Best Firms for Securities Enforcement/regulation/litigation?

[rider06]

I go to a high T2, with very average grades.  However, I have a very decent resume working for various US regulatory agencies and SRO's.  So two questions:

1) What are the firms that specialize in those areas?
2) Do I have a shot at any of those firms?

Thanks

[Veil]

You should take a look at Chambers and Partners, an excellent, free, online resource for firms and their practice area strengths. Though that last statement must sound like a plug, I swear I do not work for them.

Glancing quickly at the top firms for Financial Services Regulation: Banking and Securities (the practice area I think you're referring to), we see:

Cleary
Sullivan & Cromwell
Arnold & Porter
Davis Polk
Debevoise
Mayer Brown
MoFo
Sidley Austin
Simpson Thacher
Skadden

Many national firms have their security reg. practices located in D.C., one of the toughest legal markets in the country. Whether you have a shot at any of the above really depends upon which market you apply to and the strengths of your past experiences.

Not to state the obvious, but if you are a median student at a T2, it will be tough to get into any of the above firms. You may have an "easier" time cracking into one office of the above (for example, Arnold & Porter's NY office) and then moving to the office where the bulk of that firm's regulatory practice group resides.

Another option to consider is going back to work at any of the US regulatory agencies you've worked for in the past. If you have the opportunity to "climb the ladder" at certain agencies, you may have a much better chance of lateraling into firms such as the above.

Good luck to you!

[themanwithnoname]

yeah, securities = biglaw, and not only biglaw but very profitable NY and DC biglaw. About as selective as it gets, aside from maybe  M&A.

[kenpostudent]

yeah, securities = biglaw, and not only biglaw but very profitable NY and DC biglaw. About as selective as it gets, aside from maybe  M&A.

There are a good mix of firms that do securities law... but when you say securities law, so you mean litigation or consulting? Some smaller firms (from 3 to upwards of 50 attorneys) practice securities law all over the country. The smaller firms tend to specialize in certain industries or focus on micro-cap companies. There many types of securities firms. Some do document review for SEC filings. Others do SEC defense work (mostly big firms). Referring to securities law is like referring to corporate law: it's a big field. My accounting firm works with smaller firms like Sichenzia Ross (NY) and Crone Rozynko (Cupertino, CA) and larger firms like Munger, Tolles and Olson (LA).

If you want to do hardcore litigation, the bigger firms get more such cases. However, it may be quite some time before a new hire gets to open his/her mouth inside a courtroom. The bigger the firm, the longer it will take to work your way up to a position of responsibility. If you want to do securities defense (like defense work for SEC Enforcement proceedings), the fastest route to that kind of practice is to spend 10-20 years in SEC Enforcement. The firms that specialize in that kind of defense hire former SEC prosecutors to litigate their cases. I doubt you will break into that by working your way up through a firm without an act of God... you would be competing with people with 15 to 20 years of litigation experience in highly technical cases.

[LittleRussianPrincess, Esq.]

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

[kenpostudent]

"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.

[LittleRussianPrincess, Esq.]

"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.

[kenpostudent]

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.

[OConnorScribe]

Also, Cadwalader, Wickersham & Taft has a top-notch B-D/I-A regulation practice. The partner who heads their efforts is Steven Lofchie, who is probably the foremost expert in the country on the topic. He previously worked at David Polk. So CWT is definitely on the top of the heap. Skadden is also highly regarded.

[malty]

Also, Cadwalader, Wickersham & Taft has a top-notch B-D/I-A regulation practice. The partner who heads their efforts is Steven Lofchie, who is probably the foremost expert in the country on the topic. He previously worked at David Polk. So CWT is definitely on the top of the heap. Skadden is also highly regarded.

Cadwalader has laid off over 100 attorneys this year... almost all in securities/capital/m&a practice groups... not a place you should be looking for a job at.