As a potential M&A lateral in Houston that is not at a top-tier firm, is it worth it to try and lateral to a Latham, K&E or V&E solely for the experience/reps you’ll get? Or are there other firms that aren’t quite at their level but may still be decent shops?

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Depends on what your end goal is. Make equity partner? A firm that's a tier below V&E, etc. is probably a better place to build a book. Go in house? They care more about prestige on your resume (talking about F50, not all in-house). Just want to make Cravath scale for a few years and bail? Go to the most laid-back Cravath scale firm you can find.

I agree with all of this (about going in-house, and coasting at a rando Cravath scale form) except about the making partner point. (1) building a traditional book isn’t necessary or expected at KE or LW to make equity (less sure about VE) so the fact that doing so is easier at other firms isn’t necessarily an indication of overall partnership chances; (2) it’s common for seniors/NEPs at the top firms who fail to make partner to leave and make partner at other less profitable firms: and (3) one of the most important factors in partnership at any firm is the economic case to add a partner in your practice to begin with, so a profitable and growing firm is key. For example, KE has made around 4 equity partners here per year (NOT counting laterals) for the past few years, which is far higher than any other firm here, and it’s mostly because the firm has continued to grow and bring in business especially in Houston so there is room to add people. That could be true of smaller firms too but size/rank is not directly correlated with the economic case.

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I’m kind of confused by this question. Why would it not be worth trying to lateral to the best firm you can? Just apply and if they don’t take you then you’re in the same position anyway. Yes there are plenty of other good firms here at lower tiers in the market, but in my opinion “is it worth it” to attempt the best you can the answer is always yes.

A1, thanks for the very comprehensive response. Definitely a lot to consider.

F1, thanks for the info.

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