Seward & Kissel LLP - The Inside View

When you think of BigLaw and the kind of clients associated with it, it’s the ‘Big’ that jumps out at you. So, you’d be forgiven that thinking that it was a case of ‘go big or go home’ as a junior associate. The good news for those who’d prefer a smaller headcount however, is that there’s an option that bucks the trend. With roughly 170 lawyers, Seward & Kissel is on the smaller side for a firm in the Big Law world, but “we compete with much larger, name-brand firms on a daily basis” managing partner James Cofer tells us. Indeed, this was a driving factor in associates choosing Seward: “I felt that it would be more beneficial to me to be at a firm where I knew I would have more contact with partners and work in small groups,” one junior commented.

“I felt that it would be more beneficial to me to be at a firm where I knew I would have more contact with partners and work in small groups…”

Seward has long been known for investment management, and the current crop of associates were quick to highlight Seward’s “strength in private funds practice,” and “specialization in the investment management industry.” But this isn’t all Seward has to offer. Alongside Chambers USA rankings in capital markets securitization and hedge funds, the firm scoops top rankings in bankruptcy/restructuring in New York and shipping/maritime nationwide. As one junior put it, Seward benefits from “very specialized groups that you don’t see too often”.

Strategy & Future

“We continue to be an industry-leading resource, particularly in the funds space” says Cofer, adding, “this practice area has seen significant growth.” In terms of trends, Cofer notes, "private capital continues to be a driving force, particularly private equity and private credit. We are well-positioned to capitalize on this trend, expanding our private credit and funds practice, as well as our business transactions and loan agency practices."

Recently, Seward combined its separate corporate departments into a single, more integrated corporate practice group: “This change will allow associates to receive broader training across the corporate practice, giving them the opportunity to work on a variety of matters and become well-rounded lawyers” explains Cofer. Since corporate juniors will now pick up work from a variety of different corporate groups, then “even if an associate specializes in M&A long term, they will gain experience in areas like loans, capital markets, and secured finance.” Our associate sources agreed, thinking that for newbies it will be “good as a junior to get exposure to different areas.”

The Work

The general consensus was that Seward & Kissel is the sort of firm where associates are required to be “a little more of a self-starter than you would be at a place with centralized staffing.” Of course, having to seek out your own work comes with its pros and cons, but, for one associate, the more entrepreneurial system at Seward & Kissel meant that “if you want to make the bonus, you make the bonus.” (But more on bonuses later). Although investment management might be Seward’s flagship practice, there are several others on offer: the litigation bankruptcy group; tax, ERISA, trusts & estates; and, under the broad corporate umbrella, maritime & transportation, M&A and capital markets. Of the associates on our list, about half were in investment management, just less than half in corporate and a couple in tax, ERISA, trusts & estates. Almost all junior associates were based in the New York office with a few in DC.

“…it’s a big point of pride for the firm that they’re so involved in the industry.”

It goes without saying of course that the firm’s specialty is investment management, “and it’s very well-known for that.” In fact, “it’s a big point of pride for the firm that they’re so involved in the industry.” The department is split between hedge funds and private equity, although we heard there’s sometimes overlap between the two. Since Seward is famous for creating the first hedge fund all the way back in 1949, it’s only fitting that creating new hedge funds remains a staple of the firm’s practice today. Its other main areas of business are restructuring funds and a bit of crypto, venture capital, tax and employment work. Everyday junior tasks include regulatory filings and carrying out research into compliance issues. Juniors might attend client calls to discuss the terms of a new fund before later having a go at the first draft of that agreement. Other funds documents juniors can get stuck into include fundraisings, offerings, partnership agreements and subscription agreements. The group will often work with the tax and corporate finance groups to cover all their clients’ needs and there’s even an international element to the work, associates sometimes working on funds in the US Cayman Islands and the British Virgin Islands.

Investment management clients: AllianceBernstein, Akre Capital Management, Homestead Funds. Advised Kennedy Lewis Management, an alternative investment adviser, on the formation and fundraising of a fund that closed at $4.1 billion.

While the corporate department is split into several sub-groups, associates can now pick up work across the department in their early years. The M&A group stands out “for doing a lot of M&A with investment management. That’s really the niche of what we’re known for,” one junior explained. “Of course, that means you need to know the basics of a cut and dry M&A deal, but the investment management component of it adds a whole layer of complexity.” The maritime & transportation team, on the other hand, carries out “corporate finance workfor major shipping companies and banks in the shipping space.” There’s work on loans, vessel sales and “more general corporate work with forming entities.” This subgroup has a lot of overlap with the other corporate groups, so often works with other subgroups to serve their clients’ needs.Meanwhile, in capital markets and corporate securities, the firm advises on a wide range of capital markets offerings, corporate governance and trading, and markets.

Across all the corporate subgroups, “because we’re midsized, you’re able to take on as much responsibility as you want and can handle.” So, juniors might be drafting smaller agreements, carrying out due diligence, coordinating with opposing counsel, sitting in on meetings, getting to know clients and, of course, doc review is also in the mix. The best bit? For one junior, it was drafting “some documents that I don’t know that I would have been able to do even six months ago, that shows how much we learn from day to day.” For another, it was the responsibility: “If you tell them you’ll handle something, they’ll trust you to do it. It’s not like you’re just locked in to doing junior tasks.”

Corporate clients: AlTi Global, Growth Catalyst Partners, Kudu Investment Management. Advised the tech-enabled data and membership services platform Equine Network on its acquisition of The Patriot’s rodeo-events business, expanding its Western Sports Group.

Career Development

Over the last year, Seward has brought in a professional development team which has begun implementing a more formal training program, including events such as a recent “investment bootcamp.” All associates were invited and, according to one insider, the event was “really helpful”, as “a lot of the really senior and active partners came to discuss with us what they’re doing.”

“…not a one-track mindset of up or out.”

The firm also recently rolled out a training curriculum with specific training for each class year, and brought out a guide “to indicate whether you’re on a track leading up to partner or off track, both being valid options.” So, associates felt the firm does a “really good job at setting expectations to be successful here,” and there’s “not a one-track mindset of up or out.” For one junior, the fact that “a lot of the partners are home grown” was another attraction of joining Seward.

We heard the firm tailors career progression to the needs of individual associates and balances each associate’s goals with “the firm meeting its needs.” Having small groups feeds into this, as “if there’s only a few partners, it’s really about making your own career path out of it.” But that’s not to say there’s no support, in fact it’s quite the opposite: “There are definitely opportunities, and they’re plenty open and helpful about searching for other opportunities and jobs outside the firm if that’s what you want to do.” As for mentorship, each newbie is assigned a partner mentor and an associate mentor who is close to them in class year.

Hours & Compensation

Billable hours: 2,000 target

Of the firm’s 2,000 hour billable target, 1,850 hours need to be client billables. After that, associates can count 150 hours of pro bono, recruiting, mentoring, and professional development towards their billable hours target. Some associates felt it was “unfortunate” that pro bono and firm hours were in the same bucket, as they would have liked to be more engaged in both. Our sources had experienced partners being willing to help juniors in their group make the hours target if they expressed an interest in doing so, which was a major positive in their eyes. There’s a special bonus on offer for attorneys who bill 2,200 hours, and a third-tier bonus for anyone who bills significantly more than that.

Seward’s commitment to maintaining remote working practices received a big thumbs up from our sources. We heard that some partners do prefer their juniors to be in the office every day, but work is generally hybrid: Mondays and Fridays being work-from-home days for most of the firm. As in recent years, this summer the firm will have a “remote August again which is so unbelievably wonderful to have,” as well as the weeks of Thanksgiving and Christmas/New Year being fully remote. Associates were keen to emphasize that these remote periods aren’t opportunities for slacking: “If we prove we can handle something, they’ll give it.” In other words, there’s “a trust I’ll get my work done,” no matter where or when associates are putting in the hours.

“…the perfect balance of making market salary and having a little bit of time to yourself to enjoy the salary you make.”

More generally, our interviewees were happy with their work/life balance. “I feel like my hours compared to my counterparts at other firms are much more concentrated on the weekdays,” reckoned one associate. “That’s something I think is really valuable. Having those extra days on the weekends is so critical, I don’t know if I could give it up.” As is almost inevitable in a career in law, some associates reported working late during busy periods, but being able to expense dinner and an Uber home softened the blow a little. To sum it up, a career at Seward is “the perfect balance of making market salary and having a little bit of time to yourself to enjoy the salary you make.”

Culture

There are a lot of scary rumors about what a career in law looks like floating around out there, but one Seward associate was pleased to find that the firm doesn’t match the stereotype: “I’m not on edge or nervous all the time, I feel supported and protected, not like I’m treading water.” And this wasn’t an outlier, another junior told us that “many times I’ve made mistakes and I’m treated with respect, and calmly,” adding that, for the most part, “people will understand that we’re still learning.” What’s more, “my input is always asked for, I was shocked!” And it’s not just the seniors: “all the junior attorneys are very friendly with each other. I don’t feel that sense of competition with each other.”

And the culture more generally? “Because it’s a mid-sized smaller firm, but still operating at this big law level, people here are really committed to maintaining that friendly culture where everyone at the firm knows everyone,” explained one junior. And, to finish on a fun note, a culture committee organizes “extra curriculars,” which range from a pie making contests and an ugly sweater contest to a “back to school” event where everyone wore their school colors.

Pro Bono

All summer associates complete a pro bono project, then, after joining the firm full time, “we get emails all the time of different projects.” To highlight just one opportunity, Seward works with Her Justice, a nonprofit that provides free legal help to women in New York who are living in poverty when they need representation in areas of family, matrimonial and immigration law. The firm has “had that relationship for a long time” and select associates are  put on a pro bono matter with the organization. Although some associates wished there was more emphasis put on pro bono as part of the junior experience at the firm, a wide variety of matters are available for associates to work on. These include asylum, representing veterans and people whose applications for Social Security disability benefits or Supplementary Security Income had been denied. Some groups, such as the maritime & transportation division of the corporate department, also carry out pro bono in their area of expertise alongside their usual work.

Pro bono hours

• For all US attorneys: 2,367
• Average per US attorney: 16

Inclusion

Seward does a “good job at listening to people’s concerns and supporting people, especially women in the workplace.” Our sources felt that the firm had acted on associates’ requests “to support working mothers,” such as by putting in place fertility benefits, which has been a “really positive” step. We heard Seward is supportive of parents more generally, for example offering lower billing targets to new parents if they would like that, which can be “a good peace of mind for people” and shows “the firm is willing to keep you here.”

While associates would have liked to see more diversity networks and initiatives within the firm, such as affinity groups, they enjoyed the events Seward puts on to celebrate cultural events like Lunar New Year. For Black History Month, the firm invited a jazz group from Harlem School of the Arts to play in the lobby and the previous year attorneys could bid on artworks from Harlem School of the Arts – “just very cool things.”

Get Hired

The first stage: recruitment on and off campus 

OCI applicants interviewed: 70 

Interviewees outside OCI: 80 

Partners, counsel and associates conduct the interviews. The firm looks for “well-rounded, mature individuals of demonstrated intellectual capacity and promising legal ability” in prospective associates, according to partner Kevin Neubauer. Interviewers will also want to see analytical ability, judgment and decisiveness in the students they interview. Strong interpersonal skills are also important, so candidates with an effective communication style will fare well. Preparation, self-confidence, enthusiasm and knowledge about the firm also help individuals stand out. 

Top tips for this stage: 

“Candidates who impress our interviewers can speak clearly and confidently and will be engaged in the conversation, providing sincere responses. They will be enthusiastic and demonstrate that they are the type of person with whom our attorneys would want to work.” – Investment Management partner Kevin Neubauer 

Callbacks 

Applicants invited to second-stage interview: 110 

During the callback round, candidates speak with a mix of partners, counsel and associates (each segment of the meetings lasts for approximately 20 minutes). Questions at the callback interview tend to be open-ended so candidates can answer freely, allowing the interview to become more of a conversation. The questions will also afford candidates the opportunity to demonstrate their ability to discuss various topics with ease, focus and organized thought. 

Before the callback interview, candidates should review their resume, as interviewers will delve into their experience. The firm’s website is another good resource candidates should use to prepare. After the firm makes its offers, successful candidates are encouraged to visit the office and to speak with additional attorneys as they contemplate their decisions. 

Top tips for this stage: 

“Confidence, ability to speak about your experiences and genuine enthusiasm for working at Seward & Kissel help make a great first impression." – Neubauer

Summer Program 

Offers: 20 

Acceptances: 10 

S&K aims to give its summer associates a realistic overview of the firm’s practice during the summer program. Summers rotate through each of the major departments. One key feature of the program is feedback: the firm provides summer associates with extensive feedback on their work, through both formal and informal evaluations during the program. 

The program is also designed to allow summer associates to get to know attorneys through training and social events. Summers can mingle at weekly social events. Social events for the 2024 summer program included: a Broadway show, a Mets game, bowling, a privately chartered sunset sail, and a wine tasting. As for training, each department hosts an overview to introduce the attorneys working in that group, showcase the work they do, and educate summers as to what would be expected of them if they ultimately joined as an associate. 

Before the end of the program, each summer associate meets with the chief recruiting officer to discuss practice group options and to list their top three choices for placement. The firm tells us it makes every effort to match the expressed choices with the firm’s needs. Most years, the firm achieves a 100% acceptance rate from its summer associate classes. 

Top tips for this stage: 

“Questions are encouraged and if a summer associate does not understand an assignment, they should seek clarification immediately. The summer associates should also take the opportunity to speak with as many attorneys as possible during their ten weeks at the firm.” – Neubauer 

Lateral Hiring 

S&K hires lateral associates for designated practice groups depending on business needs. Lateral hires generally have between three to six years of experience, and the firm tells us that its recent hires have come from other premier law firms.

And finally… 

“Our firm is a friendly place that has a strong, supportive environment. Most of our partners have spent their entire legal careers at the firm, and so, because the partners have effectively grown up here together, there is a clear sense of trust, mutual respect and team loyalty. We are down-to-earth people, which sets the tone for a wonderful working environment.” – Neubauer