S&C vs. DPW FIG (Definitive thread as of 2023) Forum

[Anonymous User]

What are people’s thoughts on each firm’s FIG practice? How do they stack up against each other in 2023? Some of the threads from a few years ago (c. 2018-2019) seem to suggest that DPW has solidly attained top dog status in bank regulatory work. Is that more/less accurate these days? Both were working on the bank crises earlier this year. DPW seems to be more active in the thought leadership space and Tahyar and Guynn are clearly titans. Meanwhile, S&C has Cohen and Eitel and some younger folks.

Also, I find it a bit odd that DPW, being such a FIG powerhouse, hasn’t elected a “pure play” FIG partner since Rosenberg in 2016 (Portilla’s a lateral hire iirc). Does anyone know what long-term career prospects look like in the group (they also only have 3 FIG counsel)? On the other hand, two FIG/financial services partners were elected at S&C in just the past two years (2021 and 2022). Not sure if one can extrapolate from that to say, e.g., that there’s more business growth at S&C FIG...such that there’s a bigger pie to divvy up to younger lawyers?

Happy Thanksgiving y’all

[Anonymous User]

Also, I find it a bit odd that DPW, being such a FIG powerhouse, hasn’t elected a “pure play” FIG partner since Rosenberg in 2016 (Portilla’s a lateral hire iirc). Does anyone know what long-term career prospects look like in the group (they also only have 3 FIG counsel)? On the other hand, two FIG/financial services partners were elected at S&C in just the past two years (2021 and 2022). Not sure if one can extrapolate from that to say, e.g., that there’s more business growth at S&C FIG...such that there’s a bigger pie to divvy up to younger lawyers?

FIG groups don't need to be very large. At the end of the day it's a support/cross-selling group for big-dollar transactional work; at WLRK (whose group is on par with S&C/DPW; trying to say which of these is "better" is asinine and rather missing the point) it's like four people.

[Anonymous User]

Some of the roles in the most recent crisis were dictated by conflicts / preexisting client relationships. For instance, S&C had long represented SVB and did so during the failed cap raise prior to its failure. It has represented SVB in the RX etc too. But that limited their ability to represent any of the other banks with interests in that situation. Ditto with First Republic — S&C also represented them, which is why DPW represented the large banks in the deposit rescue plan and ultimately JPM in the acquisition. S&C has also been limited in what it’s been able to say about the broader environment because of those client relationships I’d imagine. At the end of the day, however, they’re both really strong groups and the market leaders. They do have pretty different structures though — I think the partner promotions you referenced might have to do with the fact that S&Cs rainmakers and mainstays are cycling into retirement soon (hence making replacements) whereas DPWs are a bit younger and probably less in need of additional partner help at the moment.

[Anonymous User]

Also, I find it a bit odd that DPW, being such a FIG powerhouse, hasn’t elected a “pure play” FIG partner since Rosenberg in 2016 (Portilla’s a lateral hire iirc). Does anyone know what long-term career prospects look like in the group (they also only have 3 FIG counsel)? On the other hand, two FIG/financial services partners were elected at S&C in just the past two years (2021 and 2022). Not sure if one can extrapolate from that to say, e.g., that there’s more business growth at S&C FIG...such that there’s a bigger pie to divvy up to younger lawyers?

I don't have any basis on which to comment about the broader claim, but on the narrower question of whether there have been new FIG partners (other than laterals) elected at DPW since 2016, there has been at least one. https://www.davispolk.com/news/davis-po ... w-partners

[Anonymous User]

Considering a pivot from general corporate work to FIG work.

To the FIG lawyers (or friends of FIG lawyers) out there, what’s the divide between business development work and billable work? I always hear that nonbillables are a huge component of the job (at least at DPW? also curious about S&C). And what are hours like—billable vs. non billable? How is non billable work viewed by partners/the firm, if it truly is a massive time sink?