Ask Simpson Thacher Anything (26/27)

[Stella0328]

Hi everyone, thank you for your time to answer questions. I have the following questions:
1. Simpson Thacher describes its training contract as giving trainees an understanding of the full private equity lifecycle. In practice, where do you think trainees most clearly see the advantage of Simpson advising sponsors across areas such as M&A, financing and funds, rather than approaching each transaction in isolation?
2. Because this is Simpson Thacher’s first London training contract, what have partners been able to design differently from a more established City training model?
3. When you read applications, what distinguishes someone who is genuinely motivated by private equity from someone who has simply researched the sector well?

 

[CorporateLaw123]

Hi, thank you all so much for your time!

I had a few questions:

1. I noticed during research that the firm allows trainees to draft documents from scratch which is different to other firms who often use templates etc - in this case, how are trainees prepared to draft such documents and what forms of support are available?

2. What has been the most challenging matter you have worked on thus far at the firm and why?

3. In terms of DEI, what networks and initiatives does the firm offer for trainees to get involved with?

Thank you again for your time!

 

[Isabelle36]

Hi all, huge thanks for taking the time to answer our questions today! I have two:

Firstly Simpson Thacher has positioned itself as a firm which covers the whole lifecycle of the private equity ecosystem, how does this offer a more comprehensive training contract compared to other firms who only specialise in one particular aspect of PE, and what are the advantages of this for both the firm and future trainees?

Secondly, what do you think success in the role of a trainee specifically at Simpson Thacher looks like?

 

[Ediz - Simpson Thacher]

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

Thank you, Jaysen.

Hello! Quick intro. from me - I read law at the University of Warwick and completed part of my TC at a firm called Nabarro (which was known for commercial real estate and real estate funds work). I say 'part' because the firm merged with CMS and Olswang part way through my TC. I eventually qualified into the funds team at the newly merged CMS before moving to K&E. I then moved from K&E to STB.

Please do feel free to tag me and @Christine - Simpson Thacher & Bartlett if you have a funds-specific question. Best, Ediz

 

[yamini_iyer]

How does Simpson Thacher support junior lawyers in developing their careers beyond just learning the technical side of the job?

 

[jmgarson]

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

What are some of the responsibilities you have and documents you draft in the funds team?

 

[takaxkatak]

In a transaction, junior lawyers often have to balance precision with working under significant time pressure. How did you develop the judgement to know when to work something out independently and when to ask a senior lawyer for help?

 

[LouisSchaffer1]

I’m particularly interested in understanding how Simpson Thacher’s private equity focus translates into the day-to-day experience of its lawyers.

Paul, you’ve spoken about the firm advising clients across the full private equity lifecycle.

For the associates, how does that integrated model shape your work and your understanding of a sponsor’s wider commercial objectives beyond the individual matter you’re advising on?

 

[Winifred]

Hello everyone,

Thank you so much to the Simpson Thacher team for this opportunity. My question is about the scope of work in the Investment Funds practice, and I ask because I have a strong interest in transactional and finance work and want to understand where the team sits on that spectrum.

First, is the team primarily transactional or advisory in nature, or both? I understand that some fund teams draft documents like limited partnership agreements and management incentive plans, but I want to understand whether the work is only restricted to advising clients on fund structuring decisions, such as the choice of investment vehicle.

Second, does the Investment Funds team handle fund finance transactions like NAV facilities and subscription line facilities, or does that work sit primarily with the Banking and Credit team?

Thank you.
Ejiro Ayara

 

[Ayaan Ahmad]

Hi all, thank you very much for your time! I had a few questions I wanted to ask all of you:

1. What factors lead clients to choose STB for PE deals over competitors advising on similar transactions? Are there particular types of deals or sectors where STB has a specific competitive advantage?
2. How early do associates take on responsibility in technical teams like Investment Funds and Banking & Credit? Do associates get meaningful responsibility early on, or does this increase more gradually as they progress?

I also had a question for Paul specifically:

1. Would you recommend including a Simpson Thacher deal that I find particularly interesting in my application? If I do refer to one, is it fine for it to be a transaction handled by a different office rather than the London office?

 

[Stargirl]

Hello everyone,

Thank you for taking the time to answer questions.

My question is whether trainees will have exposure to private investments outside of PE, such as VC, private credit, hedge funds and other alternative investments.

If so, could you share a little more about the extent of this exposure and the opportunities available to trainees?

Best,
Lizzie

 

[kassaf00]

Hi everyone, thanks for taking the time to speak with us! I was wondering what has surprised you most about working at Simpson Thacher compared with your expectations before joining? I’d also be interested to know what you think distinguishes an excellent trainee on a live matter beyond simply completing the task accurately.

 

[Mace2121]

Question for Ediz Osman / Christine MacVicar

Simpson Thacher has longstanding relationships with many of its sponsor clients. In practice, how does repeatedly working with the same sponsors change the way you advise them?

 

[Paul@SimpsonThacher]

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?

Hi @dogwhistle123

You can only apply to one vacation scheme in each recruitment cycle. If you can start a training contract in October 2028, which will be our first trainee cohort, I'd advise you to apply for either the Autumn or the Winter vacation scheme. You can of course apply to Spring or Summer instead, if the Autumn and Winter vacation scheme dates don't work for you.

Thanks,

Paul

 

[takaxkatak]

Last set of questions! Really sorry for asking too much as I know there is limited time allocated to get through as many questions you can for all of us!

1) Since Simpson Thacher's private equity work brings together practices such as funds, M&A and banking and credit, how does collaboration actually work between those teams on a live transaction? Is there a point where you find yourself learning as much from lawyers in another practice as from your own team?

2) If you could go back to your first year as an associate and give yourself one piece of advice about becoming commercially useful to a client, not just legally competent...what would it be?

 

[jmgarson]

One thing I am really looking for in a TC is cross-jurisdictional exposure.

Given STB's international reach, I wish to know whether the London office navigates US and European PE structures? How has this translated in the waterfall and where do you find the most interesting legal and commercial issues to arise on cross-border transactions?

Thanks

Jonathan Garson

 

[tan1963]

Thank you for your introductions. The firm has recently built out around evergreen and private-wealth-accessible fund structures. How is that changing the day-to-day drafting work in the Funds team compared to a traditional closed-ended fundraise? @Ediz - Simpson Thacher @Christine - Simpson Thacher & Bartlett

 

[lois.boothby]

Hey, I was wondering about your experience as an associate in Investment Funds, how does the London office add value to Simpson Thatcher's private equity clients, particularly where a transaction involves UK & US investors?

 

[Winifred]

Hi Paul, thank you for being here again. My question is specifically for applicants who have qualified in another jurisdiction and are currently undertaking postgraduate studies in the UK.


On the vacation scheme application form, are we able to include extracurricular activities from our undergraduate studies and prior legal training, even where these took place several years ago? And in terms of how we present them, do you prefer applicants to go into depth on a select few activities or to cover a broader range briefly, highlighting the skills gained from each?


Thank you.
Ejiro Ayara

 

[Dilraj - Simpson Thacher]

Hi everyone - thank you for taking the time to ask questions!

Just by way of introduction, I am an associate within the Banking & Credit practice having joined STB as an NQ in September 2024.

Happy to answer any questions - whether finance specific or just generally about life at STB!