About to start a new position doing cross border securitization and structured lending transactions. What should I expect as a first year and how can I prepare?

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Securitization lawyer here. The work is very niche. MBS and other ABS products are essentially commodified legal work so the volume will be high (assuming the market stays robust although Ukraine is causing softness this quarter). However, some deals can be quite bespoke. If you’re on the issuer side, your team is running the whole offering and as a junior you will be in charge of doing the indemnification agreements and the collateral purchase agreements. By half way through your first year you will be the chief inputting person for the offering documents and by the end of your first year you will be doing the first drafts of the offering documents. If you are on the servicing side, the work is quite different in perspective but similar in practice. These offerings have numerous deal parties and you will be the master record keeper in the sense that you will need to know who hasn’t sent comments, who owes documents etc. You will also be in charge of distributing documents to the working group. During closings, you will be the point person on the checklist and do all the first drafts of the deliverables. These closings often have up to 175 docs (assuming it is a public deal). Key things to keep in mind: (1) stay organized; (2) check all your emails - there is no worse feeling than screwing up a distro; and (3) ask a lot of questions and take notes. You will be amazed at how much you learn after you get through the learning curve. My rule for juniors is that by the third deal you should noticeably demonstrate an increasing awareness of the deal process and the documents themselves. You don’t have to know how the waterfall works or how bond interest is calculated but you want to demonstrate knowledge. Another note: the securitization world is small. Some markets only have 6-7 real legal players and some have even fewer. Don’t be an ass and do your best to build a good reputation because you will meet everyone worth meeting within the first 2-3 years of your practice. We all talk about the bad players and roll our eyes and we treat the honest brokers with respect. The timelines are crazy but after print things get better. HMU with anything else.

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Thank you so much, again!! This is so informative and a great help. I could express enough how thankful I am!

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