw firm upon graduation. Basically, my idea has been to do it for a couple years and then get out. Ideally, I've always wanted to work for the federal government. However, I have no real idea what my exit opportunities would be for ECM? Like even for inhouse jobs, am I particularly intriguing if all I know is how to IPO companies? I also have no clue how this experience is relevant for any governmental agency (except maybe some group in the SEC, although I think it's really hard to get in the SEC?)

So I was hoping someone who has already done this path has some guidance on what I can expect as to exit opportunities or if's better to try and lateral to a different group, as I really don't want to stay in a law firm for a longer period of time.

right now, capital markets associates are in very high demand in-house, but are generally always in reasonably good demand. As others have said, it's not as good as M&A, but it's good and the jobs tend to have relatively good hours.

[BigLawer]

I am surprised people are saying not as good as M&A. Most of the "AGC" level positions and corporate secretary level positions seem to be best suited for capital markets. These are the people that tend to move into the GC spot eventually as well. What kind of opportunities are M&A lawyers having that capital markets lawyers are not?

[The Lsat Airbender]

I am surprised people are saying not as good as M&A. Most of the "AGC" level positions and corporate secretary level positions seem to be best suited for capital markets. These are the people that tend to move into the GC spot eventually as well. What kind of opportunities are M&A lawyers having that capital markets lawyers are not?

I don't really agree with the notion either, but I think the idea is that M&A lawyers "see more" while doing all that diligence and can e.g. say with a straight face that they've "reviewed" "many commercial agreements" in an interview. Would be more meaningful for a small start-up than a traditional corporate AGC role, and people seem obsessed with the former sort of opp.

[Anonymous User]

Actually curious to this, as someone who might be joining the CM group. I'd also like to work for the government after my career in biglaw, but are CM something that translates well to that (And if so, where?)

[Anonymous User]

Try to find a group where you get to see a little more than straight CM (especially if it's high yield work). My group is more grouped by industry so I get a healthy amount of CM, but also ECVC and some M&A. All while getting the ongoing public company rep work.

[Anonymous User]

Yeah there's all sorts of CM work. The most valuable experience for going in-house is representing public companies, both private companies (from the EC/VC stage through IPO) and public companies post-IPO to understand their reporting requirements.

Some firms have a lot more bank-side work than issuer-side work (e.g. DPW) so if you're at one of those firms make sure you get on at least 2-3 issuer side clients and that you're actually helping out with their reporting obligations - many companies handle this primarily in-house with minimal input from outside counsel. Agree with previous poster that high-yield work isn't as relevant but I bet it'd be a decent plus if you're interviewing at a company with outstanding high yield bonds or a gnarly credit agreement.

A lot of tech companies want "twofers" when hiring for their internal SEC counsel, i.e. somebody who has experience in both M&A and '34 Act work. This makes economic sense but I also think it's because tech companies are populated by ex-Cooley/WSGR/Fenwick types that fit this mold, so naturally they're looking for more of the same. As someone who came from a more pure CM group, I find these lawyers to be not as strong in SEC matters but probably doesn't matter much for going in-house as long as you can pass the interviews.

Probably just confirmation bias, but I agree that CM exit opps aren't necessarily fewer than M&A exit opps - when I was searching I probably applied to over 20-30 positions and passed up plenty more in the span of a few months. Pretty much every newly-public company is looking for an SEC lawyer and there's obviously loads of existing public companies too that have open positions.