What's a typical day like for you?
Typically, I could be involved in multiple transactions simultaneously. Our team is built around client service, so it requires that I stay abreast of the calendar and deadlines. Usually transactional work requires communication with various parties via conference calls or meetings, in which we provide guidance and direction to clients in their fund raising. This work also encompasses resolving various disclosure issues that often requires interaction with the SEC and possibly its foreign regulatory counterparts.
The practice that is in demand right now is restructuring. Yet, many of these cases don’t necessarily involve bankruptcies, but rather working toward an out of court resolution by working with creditors. These activities are at the forefront today as companies try to right their balance sheets and survive the credit crisis.
My work is also heavily focused on regulatory compliance issues. We work hand in hand with restructuring attorneys to provide advice concerning disclosure and other regulations before, during, and after a bankruptcy proceeding. In some cases, companies are in trouble in other areas. It could involve work with the SEC or another regulator, where I am called in to advise a client.
What are the most important skills for a career in securities law?
You need a solid understanding of securities regulation from the perspective of a United States attorney. But as markets are now global, it’s also important to have a familiarity with the various regulations in different international jurisdictions. So much of securities and capital markets law involves finance, so it’s valuable if you understand basic accounting principles and financial reporting requirements. Most attorneys have not been formally educated in these areas, but if you’re able to grasp them, you can provide a lot of value to a firm in a transaction.
Any advice for up-and-coming securities lawyers?
I’d recommend they jump right into it. Join a practice within a firm and learn by doing securities work every day. There are a number of organizations, such as the American Bar Association and the Association of the Bar of the City of New York, that offer training programs and information on securities and capital markets legal developments via their Web sites. The SEC site, for example, provides access to filings, news and developments that are posted on a daily basis. As a result, you can stay attuned to any overnight pronouncements issued by the SEC. Staying current with rulemaking and regulatory developments is important because of the dynamics of financial markets today.
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