DPW vs. Skadden vs. S&C for M&A
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Date: September 6th, 2010 8:26 PM Author: garnet gas station ape Subject: ty ty ty
CN student, dinged post screener at Cravath and Wachtell. Interested in M&A but ignorant of most of what corporate law is, just enjoyed talking to M&A associates and enjoy the idea of the whole 'quarter back of the deal' BS.
Liked DPW the best by a decent amount, S&C the worst (in terms of clicking with interviewers, etc.). Have heard all the horror stories about S&C. Figure Skadden might be a better bet for M&A, but am worried it might be a crowded field.
Thoughts? Anecdotes? ITE concerns?
STB CB is this week too, but I figure PE doesn't sound enough better for it to be a major consideration unless I love the people. Wise?
(http://www.autoadmit.com/thread.php?thread_id=1416259&forum_id=2#15981736) |
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Date: September 7th, 2010 11:21 AM Author: topaz mother
Read Anatomy of a Merger and the ABA Model SPA and APA to get a sense of the big picture.
There is, of course, a ton of more specific stuff you just learn on the fly, both legal and non-legal. As far as difficulty, I think it's primarily a function of your interest in the work and the dickishness of the people you work for (which you can manage, to some extent, by making them aware of all your effort to get up to speed, flagging the gaps in your knowledge and asking intelligent questions when you're not sure about something). To me the biggest distinction between M&A and securities is drafting. I think M&A work can be less difficult/annoying for mid-levels than securities work in terms of finding ideal language b/c there's more time to change something and usually no hard filing deadline setting the schedule, though you're obviously always going to try to draft it as well/favorably as you can. But it's more about just finding something that works and accurately papers the deal. To the extent you feel clever/add value, you might draft something to avoid an issue you want to avoid and then hope the other side doesn't get wise to it. And people who get really anal about having something exactly how they like are going to miss 7 other problems while they whine about that one issue, and frequently the other side may push back on their perfect language even though they don't actually care just to keep the anal lawyer preoccupied.
Our generation will be specialized more to specific industries and companies, so if you have a background with particular types of companies from your previous work, try to use that (though it will be of limited value). Also if your corporate finance work involved any kind of negotiated lending transactions (as opposed to just moar securities) from which you have a background drafting and negotiating deal documents as borrowers' counsel that will come in handy eventually.
(http://www.autoadmit.com/thread.php?thread_id=1416259&forum_id=2#15986136) |
Date: September 7th, 2010 2:36 AM Author: Poppy Painfully Honest Prole Hospital
There's so much DPW kool aid here it's sickening.
DPW's culture is just as sweatshoppy as S&C, it's just that at S&C, a partner will tell you to "do it," and at DPW a partner will tell you, "please, do this. OK thank you so much!" Also, reviewers at DPW are more likely to tell you your work product is good and then talk shit behind your back about it. S&C is very clear about that shit up front.
So in essence: same shit. DPW has nicer offices by far though, and id take them for that reason alone.
(http://www.autoadmit.com/thread.php?thread_id=1416259&forum_id=2#15985449) |
Date: September 7th, 2010 1:13 PM Author: vivacious impertinent institution people who are hurt
I would avoid Skadden. Skadden has a bigger M&A group than the other firms but that's because Skadden dabbles in so many shitty little deals that the other V5 won't bother with.
If you got the best vibes from DPW, go with them.
(http://www.autoadmit.com/thread.php?thread_id=1416259&forum_id=2#15986786) |
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