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How good is Cahill's reputation in NY? Seems to be a limited amount of info out there regarding them. Are they in the "2nd tier" of NY firms, or can they be considered in the 1st tier in what they do even though they are extremely niche?

Cahill thots

Idk how you define tiers but they are definitely a well respected firm especially in their specialty areas. It's not as well-known because it's smaller and doesn't have as many offices (basically a single office firm with I think one or two satellites).

Also they pay above market bonuses.

It's very well regarded in leveraged finance/high yield bonds spaces. Clearly in the first tier.

Questionable though, whether those are desirable areas to practice in.

Is LevFin worse than M&A with regards to hours and work/life balance or comparable? Or is it because you are pigeonholing yourself with this practice because the exits are limited?

tk2585 wrote: ↑

Tue Jul 26, 2022 4:26 pm

Is LevFin worse than M&A with regards to hours and work/life balance or comparable? Or is it because you are pigeonholing yourself with this practice because the exits are limited?

Commitment papers are horrible for unpredictability and notorious last minute weekend killers, IDK if worse than big ticket M&A though.

Definitely has much more limited exits than M&A, though.

tk2585 wrote: ↑

Tue Jul 26, 2022 4:26 pm

Is LevFin worse than M&A with regards to hours and work/life balance or comparable? Or is it because you are pigeonholing yourself with this practice because the exits are limited?

I've only experienced levfin (not at Cahill), so I don't really have a point of comparison but my understanding is that levfin has shorter turnaround times and more fire drills. Don't think it's necessarily more hours overall. The exits are considered more limited.

On the pro side, if you get good at it and can hack the schedule, you probably have longer shelf life and better partnership chances.

They're really good in the LevFin and Cap Markets (High Yield Bonds)... but thats what you're doing if you go there for corporate/transactional... theyre kind of large boutique in that sense... and you're doing both - no real either/or choice... not a great work environment but you will learn it really well and if not liking it then you can basically lateral to any firms finance/cap markets group after a couple of years with really good experience and actually work in a more pleasant environment... they do Commitment Letters though and that's the real weekend killer/fire drill situation... they're not for the faint of heart but a great learning opportunity... definitely quicker turn around times than M&A which is nice

Someone I know there billed close to 3000 hours as an associate (or that's what he told me at least), worked out he is now a partner.

Anonymous User wrote: ↑

Wed Jul 27, 2022 3:22 pm

Someone I know there billed close to 3000 hours as an associate (or that's what he told me at least), worked out he is now a partner.

Yes, senior associates and above bill about 2700+ there. It's a great place to train. A partner factory for other firms. Note that counsel there pull in $1m in their first year (base + bonus).

Non-junior at Cahill. Hours can be rough at times, but the people (apart from one or two difficult partners) are generally good to work with and pretty kind. Also the comp is above market and seems to be truly independent of hours (e.g. people were really slow but still got retention bonuses and I expect they will get their year end bonuses/special bonuses as well).

How realistic is it to make partner or counsel as a corporate associate?

I’m also curious how far above market a first year would be. I’m assuming we aren’t talking Susman/Wachtell range.

Not speaking with any type of insider knowledge, but you might fare a little better at Cahill as long as you can hack the hours and show you have skill in lev fin/capm. Since all the clients are repeat institutional investors, don't really need any type of straight-up biz dev other than demonstrating expertise to the client. But still given the small size of the firm not really something that happens super often I imagine.

Re comp, definitely not Wachtell level, first year I think gets like 5-8k additional but don't remember. I think midlevels got 15-20k. On top of those extras, this year people got additional retention bonuses that were a pretty decent size, but don't think that'll carry on next year given the market.

Could anyone please elaborate on what it means to make counsel at Cahill? A previous poster said that they take home $1M their first year, which sounds pretty incredible..

Is a 7-figure counsel position something you can reasonably expect at Cahill if you do good work and grind it out for 8 years?

Anonymous User wrote: ↑

Wed Sep 28, 2022 6:09 am

Could anyone please elaborate on what it means to make counsel at Cahill? A previous poster said that they take home $1M their first year, which sounds pretty incredible..

Is a 7-figure counsel position something you can reasonably expect at Cahill if you do good work and grind it out for 8 years?

8 years of grinding in lev fin isn’t what I would what I would describe as “incredible”.

Also it’s not like it gets easier when you make counsel.

No idea in terms of comp for counsel there.

I’m the most recent anon.

I guess I meant that the $1M comp figure sounds really high for a first year counsel. I thought that was more first year equity partner territory.

Is LevFin really that much more miserable than, say, M&A? From what I’m reading here, it sounds like a lucrative practice if you can cope with the demands.

What am I missing here?

Anonymous User wrote: ↑

Wed Sep 28, 2022 3:40 pm

I’m the most recent anon.

I guess I meant that the $1M comp figure sounds really high for a first year counsel. I thought that was more first year equity partner territory.

Is LevFin really that much more miserable than, say, M&A? From what I’m reading here, it sounds like a lucrative practice if you can cope with the demands.

What am I missing here?

“If you can cope with the demands”.

Demands including Commitment Papers basically every Thursday/Friday, when you rep the lenders, which Cahill does.

Also it has way more limited exit options than m&a when you inevitably decide the grind is too much.

Edit: this is existentialcrisis

Let’s say, hypothetically, that your only goal is to make as much money in your BigLaw career as possible.

Also assume that your wife has a boyfriend, and you therefore do not need to be available on weekends.

Under these conditions, is LevFin the profit-maximizing choice for a greedy junior associate?

Anonymous User wrote: ↑

Wed Sep 28, 2022 9:29 pm

Let’s say, hypothetically, that your only goal is to make as much money in your BigLaw career as possible.

Also assume that your wife has a boyfriend, and you therefore do not need to be available on weekends.

Under these conditions, is LevFin the profit-maximizing choice for a greedy junior associate?

There's negligible differentiation until you're a rainmaking partner, and at that level M&A is often, but not always, going to lead the pack in that regard.

I’m talking about the likelihood of making counsel or partner.

It seems like Cahill gives you a decent chance at both? Apparently the firm is a “partner factory for other firms”, so why?

Anonymous User wrote: ↑

Wed Sep 28, 2022 3:40 pm

I’m the most recent anon.

I guess I meant that the $1M comp figure sounds really high for a first year counsel. I thought that was more first year equity partner territory.

Is LevFin really that much more miserable than, say, M&A? From what I’m reading here, it sounds like a lucrative practice if you can cope with the demands.

What am I missing here?

They bumped up the comp package in late 2020 when levfin / high yield was going gangbusters. In that same year they made up about 2 or 3 8th years to partner early by about 6 months and made up a 9th year from counsel to partner. One of the 8th years that made counsel left to Shearman for a partnership.

Previously they paid counsel a base of about $450k with about $150-200 bonus—bumped up to $700k base and $300k bonus in 2020. I checked around and at least 1 other firm was willing to match that base but not the bonus. In most cases, levfin counsel make about the same as senior associates.

Comp for junior partners is around $750-$850k starting, stepping up to about a mil after year 3 (regardless of equity/income distinction). It’s just another ladder like it is in the associate tier, with more negotiation in terms of the comp level you enter at.

I work at a top 5 firm, band 1 finance. We’d vacuum up Cahill associates in a heartbeat. They’re just way better trained at the junior levels relative to even the other band 1 finance practices given the volume of papers and deals they see (maybe save for KE). Added bonus is that they’re better conditioned for the grind.

Anonymous User wrote: ↑

Wed Sep 28, 2022 9:29 pm

Under these conditions, is LevFin the profit-maximizing choice for a greedy junior associate?

I wouldn't call it profit maximizing exactly, because the exits aren't the best and M&A partners make more money. But it's a reasonable decision to make. I'm a levfin junior and I plan on sticking with it and gunning for partner eventually. I do think it's my best option for partnership prospects.

Anonymous User wrote: ↑

Wed Sep 28, 2022 9:29 pm

Let’s say, hypothetically, that your only goal is to make as much money in your BigLaw career as possible.

Also assume that your wife has a boyfriend, and you therefore do not need to be available on weekends.

Under these conditions, is LevFin the profit-maximizing choice for a greedy junior associate?

“Finance” is just a euphemism for debt work, which in general is less desirable to associates compared to litigation, M&A or capital markets. It probably does have the highest profit potential, because debt associates are in high demand in both good times and bad and because it’s harder for firms to find good help in this area. There are plenty of debt associates banking big paychecks who’d have been fired already in M&A.