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SALT trends lower than federal - exit OPs for federal are also considerably better as there aren’t natural transitions.

The work can vary greatly depending on office but most bread and butter will be historical diligence work and the ensuring any risks are covered in the purchase agreement as well as helping clients get the best terms for rep and warranty insurance.

Depending on office, work could also include projects (382 studies, E&P, basis) or broader long term tax planning and documenting in memos/opinions.

likehelpful

Seems the work varies across offices and some offer “better” work. What offices generally (outside WNT) would you say give you the most opportunities for research and writing and the kind of project work you mentioned?

With regards to the exit ops, are they good for those working in federal M&A or just better compared to SALT M&A? I ask because my understanding is exit ops are limited across the board in M&A generally.

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I’ve seen very few exits from SALT M&A once you exclude shifts to going into federal work. There just isn’t much demand for it on the industry side - I’m in industry now and we don’t have anyone but there’s four ex-big 4 M&A people in various roles.

The exits are generally all manager plus, that is accurate.

likehelpful

The M&A experience provides a good backdrop into taking an in-house role with a planning group. Focus is M&A, other internal restructurings and other planning (methods). You can also move to a bank or fund as well. I’d recommend obtaining international experience as well as fed. If you’re in SALT, it’s such a niche practice, it’s hard to move in house or other places unless you get other experience in compliance/provision and controversy to round out the resume.

likehelpful

Honestly just stay away from SALT it's too niche and unless your in it for at least 4+ years you won't know what your doing and even then you'll be lost. Also, the fact your in there makes you pigeon holed because your so specialized. Fed is way better for a whole plethora of reasons. I wish I knew all this before I wasted all this time with SALT.

helpful

Can anyone speak to international M&A as well?

smart

Right, we do have a group within IT that does M&A. Never touched M&A but always been pretty curious what it’s like.

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