Lateralling from "Bank Side" Practice to "Company Side" Practice
As I stated in my first article of the year, there are lots of good reasons to lateral from one BigLaw firm to another. When it comes to corporate practice, a great reason to move is to shift your corporate work from representing banks and finance clients to representing clients in other industries. Shorthand for this is often described as going from the "bank side" to the "company side."
When I worked as a capital markets associate at Dewey & LeBouef in London and New York (RIP), my practice was more "company side" than it was "bank side." Our group focused on representing clients in the insurance and reinsurance industry. This focus meant that I got to know the clients and industry very well. One of my biggest tasks was to run the offering document, which meant that I had to talk to different business unit heads in detail. Attorneys that represent the banks financing the offering also had to understand the client's business, but more at a "big picture" level as their primary responsibility was to focus on the underwriting agreement and protect the bank's interests.
Among other things, my "company side" corporate practice afforded me in-house possibilities beyond financial services clients.
Here are the reasons that a "bank side" corporate associate might consider a move to a "company side" practice:
The deal pace in a company side practice can be quite different from a bank side practice. If you are representing the company itself in a financing, sale or purchase, the client will require a significant amount of attorney time for the diligence, offering details and strategy. This means you become more invested in the transaction than you might as the bank side attorney. You also aren't pushed to close many deals as quickly as possible as you might on the bank side.
The industries that need company side corporate attorneys right now are wide and varied. Whether you have an interest in working with clients in technology, health care, energy or basically any other big industry, there is a company side corporate associate opportunity out there for you. Additionally more and more firms are aligning their practice groups to industry groups, so this means you can truly focus in on working for particular industry. This can produce the network and knowledge for making a great in-house move later down the line.
Generally speaking, the lateral associate market is hot and the need for experienced corporate associates is high. Whether your practice is capital markets, M&A, private equity, finance or general corporate, the needs for corporate associates with 2-3+ years of experience is high right now. This will not always be the case. If you want to take advantage of a strategic move to a firm with a good company side practice, now is the time.
ENDNOTE: Most corporate practices at firms do not neatly advertise themselves into the company side or bank side categories. However, if you are working with a recruiter that is thinking strategically about i) the specific opportunity, ii) the firm as a whole, iii) the character of the office and iv) the make up of the practice's working groups, you can ensure the company side work balance that you might be seeking.