Lateral from Restructuring/New York? Forum

[Anonymous User]

Title tells most of the story. Junior/mid-level at a V10 restructuring practice in NY. Like the work, but don't love NYC or the (lack of) QOL. Have toyed with the idea of trying to retool/lateral to an adjacent transactional practice in another market, but candidly am not entirely sure how I'd go about it. (Would also consider restructuring in other markets, but options on that front don't seem too enticing.) Thinking harder about all this now, in light of chronic understaffing in our group and the wave of work I already feel coming. To the extent helpful, shiny credentials (lol) and bar admission and/or ties to the major market(s) I'd most likely target. All thoughts welcome.

[Anonymous User]

think the solution is to leave RX. it's mostly a NY practice. if you already dislike the QOL, I can't imagine you'll like it better working NY time and NY hours for NY partners in a satellite office.

maybe there's non-satellite work in TX? IDK.

[Anonymous User]

OP here. Thanks for your response. Should have clarified that QOL frustrations are mostly NYC-related (e.g. hugely expensive, crummy weather, etc.). Have looked at Texas, weather notwithstanding, and was surprised by how few opportunities there for pure bankruptcy/restructuring.

[Anonymous User]

OP here. Thanks for your response. Should have clarified that QOL frustrations are mostly NYC-related (e.g. hugely expensive, crummy weather, etc.). Have looked at Texas, weather notwithstanding, and was surprised by how few opportunities there for pure bankruptcy/restructuring.

Just had this problem. Wanted to lateral to hometown. I got a "restructuring position" but even that is more distressed finance/workout stuff. I am retooling into a debt finance type of group. I would recommend trying to lateral internally in your firm to a different practice group like finance/M&A if you want transactional. Do it for 6 months then lateral. That will help with class year etc.

In my experience, thriving/making partner in big-time RX requires living in a big city, chi or nYC, and working long long hours. My concern is that if you go to a satellite, you will just toil around as an associate for a few more years and then have the same problem and struggle to retool in your local market.

[forthelols]

OP here. Thanks for your response. Should have clarified that QOL frustrations are mostly NYC-related (e.g. hugely expensive, crummy weather, etc.). Have looked at Texas, weather notwithstanding, and was surprised by how few opportunities there for pure bankruptcy/restructuring.

Weil has Rx people in Houston.

[Anonymous User]

OP here. Thanks for your response. Should have clarified that QOL frustrations are mostly NYC-related (e.g. hugely expensive, crummy weather, etc.). Have looked at Texas, weather notwithstanding, and was surprised by how few opportunities there for pure bankruptcy/restructuring.

Weil has Rx people in Houston.

OP, if you're at Kirkland, which it seems like you may be, why don't you just ask to switch offices to Houston (or even Chicago--still crummy weather but it's not NY)? Plenty of RX work gets done down there.

There's W&C's Miami office, if you're willing to take that particular leap. They're building out their debtor-side RX practice (playing largely off Hertz).

[Anonymous User]

Bump. Also curious about this.

Anyone know, specifically, if QE's "work from anywhere" includes their BK/RX group?

[Anonymous User]

OP here. Thanks for your response. Should have clarified that QOL frustrations are mostly NYC-related (e.g. hugely expensive, crummy weather, etc.). Have looked at Texas, weather notwithstanding, and was surprised by how few opportunities there for pure bankruptcy/restructuring.

Weil has Rx people in Houston.

OP, if you're at Kirkland, which it seems like you may be, why don't you just ask to switch offices to Houston (or even Chicago--still crummy weather but it's not NY)? Plenty of RX work gets done down there.

There's W&C's Miami office, if you're willing to take that particular leap. They're building out their debtor-side RX practice (playing largely off Hertz).

Just chiming in to say RX associates/NSPs at Kirkland can't work out of Houston. Only NY and Chicago. RX associates have had to switch groups/firms due to this rule.

Jackson Walker has a decent restructuring practice in Dallas/Houston.

[Anonymous User]

Just chiming in to say RX associates/NSPs at Kirkland can't work out of Houston. Only NY and Chicago. RX associates have had to switch groups/firms due to this rule.

Jackson Walker has a decent restructuring practice in Dallas/Houston.

that's weird. why

[Anonymous User]

Just chiming in to say RX associates/NSPs at Kirkland can't work out of Houston. Only NY and Chicago. RX associates have had to switch groups/firms due to this rule.

Jackson Walker has a decent restructuring practice in Dallas/Houston.

that's weird. why

I'm not too sure. You'd think having some people in Texas would be desirable given how often RX associates have been traveling to Texas for court over the last few years. I do know it's a rule leadership is stubborn about. It may also have to do with group cohesiveness and how the group currently staffs deals (always an equal number of NY and Chi associates on a deal).

[Anonymous User]

Doesn’t Sidley’s RX practice have a large head count in Dallas?

[Anonymous User]

Just chiming in to say RX associates/NSPs at Kirkland can't work out of Houston. Only NY and Chicago. RX associates have had to switch groups/firms due to this rule.

Jackson Walker has a decent restructuring practice in Dallas/Houston.

that's weird. why

I'm not too sure. You'd think having some people in Texas would be desirable given how often RX associates have been traveling to Texas for court over the last few years. I do know it's a rule leadership is stubborn about. It may also have to do with group cohesiveness and how the group currently staffs deals (always an equal number of NY and Chi associates on a deal).

They tried having a houston restructuring presence around 2016 when S.D. Tex. became a desired venue. They had one partner and five or so associates, but it didn't really take for whatever reason and they shut it down. The people there either switched firms/practice groups or moved to NY/Chicago.