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Banking & Financial Services

Overview

Finance attorneys represent borrowers or lenders in transactions involving lines of credit, loans, or restructurings. Law firm practices tend to lean toward either the lender or borrower side, though some practices work on both sides. Financing can come from traditional banks as lenders or from private credit funds. In the U.S., the practice is heavily concentrated in New York where the majority of the banks and private lenders are located, but the practice can be international, and finance attorneys are in demand in international capital markets as well (London and Hong Kong, for example). The practice often involves acquisition finance supporting a larger M&A transaction, which means deadlines can fluctuate, and the hours can be erratic, especially on the borrower side, where the transaction timeline can be at the mercy of the lender’s side. Financing deals tend to be relatively short, so lawyers are frequently moving from one transaction to the next.

Featured Q&A's
Get an insider's view on working in Banking & Financial Services from real lawyers in the practice area.
Susanna M. Suh, Partner
Cahill Gordon & Reindel LLP

Describe your practice area and what it entails.

My banking practice involves representing financial institutions and public and private companies in loan financings.

What types of clients do you represent?

I represent major financial institutions like Bank of America, Morgan Stanley, and PNC Bank—who act as arrangers, administrative agents, and lenders—and borrowers like Praxair, Inc., a major industrial gas company, and Arch Capital Group, a Bermuda-based insurance and reinsurance group.

What types of cases/deals do you work on?

We generally work on large, complex credit facilities, ranging in size from hundreds of millions to billions of dollars. Many credit facilities are used in M&A transactions and involve commitment letters provided to the buyer in the acquisition. Most deals involve non-investment-grade borrowers and are, therefore, secured by assets of the borrower and its subsidiaries. I recently represented Citibank and PNC Bank on a credit facility for CONSOL Energy Inc. in connection with its spinoff as an independently traded public company. It involved a very complicated collateral package and required negotiations with many parties, culminating in a closing that occurred concurrently with the spinoff and related transactions.

How did you choose this practice area?

My first bank financing at Cahill was when I was a summer associate. It was a syndicated credit facility of over a billion dollars for Time Warner. It was exciting to be part of this big, important deal. As an associate, I continued to work on bank financings, but also worked on all types of transactional matters. Fortunately at Cahill, I am able to maintain a wide-ranging portfolio, even as a partner. While I do a lot of banking work, I have also worked on debt and equity securities offerings, corporate advisory, and M&A. My varied experience gives me a broader perspective and helps me to be more effective in banking transactions as a result.

What is a typical day like and/or what are some common tasks you perform?

I spend much of my day advising clients, negotiating issues with other parties, reading and analyzing loan documents, and talking through ideas and questions with my partners and associates. I may work through a novel or difficult question, help a client structure a deal, or walk a junior associate through my comments on a draft document he or she prepared.

The partners at Cahill are very hands-on in the life of the firm in addition to client work. So nearly every day, I do something in my role as co-chair of the Diversity and Inclusion Committee, a member of our Professional Development Committee, or as a formal mentor to several associates. This could include moderating a discussion during a luncheon with affinity groups, giving a training program to associates on analyzing acquisition agreements from the lenders’ perspective, and meeting with a mentee associate about how his or her work is going.

Our deal teams are generally staffed leanly, so every member of the team has an important role. Junior associates may begin by drafting initial drafts of ancillary documents and preparing initial markups of documents prepared by the other firm. However, we don’t limit junior associates on what they can do—we give assignments based on what we believe they can handle. We often see our junior associates working with counterparts at other law firms who are much more senior. This is because our associates gain so much more experience during their time here.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Law students should hone their writing and analytical skills. Careful drafting is key to loan financings (and most other practice areas in law firms). For substantive knowledge, I re-commend the following classes to law students who are interested in a finance practice: bankruptcy, federal income tax, secured transactions, and securities regulation.

What is the most challenging aspect of practicing in this area?

Loan financings often move very quickly. Timing often depends on an M&A transaction, market conditions, or some other driver that requires us to work on a tight timeframe. The most challenging aspect when I started my career was managing time, and that continues to be the case.

What do you like best about your practice area?

Every day, we face difficult issues and problems on deals— the parties on the deal often have divergent interests that they want to protect. I love using critical thought and creativity to come up with solutions that work for all parties. The relationships with clients and colleagues that I’ve developed over the years are also very rewarding.

What misconceptions exist about your practice area?

A lot of law students think that work experience or a business, finance, or accounting degree is a prerequisite to working in a transactional practice. This is not true at Cahill. We train our associates from the ground up. Although a business, finance, or accounting background can be helpful—especially when starting out—you can learn what you need to know on the job.

What is unique about your practice area at your firm?

We have been the market leader in leveraged loan financings since 2010, with a 27 percent market share in 2018. This means that we have unparalleled experience in the market. Our clients entrust us with their most difficult, most high-profile deals because we’re really good at what we do, and we keep getting better.

Nearly all our corporate partners started their careers at Cahill. Our long personal histories together at Cahill help us maintain a cohesive culture—we are committed to providing excellent service to our clients and understand what it takes to do that. And we are committed to training our associates to become superb lawyers so that Cahill continues its preeminence in finance.

Susanna M. Suh, Partner—Corporate

Susanna M. Suh represents global commercial and investment banks and public and private companies in a wide range of legal matters, including loan financings, debt and equity securities offerings, and liability management transactions. Susanna is recognized as a leading lawyer in bank lending and debt capital markets by IFLR1000 and The Legal 500. She was honored as a Woman of Distinction by the Girl Scouts of Greater New York in 2017.

Susanna has practiced at Cahill since graduating from Yale Law School, where she was editor-in-chief of the Yale Journal of International Law. She became a partner in 2003. Susanna is co-chair of the firm’s Diversity and Inclusion Committee and has also served as co-administrative partner.

Angela Ulum, Partner • Krista Cooley, Partner
Mayer Brown LLP

Describe your practice area and what it entails.

Angela: My practice generally involves two separate—but overlapping—types of work: transactional work and regulatory advice. Currently, a significant portion of my practice is devoted to regulatory implementation and compliance—I advise on the impact of regulations affecting a client’s ability to finance its business, to lend money, or to issue or underwrite securities, and I assist clients in structuring and documenting transactions to comply with applicable law and business objectives.

Krista: My practice involves assisting residential mortgage lenders and servicers in navigating the broad range of U.S. federal and state laws that affect their business operations. I concentrate on helping my clients understand and comply with the complex and constantly changing requirements related to government-insured lending, including loan programs governed by HUD, the VA, and the USDA. Collectively, my practice group covers every aspect of the consumer lending spectrum, including licensing and approvals, regulatory compliance, government enforcement, internal investigations, class action defense, and public policy and government affairs. A large part of my practice involves representing clients subject to government audits, investigations, and enforcement proceedings by federal regulators.

What types of clients do you represent?

Angela: I represent a wide range of finance companies and financial institutions who originate auto loans and leases, equipment loans and leases, and other types of financial assets. I also represent commercial banks and investment banks lending money to, or underwriting securities issued by, finance companies and financial institutions.

Krista: I represent financial institutions and companies en--gaged in mortgage lending and mortgage servicing, as well as real estate industries in connection with regulatory compliance and enforcement matters. I also respond to inquiries from federal regulators.

What types of cases/deals do you work on?

Angela: A significant part of my practice involves representing issuers or underwriters in connection with publicly registered or 144A asset-backed securities transactions. For these transactions, my focus is very much on knowledge of the market and the regulatory requirements for securities offerings generally and securitization transactions in particular. I also work on a wide range of transactions designed to provide funding solutions for finance companies and banks, such as revolving loan facilities, portfolio sales, and joint ventures and other business relationships involving the origination and servicing of loans or leases.

Krista: I have assisted multiple clients in connection with False Claims Act investigations by the U.S. Attorney’s Office regarding the origination of FHA-insured loans. I also represented a consortium of banks and mortgage companies in proposed reforms of the residential mortgage lending programs of the FHA to reduce risk of False Claims Act liability and increase access to credit. I recently drafted a comment letter for a national trade association regarding the current administration’s regulatory reform efforts.

How did you choose this practice area?

Angela: I actually began my career in a different practice area at Mayer Brown and had no knowledge of what financial services as a practice even entailed. During my first year, I worked with a partner in another practice area on a structured finance transaction. Even though the work was very challenging—I had no background in the subject, and the project was fast paced and demanding—I found the deal exciting and interesting. Much of the work in my practice is very relationship oriented—you are working with a team of people (within the firm, with the client, and with the deal team as a whole) to accomplish a common objective. I also like that there is a significant amount of regulatory and legal knowledge necessary to effectively represent clients in this practice, and clients actively seek out lawyers with this expertise and market experience.

Krista: As a summer associate, I had an opportunity to work with attorneys in the practice group on an administrative enforcement matter. I enjoyed the subject matter, the intellectual challenge of learning a new area of law, and—most importantly—the people with whom I worked. The group is structured to service an industry, rather than focus on a particular area of the law, and I appreciated the opportunity to become an experienced counselor in the laws that affect my clients through the lens of their business goals and challenges. This structure allowed me to try different things as a young lawyer and naturally gravitate toward my interests and strengths.

What is a typical day like and/or what are some common tasks you perform?

Angela: As a partner, I spend a significant part of each day on the phone or in meetings. In a typical day, I also draft documents or review documents drafted by others—the phone calls and meetings often relate to discussing document comments with clients or associates, negotiating open issues with opposing counsel, and coordinating resolution of legal issues with subject matter experts. In a typical week, I also review new regulations and legal or market updates and consult with other attorneys on legal interpretation, drafting decisions, and structuring questions. I travel on a regular basis to visit clients, both to build relationships and to present on regulatory topics and legal updates.

Krista: I spend a significant amount of time counseling my clients on regulatory compliance issues and how the various rules governing mortgage lending affect my clients’ businesses. I also spend time drafting and revising written work product in connection with my enforcement matters and crafting unique arguments to counter allegations against my clients in these matters.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Angela: Much of the substantive legal knowledge one needs for this practice area may be learned by actually practicing, so the primary goal of law school for someone who wishes to be a financial services attorney should be to focus on critical thinking and analysis. However, in my experience, one of the most valuable attributes that a new associate can bring to the practice is a basic understanding of how businesses operate. I find it very hard to provide effective advice or to draft meaningful document provisions without understanding the goals of the clients, whether economic, business, accounting, or regulatory related.

Krista: Take as many opportunities as you can to hone your writing and analytical skills. Today, most areas of the law are incredibly specialized and ever evolving, so you will always be learning. Worry less about knowledge in a particular field and more about developing your legal skills so that you can continue to grow and advance as businesses and the legal landscape develop.

What is the most challenging aspect of practicing in this area?

Angela: The most challenging aspect of the practice has changed over time, but in recent years, it has been the rapidly evolving legal and regulatory environment. Unlike some practices that are able to look to the past for precedent and case law, the financial services practice has been creating precedent and leading the market in interpreting new legal requirements and adapting to changing business objectives.

Krista: Two of the biggest challenges in a regulatory practice are (1) assisting clients in interpreting and implementing laws and regulations in an evolving business environment and (2) explaining my clients’ business operations to government representatives in regulatory enforcement actions. I enjoy the challenge of assisting both parties in understanding the goals and motivations of each other to find the best solution for my clients.

What do you like best about your practice area?

Angela: It is challenging to narrow down the many things I like about this practice into a single “best thing,” but if I had to, I would say that what I enjoy the most is assisting clients in solving problems, whether that problem is how to comply with a new regulatory requirement or how to negotiate a successful resolution to a sticky business point in a deal.

Krista: Representing participants in an industry that constantly faces changing requirements and scrutiny from regulators requires collaboration with colleagues to find creative solutions to complex problems. I have greatly enjoyed that process, which has allowed me to create deep and trusting relationships with my clients and colleagues.

What misconceptions exist about your practice area?

Angela: One prevalent myth about this practice area is that in order to succeed, you have to have a strong finance background, and you have to be really interested in finance. My undergraduate major was political science, and I focused on health law and policy in law school. Curiosity, analytical skills, attention to detail, and a desire to counsel clients are all more valuable in this practice area than being able to perform a present value calculation.

Krista: Many new attorneys do not fully appreciate how dynamic and intellectually challenging a legal practice in consumer financial services can be. As an attorney in this space, I have had opportunities to work on projects involving compliance, enforcement, and transactional matters. My experience in representing clients in this area has also required me to collaborate with colleagues in other subject matter areas, such as securities and government contracts.

What is unique about this practice area at your firm?

Angela: Our financial services practice is both broad and deep, and we are very well organized and collaborative with a focus on innovation and creativity. Unlike many other firms, we have extensive experience with both the regulatory and the transactional aspects of the financial services sector and have the ability to advise in multiple jurisdictions—our financial services practice spans the globe. In the years that I have been at Mayer Brown, the culture of collaboration and innovation has always been present, but the growth of the practice has enabled us to provide our clients with even greater experience and expertise than when we were a much smaller practice.

Krista: We provide our clients with a “one-stop,” full-service firm for consumer financial services. As that field has expand-- ed into new industries and legal issues, so has our practice. This evolution has provided me with opportunities to work on regulatory counseling, enforcement, and transactional matters throughout my career, while allowing me to continuously learn and grow as an attorney.

Angela Ulum and Krista Cooley, Partners—Consumer Financial Services

Angela Ulum joined Mayer Brown after graduating from the University of Michigan Law School in 1996. Angela represents finance companies, commercial banks, and investment banks in a variety of securitization and other structured finance transactions. She has represented clients in private and public asset-backed securities offerings, commercial-paper-funded facilities, and other forms of financing and in portfolio acquisitions and sales involving a wide variety of assets.

Krista Cooley is a partner in Mayer Brown’s Washington, DC, office and a member of the Consumer Financial Services group. She represents companies in the mortgage and real estate industries in connection with regulatory compliance and enforcement matters. Krista defends clients subject to government audits, investigations, and enforcement proceedings before, among others, HUD, the VA, USDA, DOJ, CFPB, and state banking departments in cases involving the False Claims Act, the Program Fraud Civil Remedies Act, and Mortgagee Review Board proceedings. She advises clients about federal and state consumer credit and protection laws and regulations, including RESPA, FHA, VA, USDA Rural Housing Service (RHS), and Home Equity Conversion Mortgage (HECM) requirements.

Marcus Dougherty, Partner • Lauren Hanrahan, Partner
Milbank LLP

Describe your practice area and what it entails.

Lauren: We work in leveraged finance, and we specifically focus on leveraged loans. The quintessential example of a leveraged financing deal is an acquisition financing. When a private equity sponsor or a company wants to buy another company, they often finance a large portion of the acquisition with some form of debt, and we focus on the loan portion of that financing. Our colleagues in our Capital Markets group will deal with any associated high-yield bonds. Our deals often have an international component, and we frequently work on complicated cross-border financings with lawyers in our London office and our other offices around the world.

What types of clients do you represent?

We represent both lenders and borrowers. We regularly work with world-class investment and commercial banks, such as Goldman Sachs, Credit Suisse, and others. We also frequently work with direct lenders, which are the funds whose business is to make/invest in loans. That category includes clients like PSP, Owl Rock Investing, and others. Much of our work includes roles as lenders’ counsel, designated by private equity firms, such as Carlyle, KKR, and others.

What types of cases/deals do you work on?

The types of deals we work on are generally acquisition financings. We handle the debt commitment letters, which are signed in conjunction with the signing of the acquisition agreement, and the loan agreement, which will close and fund concurrently with the acquisition closing. We also do all sorts of related transactions, including dividend recaps and restructurings. We do deals that are all over the place in terms of the capital structure, including first lien and second lien loans, unsecured loans, unitranche, and subordinated debt, as well as bridge loans and recapitalizations, restructurings, and complicated workouts and amendments. We also do a lot of work with general corporate lending for public companies.

How did you choose this practice area?

Marcus: My background is somewhat atypical. I went to school in London, which is one of the capital markets centers of the world. I was attracted to finance because it allowed me to travel and work internationally. I started my career in London, later worked in Hong Kong, and then returned to London. I moved to the U.S. in the late ’90s and continue to work on significant cross-border financings.

Lauren: As a summer associate and later as a first-year associate, I rotated through different practice groups, including M&A and Leveraged Finance. The finance work I did appealed to me, and the team that I worked with, which included Marcus as a senior associate, really took the time to train me and made me feel like I was part of a real team. I also started my first year as an associate in September 2001. The historical events of that month had a significant impact on the flow of different types of deals, but the financing team was still very busy.  

What is a typical day like and/or what are some common tasks you perform?

Marcus: Much of my time is spent with clients. A typical day for me often involves meeting with clients over breakfast, lunch, or dinner. I balance these commitments with sourcing and managing the day-to-day deal flow from wherever I am traveling and coordinating with clients, opposing counsel, and collaborative teams of Milbank lawyers across different global offices and other practice groups (including capital markets, tax, environmental, real estate, IP, IT, and regulatory).

Lauren: Like a lot of lawyers, I don’t have a “typical day.” A day in the life of a first year is quite different from a day in the life of a partner, but I am actively working with associates all day long. I review commitment letters and credit agreements prepared by junior associates. I liaise with clients and instruct and train my associates to do the same. Our deals are generally staffed in such a way that I am working with associates from all seniority levels. I also spend a significant amount of time overseeing the first-year transactional rotation program. Marcus and I, along with our other partners, work to make sure that the first-year associates rotating through Leveraged Finance are being exposed to real, substantive work, including exposure to clients via conference calls and opportunities to work on meaningful deal documents. As a member of the firm’s Recruiting Committee, I am a summer program mentor to our summer associates and am very involved with our summer program and recruiting season. I also spend a considerable amount of time meeting students on campus and in the office during the interviewing process.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Lauren: The true way you develop skills in leveraged finance is to work on deals over time. Our deals are often very short, so you can get a tremendous amount of exposure in a very short amount of time. A lot of what we do in in our practice isn’t taught in law school. That said, it is helpful to take the building block courses that are important to how we structure deals, like tax and bankruptcy. Most of the loans that we do are secured loans, so it’s an added benefit to take a secured transactions class. It’s a uniform code across the country, and—as an additional bonus—it’s a topic on the bar exam! A lot of law schools now are also offering workshops on topics like drafting and M&A, and those are definitely helpful to take.

What is the most challenging aspect of practicing in this area?

Lauren: Our practice group is notorious for having a quick pace. Our deals will often take roughly two months from start to finish for typical transactions and are sometimes even shorter. We’re frequently called upon to produce commitment letters in conjunction with an acquisition that needs to be signed within weeks or less. And because our deals are a lot shorter than those of other practice groups, we’re often working on multiple deals at the same time, which requires the ability to multitask, prioritize, and juggle the different matters at the same time.

What is unique about your practice area at your firm?

Marcus: What’s unique about acquisition finance is that we are product specialists (debt) and not industry specific, hence the sector and nature of the target being acquired varies, which allows you to get a glimpse into the management of various industries. One week, the target could be a retailer, the next, an industrial company or a service company. You get to see what makes each business tick in a way that you wouldn’t be exposed to in other practice areas. It’s terrific fodder for cocktail party conversation. We work on sponsor-designated acquisition financings, credit facilities with direct lenders, etc. It can be cross-border, and the deal terms change between geographic centers like London or New York, or the structure can change between bank and bond. Our work is able to change and evolve as the transaction evolves.

What kinds of experience can summer associates gain in this practice area at your firm?

At Milbank, each summer associate is given the option to rotate through three practice groups over the 10-week summer program. When they’re in Leveraged Finance, the summer associates are fully immersed in our work and culture. They’re assigned an associate and a partner mentor within the group. They are staffed on our deals but also regularly attend (very frequent!) coffees, lunches, and other social events. In terms of actual assignments, we try to staff them on deals. We include them on all emails and conference calls for the deal, and they assist with due diligence and edits to documents and will prepare the smaller documents needed for a closing. If they’re lucky enough to have a closing occurring during their rotation, the summers are part of the closing team and assist with everything from execution to documents to ensuring that all the deliverables have been produced.

What are some typical career paths for lawyers in this practice area?

We’ve had associates who have stayed and made partner, of course, but we’ve had many others who have left our practice to do everything from going into journalism to starting their own business or law practice to going back to school to become a law school professor. Some of our former associates are now our clients at banks and private equity firms and major public companies. The skills that you’re able to hone in our group are easily transferable and utilizable in other fields, and the foundation that leveraged finance provides in business allows our lawyers to easily and successfully move into other areas.

Marcus Dougherty and Lauren Hanrahan, Partners—Leveraged Finance

Marcus J. Dougherty is a partner in the New York office and a member of the firm’s Leveraged Finance group. Mr. Dougherty’s practice focuses on representing banks and other financial institutions in senior lending transactions. He has extensive experience in representing lenders in acquisition financings, including leveraged buyouts, tender offers and other going-private transactions, recapitalizations, bridge and mezzanine financings, and DIP and exit facility financings. He has a broad range of financing experience in both U.S. and international transactions and has been admitted to practice in England & Wales, Hong Kong, and New York.

Lauren Hanrahan is a partner in the New York office and a member of the firm’s Leveraged Finance group. Ms. Hanrahan’s practice centers on representing banks and other financial institutions in debt financing transactions. Recognized as a leading lawyer for bank lending and finance in Legal 500, IFLR, and Chambers USA, she has significant experience in representing lenders in acquisition financings, recapitalizations, bridge and mezzanine financings, debtor-in-possession, exit facilities, special situation financings, and other complex secured lending transactions. She has a broad range of financing experience in both U.S. and international transactions. She also devotes a portion of her practice to acting as agent’s counsel or lead investor’s counsel in connection with amending and restructuring troubled loans and negotiating workouts.

William Brady, Partner
Paul Hastings LLP

Describe your practice area and what it entails.

My practice entails structuring and documenting complex finance transactions for alternative lenders who are typically financing the acquisition or activities of private-equity-backed companies. The lawyers in the practice are cross trained in restructuring, so we also restructure these credits when needed.

What types of clients do you represent?

My client base is broad and includes private debt funds, investment funds, specialty finance firms, hedge funds, commercial finance companies, business development companies, and other alternative lenders in financial centers around the world. Representation is confidential, but the clients include many of the world’s most well-known capital providers, who invest in the middle market, as well as the large cap space.

What types of cases/deals do you work on?

My practice focuses on complex finance transactions and credit arrangements, particularly financings that include a junior capital component or multiple tranches of debt.

Examples include the representation of:

  • One of the largest global alternative lenders as minority lender in the first lien financing and the sole lender in the second lien financing in connection with the multi-billion dollar acquisition of a leading company in the U.S. physical therapy industry.
  • The agent and lead last-out lender in a $225 million bifurcated unitranche loan to a sponsor-backed software company to refinance existing debt and fund a dividend recapitalization.

How did you choose this practice area?

I have always had an interest in corporate law—specifically finance—and the alternative lender space is one that has grown dramatically over the past 10-plus years.

What is a typical day like and/or what are some common tasks you perform?

The nice thing is that there is no typical week in my practice. The clients we counsel include the industry’s premier names in this space, and their high-stakes transactions invariably rely on complex financial instruments—often on extremely tight timeframes. Structures vary greatly from deal to deal, and each client and transaction requires a thoughtful approach; there is never a “one-size-fits-all” solution.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Coming out of law school, the more corporate-related classes you can take, the better, with bonus points for classes like secured transactions and corporate bankruptcy. That said, over the long haul, skills development is even more important, for example—taking ownership of whatever your role may be on a deal, trying to do more than the bare minimum on an assignment, and really digging into the documents and the transaction generally to fully digest it. There are no shortcuts in this practice, and hard work really does pay off.

What is unique about your practice area at your firm?

I lateraled over in 2016, and as a partner at Paul Hastings, I can say it is unique in so many positive ways, none more important than the culture of the firm. With the hard work and the hours that lawyers at large law firms invest, it’s a game changer if you can find the right culture, where you really feel like you are all on the same team.

What are some typical tasks that a junior lawyer would perform in this practice area?

One of the great aspects of the Alternative Lender group is that we don’t slot associates into a particular role based on their class levels. We allow associates at all levels to take on as much responsibility and as many tasks as they are comfortable with and that they show they are capable of completing.

Many of our associates far exceed their class level in terms of legal competency because we allow them to grow and excel at a quicker rate than most typical “BigLaw” finance groups—this is a result of the fact that we are a fast-growing and dynamic group.

What kinds of experience can summer associates gain in this practice area at your firm?

We treat summer associates just as any other associate in our practice group—over the past several years, summer associates have been able to take part in our finance transactions from inception to closing and are able to complete many of the same tasks that regular associates do. They are able to participate substantially on such matters and able to get the true experience of a finance associate, taking part and being included in all aspects of the transaction.

What are some typical career paths for lawyers in this practice area?

While many attorneys will choose to stay in the practice as lawyers within the firm, others are able to go “in-house” to clients, if that is something that they are interested in. We have relationships with dozens of private credit lenders, and there are always opportunities for in-house legal placement at such clients.

William Brady, Partner & Head—Alternative Lender Group

Bill Brady is head of the firm’s Alternative Lender and Private Credit practice. Bill’s practice focuses on complex finance transactions and credit arrangements for a broad array of alternative lenders and investors, including traditional mezzanine funds, second lien lenders, hedge funds, BDCs, SBIC funds, one-stop shops, insurance companies, and specialty finance companies, often in the context of domestic and cross-border leveraged buyouts, recapitalizations, re-financings, and restructurings.

Mr. Brady has extensive experience in intercreditor and interlender issues, secured creditor and bankruptcy rights, and debt restructurings, and he regularly negotiates intercreditor and subordination agreements, agreements among lenders, and other complex interlender agreements. His experience extends across a variety of industries, including technology, health care, energy, retail, media, communications, gaming, pharmaceuticals, biotech, manufacturing, financial services, insurance, security, and food services.

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