If the ultimate goal is to do high level, interesting work in house, is there any reason *not* to do M&A? In house M&A teams tend to be the most valued and senior in house counsel, no?

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There may be an argument to do securities because at pubcos they have more involvement with the execs

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I do securities/governance and agree with above. I have meetings with them (disclosure committee/board meeting prep) and are heavily involved in exec comp. Also their own stock transactions, estate planning etc.

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Fund formation in house positions generally pay better and involve “high level, interesting” work. Also funds associates are generally less miserable than M&A associates (based on the latest Chambers surveys I saw). Suspect people will say that that comes at the expense of work life balance on the in-house side of things, but personally have seen examples of people getting paid well and working 9-5.

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That’s because STB M&A associates have been slower in the past year.

I for one have never seen a happy funds lawyer, in house or otherwise. Although I wouldn't say M&A is a consistent 9-5 in house either. But I'd think there's more of the latter than former.

Not to say that I think M&A associates are any happier - but I think for in house, absolutely

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