Is this a possible transition within big law? from funds to a more regulatory role in big law? or would it be better to just move in-house?
*possible as in plausible, I know pretty much every transition is POSSIBLE (some just as likely as winning the lottery)
Transitioning from Private Funds to Government Forum
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Re: Transitioning from Private Funds to Government
There are two options here, strictly staying within the practice.
One is to go in-house to the investment arm of a state/local pension plan or other similar entity that invests in PE. The larger ones do hire private funds specialists from time to time. This is effectively switching sides and might be easier to do if you switch to an LP-side private practice first (but that’s not essential). The likeliest states to get a job like this are the big ones—CA, NY, TX, etc.—since they have the largest in-house teams. These positions only open rarely but do exist.
The other option is to go to the SEC. They do have a small private funds regulatory unit that hires occasionally. You would want to build up your regulatory knowledge before trying for this. Like the above option, this isn’t likely to happen immediately and would take some waiting for the right spot to open up. I believe all of these positions are in DC.
There are also foreign governments that hire US lawyers in-house for their sovereign wealth funds. Places like CPP, GIC, etc. These act a lot like private companies though and are probably not what you are thinking of. In the US, this work is usually in NYC.
Edit: Maybe I misunderstood and you want to do regulatory work at a firm. Any firm with private funds lawyers has a handful of 40 Act specialists whose work is much more regulatory-based. Depending on what your group needs, this would be realistic. The bigger the funds practice the likelier for there to be an opening.
One is to go in-house to the investment arm of a state/local pension plan or other similar entity that invests in PE. The larger ones do hire private funds specialists from time to time. This is effectively switching sides and might be easier to do if you switch to an LP-side private practice first (but that’s not essential). The likeliest states to get a job like this are the big ones—CA, NY, TX, etc.—since they have the largest in-house teams. These positions only open rarely but do exist.
The other option is to go to the SEC. They do have a small private funds regulatory unit that hires occasionally. You would want to build up your regulatory knowledge before trying for this. Like the above option, this isn’t likely to happen immediately and would take some waiting for the right spot to open up. I believe all of these positions are in DC.
There are also foreign governments that hire US lawyers in-house for their sovereign wealth funds. Places like CPP, GIC, etc. These act a lot like private companies though and are probably not what you are thinking of. In the US, this work is usually in NYC.
Edit: Maybe I misunderstood and you want to do regulatory work at a firm. Any firm with private funds lawyers has a handful of 40 Act specialists whose work is much more regulatory-based. Depending on what your group needs, this would be realistic. The bigger the funds practice the likelier for there to be an opening.
