So, they expect "lawyer-analysts" hired from external law firms (with 2-3 years PQE) to identify and triage commercial issues? Really? Identifying commercial issues is the core function of the investment management team and they'll leave this to the lawyer-analysts? And the bulk of DD and documentation work will be handled by the external law firms. And how exactly does a lawyer "triage" a commercial issue?
Lots of very good points here. In general, do not join in house roles till you are sufficiently senior to be treated as an advisor by the decision makers. Otherwise you will just be considered a cost center.
My notes after speaking to someone associated with the program: 1. Pay is decent and at par with Tier 1 firms. 2. Work is oriented towards identifying and triaging commercial issues - bulk of DD and documentation work is handled by the external law firms. 3. Pace is intense on account of the number of investments Sequoia makes, expectation is to be staffed on ~20 odd deals. 4. Significant exposure to finance, portfolio finance, and investment teams. Opportunity to build your network in India and SEA (including with founders) 5. Significant pressure on account of competitive dynamics across deals - expectation is to be responsive and facilitative. 6. Good watermarks for internal culture.
This "program" is an utter sham and a shameless attempt to get qualified lawyers at bargain rates. No self-respecting lawyer should consider taking up this indentured servitude.
As someone who has worked for the captive law firm Sequoia retained, I simply have to agree with this. In my limited time being seated at Sequoia, I saw how now just a junior like me but the entire legal team there was seen as a sideshow and treated purely as a cost-centre.
From petty things like not being asked to join birthday celebrations in the office to rarely checking in with us when shit hit the fan (like when there was a very public spat between a Sequoia MD and Housing.com's Rahul Yadav), the legal folks didn't seem to matter much beyond churning out investment agreements/side-letters with little change to in-house templates. There was certainly some value add when we worked with portfolio companies on giving an exit to some early investors or externalisation mandates but that was rare.
So go for it if you're angling for an in-house role at a fund and your current job doesn't give you the exposure for it. Because you'll essentially remain a captive associate. You should see the current in-house Sequoia legal team's background and try to emulate them at some other VC fund as there is no way that Sequoia itself will ever look at hiring the analyst no matter how good she is.
I have worked for Sequoia as an external counsel and found them to be penny pinchers. Until recently, they even had a captive law firm to save on lawyers’ fees. Since they are very cost conscious and do not pay MNC rates, I assume that they are unlikely to pay legal analysts high salaries. Generally, analyst jobs are taken up by fresh graduates as a prelude to doing an MBA or any other masters degree. However, Sequoia doesn’t want fresh law graduates for its Legal Analyst Program 2021. It wants qualified lawyer with 2-3 years’ experience! This seems to be an elaborate ruse to hire experiences lawyers for a fixed term contract and at a low salary. I doubt if lawyers with Tier 1 law firm experience would take up this offer, not unless they are on their way to being eased out in the first place, since Sequoia won’t pay even half of what Tier 1 law firms pay their Associates. I expect lawyers from Tier 2 or Tier 3 firms to take up this offer and even they may have to take a pay cut to fit in. Would a Tier 2 lawyer with 2 years’ experience manage to get a job with a Tier 1 law firm’s transactions team after 2 years at Sequoia? Possibly, since Sequoia has a fair amount of work and the legal analysts could potentially get a lot of exposure to their deals. Here again, I have a worry. Every investment by Sequoia usually involves an external law firm. In such case, the analysts would not fit in or have a role. Unless Sequoia plans to get these analysts to do due diligences and even deals entirely inhouse. Whoever joins Sequoia for this program should ensure their contract spells out their job description, which should specifically state that they will be involved in drafting transaction documents and negotiations for deals having values of not less than Rs. 100 crore. Do not end up doing just due diligence for minor deals and other internal compliance roles. Usually, the CAs and MBAs who run PE/VC funds have a very low opinion of lawyers and would not hesitate to exploit them if they can get away with it. Do not expect to be treated the way MBAs and CAs in the investment management team are treated. With Love From Your Former External Counsel.
They clearly want junior lawyers who know enough that they can handle smaller transactions so that their in-house team can focus on more critical transactions. The upside for them is that they will take these kids only for 2 years, so off they go before they get expensive.
It's not a bad opportunity if you're coming from a Tier 2 firm and want to leverage this to jump to a PE / VC firm's in-house team. It won't be as easy to come back to a Tier 1 practice without losing seniority though. So, I would join this and start trying to find a job ASAP to a PE / VC in-house role after about 1 year into the job. There is really no incentive to stick till the end.
Its a wonderful opportunity to learn how the funds operate, as well as the investment documents. Its worth, if you wish to focus on the PE/VC Work. The folks at the fund are quite nice too. But be mindful that it will be stressful, given the quantum of work that this fund does i.e the amount of investment deals that it has in India. while you will have some exposure on the definitive documents, also be mindful that these documents are generated by the advisors of the fund (law firms) through standardised templates of the fund. So your exposure will be on the research, regulatory aspects etc...
Hi - I am currently working as an A0, and I was hoping to apply at Sequoia India for its Legal Analyst Program, someday. I would really appreciate it if someone who might have worked with them or might have applied could share some insights about the process, and work, or any other relevant information that you might have for someone who wants to apply 2-3 years down the line.
Please be mindful of the fact that I still have a few years before I would be eligible to apply, and your answer could help me immensely in curating my resume accordingly.
1. Pay is decent and at par with Tier 1 firms.
2. Work is oriented towards identifying and triaging commercial issues - bulk of DD and documentation work is handled by the external law firms.
3. Pace is intense on account of the number of investments Sequoia makes, expectation is to be staffed on ~20 odd deals.
4. Significant exposure to finance, portfolio finance, and investment teams. Opportunity to build your network in India and SEA (including with founders)
5. Significant pressure on account of competitive dynamics across deals - expectation is to be responsive and facilitative.
6. Good watermarks for internal culture.
From petty things like not being asked to join birthday celebrations in the office to rarely checking in with us when shit hit the fan (like when there was a very public spat between a Sequoia MD and Housing.com's Rahul Yadav), the legal folks didn't seem to matter much beyond churning out investment agreements/side-letters with little change to in-house templates. There was certainly some value add when we worked with portfolio companies on giving an exit to some early investors or externalisation mandates but that was rare.
So go for it if you're angling for an in-house role at a fund and your current job doesn't give you the exposure for it. Because you'll essentially remain a captive associate. You should see the current in-house Sequoia legal team's background and try to emulate them at some other VC fund as there is no way that Sequoia itself will ever look at hiring the analyst no matter how good she is.
It's not a bad opportunity if you're coming from a Tier 2 firm and want to leverage this to jump to a PE / VC firm's in-house team. It won't be as easy to come back to a Tier 1 practice without losing seniority though. So, I would join this and start trying to find a job ASAP to a PE / VC in-house role after about 1 year into the job. There is really no incentive to stick till the end.
Would appreciate some information on this, too.
Please be mindful of the fact that I still have a few years before I would be eligible to apply, and your answer could help me immensely in curating my resume accordingly.
For more details, please refer to the following link - https://www.lawctopus.com/sequoia-legal-analyst-program/.