Squire Sanders LLP/New York, NY

Squire Sanders is seeking candidates for our practicum in Public & Infrastructure Finance. This is a post-graduate position, and primary consideration will be given to calendar year 2011, 2012 and 2013 law school graduates. Employment will be initially for one year in our New York office.

Hands-on Experience and Mutual Determination
Few lawyers are familiar with what a public and infrastructure finance practice involves. In most cases, it is only through significant exposure to clients and their projects that our law firm and a lawyer new to this practice are able to determine whether there is a good fit. Our goal is to give new attorneys, through on-the-job training and experience, the opportunity to determine their interest in this practice and to demonstrate to us their potential to have a successful career with us. If, upon conclusion of the first year of the practicum, the level of interest and potential for success are judged to be high, and work levels justify it, we will create and offer a full-time, on-track associate position. If all of those conditions do not exist, we will either amicably end our relationship or mutually determine to extend the practicum for an additional year.

Public and Infrastructure Finance
The public and infrastructure finance practice is a transactional practice involving the development and application of knowledge and skills similar to those required to represent parties in corporate loan and capital markets financing transactions. It is characterized by the participation of public bodies in transactions, and attorneys in this practice must be comfortable working with public officials and in public settings and be able to relate well to people from diverse backgrounds.

The public finance market is a “debt” segment of the U.S. capital markets. The transactions may be categorized in different ways, but the most basic distinction in terms of structure and security is between “traditional” and “conduit” finance transactions. Traditional finance transactions involve state and local government clients (e.g., cities, counties and school districts and public authorities) issuing bonds, notes or other forms of debt to fund public infrastructure improvements, the repayment of which is secured by public revenue sources. Conduit finance transactions involve the issuance by public bodies of debt instruments to finance facilities for use by private entities (e.g., nonprofit hospitals and educational and cultural institutions and certain for-profit entities), the repayment of which is required to be made by the private entity rather than the public issuer. The latter type of transaction tends to be more “corporate” than the former.

Background, Skills and Temperament
The skills and talent needed to succeed in this type of practice are consistent with high levels of academic success. For that reason, we seek candidates from the top 20% of their graduating class. And, we consider a demonstrated ability to work as part of a team, to exercise sound, practical judgment, and to interact directly with client representatives, to be of equal importance.

It is not necessary to have a prior background in business, finance or accounting. Strong analytical and writing skills are far more important. Substantive areas of law most relevant to this practice include constitutional, federal tax and securities, commercial and real estate, and contract. Like most areas of practice, but perhaps to an even greater degree, the law applicable to this area of practice is learned on the job.

Public finance transactions require law firms to deliver legal opinions as to validity and enforceability of debt and security instruments, and the tax status of interest on the debt. If a debt issue meets certain “technical” tax requirements, interest paid on that debt is tax-exempt. Delivery of an approving legal opinion requires satisfaction of a much more exacting standard than is applied in the case of the “reasoned” opinions customarily delivered in business transactions. It compels thorough analysis of relevant laws and virtual certainty as to their interpretation, as well as fastidious attention to detail in the preparation and review of transaction documents.

This is a national practice necessitating consistency of approach, and it is a collegial practice in which teams of lawyers, paralegals, project assistants and support staff work closely together to meet our clients' needs. Attorneys who are most likely to succeed are those who are able to communicate effectively and work collaboratively with others.

We offer competitive salary and comprehensive benefits, including health, dental, life, 401(k) and many other excellent benefits.

We are not accepting third party submissions.

AA/EOE/M/F/D/V

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