Interviewing in the “direct lending and specialty finance” group at Milbank. Can someone give me a brief synopsis of what exactly that means? It seems to be different, but the same thing essentially, as leveraged finance, but is also a completely different group from lev fin?

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A lot of overlap but DLSF generally represents alternative lenders and credit funds holding loans to maturity as opposed to investment banks syndicating out loans to the masses. DLSF has more varied work (some securitization stuff, DIPs, oddball/bespoke deals you won’t see anywhere else). The work is very interesting and some solid people there, but it’s a very tough practice (especially with the restructuring component) and make sure you gel with some of the stronger personalities or it won’t be fun.

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Direct lending is a sub-set of lev fin. The differentiator being that direct lending typically has one or a small group of lenders (club type loan). The direct lending groups at banks typically are for smaller (comparatively) companies or companies with more unique businesses that wouldn’t fit the big general syndication mold.

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A2’s response nails it. My DMs are open if you have further questions.

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I’m in this group and completely agree with Associate 2. One thing I would mention is don’t compare DLSF work to Lev Fin work in your interview because people will not look upon that positively since it is meaningfully different for a number of reasons. FWIW I think our quality or life is better than most groups in big law. Feel feee to message me if you have any other questions and good luck!

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Direct Lending is a great stepping stone to non-Big Bank in-house roles. Many of credit arms at multi-strategy hedge funds are hiring attorneys, and these funds are becoming more popular.

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