Ask Simpson Thacher Anything (26/27)

[Jaysen]

Hi everyone,

A big welcome to the team at Simpson Thacher, who are live in the forum right now to answer your questions.

We are joined by:

• Paul Gascoyne, Associate Director, Early Careers
• Ediz Osman, Associate in the Investment Funds Team
• Christine MacVicar, Associate in the Investment Funds Team
• Hugo Yeung, Associate in the Banking & Credit Team
• Dilraj Rai, Associate in the Banking & Credit Team

Please use this thread to ask any questions you have about what it's like to work at Simpson Thacher, the application process, or anything in between.

Best,
Jaysen

 

[sagekensuke]

Hi! Thank you all so much for your time! I noticed during my research that Simpson Thacher has worked on some of the biggest funds in terms of value raised. I was wondering if there is something particularly interesting in terms of the role of lawyers in these larger funds compared to, e.g. mid-market funds.

 

[jmgarson]

Hi all,

A big thanks to everyone taking the time to answer questions; I have a few to get through so I will be pacing myself!

What can a trainee expect to do at STB? A big part of the TC is early responsibility. Can you give an example of something you were trusted to do earlier than expected and how did you tackle the issue?

Thanks

Jonathan Garson

 

[nehaprasad]

Given the firm's recent lateral hires in leveraged finance, has the day-to-day workflow or deal exposure for junior associates changed much over the past year or so?

 

[takaxkatak]

Hi al! Thanks for taking some time off for this. Simpson Thacher talks a lot about advising clients across the full private equity lifecycle. From your experience, what is something about working across that lifecycle that you only really appreciate once you are actually working on matters, rather than from studying private equity or reading about the firm?

 

[TCchaser]

Hi everyone, thank you for your time!

My question is for Paul: if we make it to the interview, what kind of questions can we expect? Is there a case study element, or motivational/competency/general commercial awareness questions?

 

[Christiantheobald883]

PE work has a reputation for being fairly repetitive in places, similar SPA provisions, tax structuring, warranty and indemnity packages, that kind of thing. Do you find that’s genuinely the case in practice, or does each deal end up throwing up its own issues, whether that be on the commercial terms, the tax structure, financing, or something more deal-specific?

 

[tedkiss]

Hi all! With very large funds, I imagine there can be a much greater number of stakeholders and more complex negotiations. Does that necessarily translate into more interesting work for junior lawyers, or can smaller fundraisings sometimes offer greater exposure to the substantive structuring and commercial decisions?

 

[tan1963]

Hi All! Thank you so much for taking the time to answer questions today. I wanted to ask how does the firm's approach regarding private equity deals differ from that of other firms within the sector?

 

[tanvijhunjhunwala]

Hello! Thank you so much for taking the time out to meet with us! Here are some questions about the firm:

1. What is something about practicing at Simpson Thacher that you only really understand after being here for a few years?
2. Since the new TC is private equity focused, how is the firm planning to bring in diversity of work to help trainees grow? Furthermore, how does Simpson Thacher's PE TC distinguish itself from a general TC at a private equity focused firm?

 

[Ap110z]

With private equity sponsors increasingly using continuation funds and other GP-led transactions, how has the work of Simpson Thacher’s Investment Funds team changed?

 

[pamelagb1]

Good morning! Thank you for doing this.

I wanted to ask: what can future trainees expect in terms of learning and development? In particular, is there an expectation that trainees take on responsibility early, and if so, how are they supported as they develop?

Equally, I was wondering whether juniors are encouraged to engage in business development, and if so, how?

 

[rsandhu]

Hi,

How does working at Simpson Thacher firm differ from other American law firms or firms in general that you have worked at?

 

[dogwhistle123]

If we apply to both the Autumn and Winter Vac Schemes (as graduates - as Paul recommended) - are applications considered seperately? Are we encouraged to only apply to 1 of the two?

 

[vacattack]

Hi all, thank you all for taking the time to answer our questions. I have two:

@Ediz - Simpson Thacher , I saw that you were seconded to Hellman & Friedman’s legal team while
it was raising major funds. How has seeing the process from the sponsor’s side changed the way you advise funds clients in private practice?

For the wider panel, when do the Investment Funds and Banking & Credit teams work most closely during a sponsor’s investment, and what would a junior associate contribute when both teams are involved?

Thank you!

 

[SanahA]

Hello! Thank you for your time.
My question is for @Ediz - Simpson Thacher

You have worked within Simpson Thacher’s Funds team and on secondment at Hellman & Friedman. Did seeing the sponsor’s decision-making from inside change the way you approached fund formation work when you returned to private practice? Was there a particular issue you began to view differently after seeing the sponsor’s perspective?

 

[jmgarson]

Beyond a PE focus, what would you say is unique about STB? Many firms like Baker McKenzie market themselves with a cross-jurisdictional focus or a guaranteed overseas secondment. Does STB offer trainees overseas/client secondments?

Thanks

Jonathan Garson

 

[Mace2121]

Hi all, Thank you for taking the time to answer of our questions. Simpson Thacher has chosen to build its new training contract specifically around private equity. From your experience here, what do you think a trainee will gain from that model that they wouldn't get from a more conventional training contract?

 

[nehaprasad]

On the funds side, how much of a new fund structure is genuinely bespoke to a sponsor's commercial priorities, versus built from an established market template with minor tweaks? I'm curious how much of the work is novel structuring versus applying precedent.

 

[SanahA]

For @Ediz - Simpson Thacher or @Christine - Simpson Thacher & Bartlett

Simpson Thacher is known for supporting sponsors as private-capital markets evolve, which is reflected in the growth of its secondaries practice. When an area such as secondaries develops quickly, what does that look like from inside the Funds team? How does the team distinguish between a short-term increase in client demand and an area in which the firm should build deeper capability? Also, what does that mean for junior lawyers working in the practice? How do juniors experience that evolution?