Anonymous User wrote:Thank you for doing this.
Anonymous User wrote:Of people you know in your class, how many didn't get their preferred rotations? If someone came in wanting to rotate through M&A and capital markets, how likely is it that they get shunted into credit? How are rotation decisions made? I assume deciding one first year doesn't get their preferred rotation while another does has a qualitative aspect to it.
I can't provide an actual number, but it's rare for someone to miss their first choice rotation both times.
The market is probably the biggest factor. They're going to send people where they need them. Until recently, everyone who wanted to do capital markets (and even those that didn't want to) had a chance to try it just because of how busy the group was. Nowadays it would be difficult for someone to get both M&A and capital markets since both groups are popular and have slowed down. Credit has gotten very busy as the group has started to build out its sponsor-side practice and borrowers have been taking advantage of the low interest rates. Your guess is as good as mine re where the market will be when you join the firm.
But if we put all that to one side, there is a "gaming" element to the rotations given that some rotations are much more/less popular than others due to perceived sexiness, group size, and exit options.
Capital markets and M&A are consistently more popular than Credit and FIG even though our Credit/FIG practices are stronger than our M&A practice, especially compared to some of our M&A-focused peers like CSM/STB. I'm guessing it's because cap markets is considered the "crown jewel", M&A sounds sexy and intuitive to students, credit literally sounds boring and FIG involves a lot of research and memo-writing, which corporate-minded students usually dislike. Of the smaller groups, IMG (our fund formation group) and real estate are more competitive to get into.
Given all this, you can probably guess how you can try to game the system in the current market climate (i.e., M&A/Capital Markets have slowed down). If you put an unpopular but busy group third and rank popular but slow/small groups first and second, then it's likely that you get choice #3. But the upside is that it's likely that you get your first choice rotation the second time around. If you get your first choice in M&A your first time, you should be prepared to spend the next six months somewhere not-capital markets. Remember that this could change very quickly if the market changes.
I don't wanna speak out of turn and suggest that there are substantive considerations in determining which first-years get placed into a rotation. Truth is i don't know. However, it wouldn't surprise me if being an exceptionally good or bad summer was a tie-breaker consideration. They're human too. That said, it's hard to stand out in either direction. People don't really remember and there aren't a lot of opportunities for summers to stand out on the virtue of their work product.
Notwithstanding the above, if you don't get a chance to work with a group that you really want to try, they will work to accommodate you. There are associates who are permitted to change groups even a year or two after they've assigned to one (either to a different corp group or to litigation). Remember that they've spent a lot of time/money getting you here and training you. No one wants to see you depart for another firm because you couldn't develop your career the way you wanted.
Anonymous User wrote:Does DPW have a part time program for certain 3Ls near NYC?
I know the firm recently started a part-time program for 3L's that attend schools in the city (I did not). I'm not sure how much work they actually do given they can't work full-time. I've never worked with a part-time 3L nor have I seen any of my friends work with one.
Anonymous User wrote:Any tips for a summer associate?
-Get to know the first-years. They're the most likely to be around by the time you arrive after graduation.
-This sounds obvious, but remember that we're just like you. Odds are that we get annoyed by the same things you do. Try not to do those things. And if you do, then don't sweat it. We've all annoyed someone at some point. We forget about the same things you do too.
-Have a list of restaurants ready for lunches/dinners. We're already sick of everything in the area so we defer to you guys lol.
-Relax. We want you to have a good experience and try a varied diet of work. Go to as many summer events as you can, put in sincere effort to the extent your post-lunch food coma will permit and ask questions.