🚨 Reed Smith has just announced its Direct Training Contract route!
The deadline is 20th June.

👉 Read Becca's announcement post here
📝 Apply directly here

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Message: <blockquote data-quote="Andrei Radu" data-source="post: 210486" data-attributes="member: 36777">Hi [USER=35674]@Chris Brown[/USER] to take the questions one at a time:<ul> <li data-xf-list-type="ul">Market position: Paul Hastings is a Vault 20 firm (the immediate next tier in general reputation after the V10 in the US, particularly in regards to transactional practices) operating a medium-sized office in the City with a focus on finance/capital markets practices. </li> <li data-xf-list-type="ul">Closest competitors in core practice areas: in the capital markets space, while we could subdivide between competitors in ECM, DCM, CLOs, securitization, and high-yield (and, for the purposes of the interview, perhaps one ought to look up Chambers rankings for all of them) at a general level I would say Paul Hastings' competitors will be some of the Magic Circle firms (in particular, A&O Shearman and Clifford Chance), Latham, White & Case, Weil, and Milbank. For its big ticket lender-side banking and finance practice, the firm's main rivals would be Latham, A&O, Linklaters, Clifford Chance, White & Case, and Milbank. For its private equity investment funds offering, we would be looking at Kirkland, Simpson Thacher, Debevoise, Clifford Chance, and Goodwin.  </li> <li data-xf-list-type="ul">Closest US firm competitors: looking at other V20 firms with a focus on finance/capital markets practices, I would say Milbank, Weil, and Ropes & Gray. </li> <li data-xf-list-type="ul">What makes Paul Hastings unique: the firm has market leading expertise in the CLO and hotels & leisure space; and as opposed to many of its finance-focused US competitors it has strong expertise in a set of practices that can be complementary for many transactions, such as employment, real estate, and white collar crime. </li> <li data-xf-list-type="ul">Securitization: securitization essentially involves taking illiquid assets (so, assets that cannot be traded) such as loans, pooling them together, and repackaging them into securities (such as bonds) that can be sold to investors. The pooling of many different assets (such as mortgages, student loans, credit card receivables etc) in theory will provide the investors with greater protection from impact of defaults, which makes buying the package of assets more attractive than purchasing specific assets individually. This is a method used by banks and other lenders to take credit off their balance sheets and transfer risk to investors; freeing them up to loan more money to others. It is also a highly-regulated area of finance following the Great Financial Crisis, so there is a lot of work for lawyers to ensure business remain compliant. </li> <li data-xf-list-type="ul">High-yields products: this refers to the offering of high-yield bonds; sometimes also called 'junk bonds'. The term is used in opposition to investment-grade bonds to refer to bonds issued by companies who are at a higher risk of default. To compensate for it, the companies will have to offer investors significantly higher yields (essentially, higher interest payments) than for investment grade bonds. </li> </ul>Finally, I have recently written an in depth post describing the differences between debt and equity finance, I will quote it bellow:</blockquote>

Verification: Our company is called, "The Corporate ___ Academy". What is the missing word here?

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