DPW vs. S&C vs. STB (M&A) Forum

[Anonymous User]

Rising 2L. Offers from all three. Definitely liked the people at STB the most, but past threads (albeit from 2015/2016) say that DPW and S&C have an edge in pubco M&A, which I want to do. Is this still the case? Would it be stupid to go to DPW and S&C for that and/or marginally better exit ops + preftige?

[Anonymous User]

Heard that the personalities at STB's M&A group are toxic. No personal experience with STB, but I'd probably pick DPW as a result.

[LittleRedCorvette]

Heard that the personalities at STB's M&A group are toxic. No personal experience with STB, but I'd probably pick DPW as a result.

Have not worked there but have been across from STB M&A enough to say they sure seem like real bastards from the outside.

[Anonymous User]

S&C does more m&a—though they doesn’t necessarily make it better. DPW and STB probably do a similar amount of public co m&a—edge to STB probably. And STB had some big deals this year.

STB is far better than both DPW and S&C for private deals. And a lot of people think private deals are more interesting.

Culturally, all these m&a groups are probably the same. Which partners and seniors you deal with will determine more than anything.

If you like STB, go with them. But cannot go wrong here.

[Anonymous User]

S&C does more m&a—though they doesn’t necessarily make it better. DPW and STB probably do a similar amount of public co m&a—edge to STB probably. And STB had some big deals this year.

STB is far better than both DPW and S&C for private deals. And a lot of people think private deals are more interesting.

Culturally, all these m&a groups are probably the same. Which partners and seniors you deal with will determine more than anything.

If you like STB, go with them. But cannot go wrong here.

Lol

[Anonymous User]

S&C does more m&a—though they doesn’t necessarily make it better. DPW and STB probably do a similar amount of public co m&a—edge to STB probably. And STB had some big deals this year.

STB is far better than both DPW and S&C for private deals. And a lot of people think private deals are more interesting.

Culturally, all these m&a groups are probably the same. Which partners and seniors you deal with will determine more than anything.

If you like STB, go with them. But cannot go wrong here.

Lol

The TLS conventional wisdom is that the DPW tax practice has slightly more YSH summers so it's the preferred choice. That should answer your question.

But in all seriousness, when it comes to hyper-specific questions like these that are prone to anonymous pissing contests: personal contacts at the firms >> interview vibes > Chambers = Bloomberg info = AMLAW >> Vault = OCI GPA ranges = USNWR rankings of associates >>> TLS posts (including this one) >>> Reddit / Fishbowl

[Anonymous User]

Ask to do second looks and/or reach out informally to juniors and midlevels in those groups.

Why the preference for Public deals? More background into what’s motivating that on your end may be helpful.

[Anonymous User]

Have friends working in all three firms. All three have some level of toxic culture for sure, but STB M&A is just another level. This is probably driven by the fact they have many PE clients like SilverLake, but I guess it does prepare you for a long, toxic legal career.

[Anonymous User]

They are all band 1 practices. But for public deals: S&C > STB >= DPW. For private deals: STB >> S&C or DPW.

There won’t be significant differences in terms of exit options. I’d pick based on culture.

[Anonymous User]

Anecdotal point but I joined a group that everyone said was "toxic" but my experience meeting/interviewing with everyone on the team was amazing and im super happy where I am. Go with your personal experience of meeting people and not what some TLS poster thats never met anyone in the group has to say.

[Anonymous User]

Ask to do second looks and/or reach out informally to juniors and midlevels in those groups.

Why the preference for Public deals? More background into what’s motivating that on your end may be helpful.

OP. Appreciate all the responses. Re: why public - I'm at a firm this summer and I get the sense from working on some private deals and talking with M&A associates that PE firms often know what they want (especially for "smaller" deals) and therefore M&A lawyers very much just do their bidding (e.g., writing the exact provisions that Blackstone or Silver Lake wants). Of course it's a client-driven business in any practice area, but I think (or hope) that public companies rely a lot more on outside counsel and "trust" them to take the lead on more things throughout the process.

[Anonymous User]

Anecdotal point but I joined a group that everyone said was "toxic" but my experience meeting/interviewing with everyone on the team was amazing and im super happy where I am. Go with your personal experience of meeting people and not what some TLS poster thats never met anyone in the group has to say.

Thanks - I'm definitely a bit freaked out by all the bad press about STB M&A...bc the people I met were all normal and chill lol. But then again, they wouldn't send the insane ones to OCI. And all of these firms must have a few bad apples, right?

[Anonymous User]

Anecdotal point but I joined a group that everyone said was "toxic" but my experience meeting/interviewing with everyone on the team was amazing and im super happy where I am. Go with your personal experience of meeting people and not what some TLS poster thats never met anyone in the group has to say.

Thanks - I'm definitely a bit freaked out by all the bad press about STB M&A...bc the people I met were all normal and chill lol. But then again, they wouldn't send the insane ones to OCI. And all of these firms must have a few bad apples, right?

It’d be top quality experience but I’ve worked across from them many times. Without fail, they have a partner or senior associate who flips out on a Zoom call and tries to chew us out. Last time I stepped in because their guy was going after a quiet (but really smart) woman and I thought that was bull shit.

They’re good overall though, they just need to STFU and realize negotiations of boring shit over zoom is not Wolf of Wall Street.

[Anonymous User]

Anecdotal point but I joined a group that everyone said was "toxic" but my experience meeting/interviewing with everyone on the team was amazing and im super happy where I am. Go with your personal experience of meeting people and not what some TLS poster thats never met anyone in the group has to say.

Thanks - I'm definitely a bit freaked out by all the bad press about STB M&A...bc the people I met were all normal and chill lol. But then again, they wouldn't send the insane ones to OCI. And all of these firms must have a few bad apples, right?

Makes sense. I would speak to someone that is no longer in the group (whether a lateral or went in house) and ask them for their non-bias opinion

[Anonymous User]

I am a lateral out of STB M&A. There are some partners who are more difficult to work with, but there are definitely some who are just incredibly nice, understanding and smart (both personally and professionally). Unfortunately, however, the former outnumbers the latter - but I really don't think such case is any significantly different in DPW and S&C. As some already pointed out, V10 M&A groups are pretty much the same in terms of prestige (except Wachtell) and culture.

I honestly think you will be fine to choose whichever firm you like the most without putting too much deference to the anecdotes you find in the TLS (most of which I believe would be second-handed).

[stbyes]

Anecdotal point but I joined a group that everyone said was "toxic" but my experience meeting/interviewing with everyone on the team was amazing and im super happy where I am. Go with your personal experience of meeting people and not what some TLS poster thats never met anyone in the group has to say.

Thanks - I'm definitely a bit freaked out by all the bad press about STB M&A...bc the people I met were all normal and chill lol. But then again, they wouldn't send the insane ones to OCI. And all of these firms must have a few bad apples, right?

It’d be top quality experience but I’ve worked across from them many times. Without fail, they have a partner or senior associate who flips out on a Zoom call and tries to chew us out. Last time I stepped in because their guy was going after a quiet (but really smart) woman and I thought that was bull shit.

They’re good overall though, they just need to STFU and realize negotiations of boring shit over zoom is not Wolf of Wall Street.

I don't know what STB did to you but you need to become an adult. Get over it.

OP don't be dissuaded by the haters. STB is a great place to work at.

[Anonymous User]

Anecdotal point but I joined a group that everyone said was "toxic" but my experience meeting/interviewing with everyone on the team was amazing and im super happy where I am. Go with your personal experience of meeting people and not what some TLS poster thats never met anyone in the group has to say.

Thanks - I'm definitely a bit freaked out by all the bad press about STB M&A...bc the people I met were all normal and chill lol. But then again, they wouldn't send the insane ones to OCI. And all of these firms must have a few bad apples, right?

It’d be top quality experience but I’ve worked across from them many times. Without fail, they have a partner or senior associate who flips out on a Zoom call and tries to chew us out. Last time I stepped in because their guy was going after a quiet (but really smart) woman and I thought that was bull shit.

They’re good overall though, they just need to STFU and realize negotiations of boring shit over zoom is not Wolf of Wall Street.

I don't know what STB did to you but you need to become an adult. Get over it.

OP don't be dissuaded by the haters. STB is a great place to work at.

Have no problem with STB and even their Zoom antics hardly bother me, since I don’t take this job particularly seriously. Aren’t you the STB troll who bashes STB in any thread that mentions the firm?

[Anonymous User]

bump

[Anonymous User]

Another STB lateral chiming in. Can't speak to DPW or S&C but it's the worst culture I've personally ever seen (hence the lateral). If you can deal with that you will get more than your fair share of experience on deals.