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Messages - LittleRussianPrincess, Esq.

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51
"Could change" isn't a lot to hang your hat on. Just letting folks out there know what is happening on the inside and that they should probably look for signs of recovering markets before gunning for a securities job, if there are other options. In most firms (mine is an exception) you can fairly easily go from one practice group to another once you are in, so maybe starting out in litigation or something else that's got business right now would be better. Then you could always move into corporate finance if that's your thing.

52
Law Firms / Re: A question for people working in Biglaw...
« on: August 12, 2008, 11:44:24 AM »
LRP, are you happy with your decision to go into biglaw?  I recall you went to Berkeley...are you happy with your decision, and with the amount of time you expect to take to pay off your school loans?

Honestly, given my loan burden it would have been difficult to do anything but Biglaw. I have a very tight relationship with a PI organization that I summered and externed with in Florida, and while I could have taken a job there, financially, it made more sense to do Biglaw, at least for a while.

IF I am smart about it, it shouldn't take more than five years, but Biglaw comes with the burden of having to dress and live the part, so I am spending more money on things I wouldn't have before.

Craven, your summer experience is not really indicative of what is expected of you and what is indeed the daily reality once you join. When I summered, between my fancy lunches, dog & pony shows from every practice group and various other activities, I did maybe 2 hours of billable work each day. Now I rarely leave the office before 8 pm.

53
Law Firms / Re: A question for people working in Biglaw...
« on: August 12, 2008, 09:06:11 AM »
My hours have been pretty brutal, but the money is worth it, at least for a while.

54
General Board / Re: What Are 1L Jobs That Pay? (Besides Firms.)
« on: August 12, 2008, 08:55:36 AM »
Some schools have grants that will at least cover your bills for the summer while you do public interest work. I did this my 1L summer.

55
Only hundreds? That sounds like a market correction rather than a crisis to me. Thousands would be cause for concern. Hundreds sounds like the shedding of dead weight. There will be plenty of work for securities firms in coming years. Especially, with the impending adoption of IFRS. Trust me, that will swell the ranks of the largest firms yet again. Accounting and law firms alike will rake in billions from that forthcoming clusterf**k. SOX 404b compliance will generate business, too. Mark my words, securities law will be a thriving practice area for years to come. The down turn is temporary... providing that more firms do not adopt fixed-fee billing arrangements. That will only mean slower job growth and fewer salary increases but not a general decline in the volume of business.

As someone who is practicing securities law in the most thriving securities market in the world right now, I can without hesitation say that there has indeed been a general decline, not only in the volume of business but in the number of deals that close. And this isn't just my firm. It's every firm in the city. My friend started at top 10 firm a month before I did (last Sept) and has only been staffed on one deal so far. Until she was staffed on this particular IPO last month she had not done ANY work. That is, she came in at 11, left at 4, went on long lunches and surfed the internet all day because there wasn't anything to do.

The markets WILL recover, but to say that they are healthy now is simply delusional. The markets are suffering, deals aren't closing and people are getting laid off. That IS the reality of corporate practice right now. Anyone interested in this field deserves to know this reality.

56
Where should I go next fall? / Re: Fall '09 Chances
« on: August 06, 2008, 12:09:28 PM »
Don't listen to anyone who tells you that you must pick a different career path because you can't get into T1/T2.  It's frustrating that 80% of the people here speak like the only jobs worth putting in your 3 years of law school for are big law.  If you have a deep interest in the law and it is your goal, do it.  Your gpa is fairly decent.  My advice is to go where you want to practice and network to find a career you can enjoy.  That will help you more than anything.

If people couldn't get jobs they enjoyed at a T3 or T4 schools, they would not exist.  It's not the end all.

not to beat a dead horse, but unless OP can fork out cash for his education, he must consider the impact that 70-150k in loans will have on his ability to "find a career [he] can enjoy."

57
Where should I go next fall? / Re: Fall '09 Chances
« on: August 06, 2008, 11:42:42 AM »
Tennessee and Kentucky, among others, are extrememly unlikely with those numbers.

58
"Well" is a relative term, but, yes, business is down. Public shells are selling for hundreds of thousands less than they were six months ago. Hopefully, the economy rebounds after the election. The plummeting dollar is killing the foreign M&A market. However, there still is hope on the horizon for a great year in 2009, provided that SOX 404B is not delayed for another year by Congress or the SEC.

When hundreds of corporate attorneys are being laid off from national law firms and those who are lucky enough to hang on to their jobs are being restaffed on litigation projects, it's not very relative at all. Corporate work is, well, in the shitter.

59
Law School Applications / Re: Branches of Corporate Law
« on: August 06, 2008, 09:49:28 AM »
Depending on the size and the market of the firm, M&A can be its own practice, or part of a larger general securities practice. Many firms now subdivide their corporate practice by industry (healthcare, technology, oil & gas, etc.). My firm has a general corporate finance department that does a bit of everything, but each partner tends to informally run a certain practice area on his own. For example, the UK partner I work with does predominantly CIS deals, but he will do every type of corporate deal imaginable - IPO's, tenders, M&A, private placements, etc.

You can learn a lot from a firm's website, but it's also a good idea to ask these questions when you are on an interview.

60
General securities and M&A practices are NOT doing well right now.

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