First-Year Associates: Finance

An overview of the main stages of a typical loan transaction, including preliminary negotiations, drafting the main documents, preparing for and closing the transaction, and ongoing compliance matters.

An introduction to the main types and features of loans, such as term loans and revolvers, bilateral and syndicated loans, secured and unsecured loans, and loan priority. Examples of these types of loans, such as asset-based loans, unitranche loans, and mezzanine debt are also covered.

An overview of the typical diligence process in lending transactions, including what’s reviewed and why.

A review of the typical process for closing a lending transaction, from picking a closing date, to conditions precedent and conditions subsequent, closing checklists, preparing for closing, and closing day.

A review of covenants and events of default, including affirmative and negative covenants, a detailed look at financial covenants, and the interplay between covenants and events of default. This course also looks at the concepts of “covenant lite” and “springing covenants” as well as the difference between a Default and an Event of Default.

An overview of syndicated loans, including why they’re used, who the main parties are, and the main categories of syndicated loans. The pre-commitment period, including important provisions in commitment letters, the syndication process, and the documentation, closing, and administration of a syndicated loan are also covered.

This course looks at commercial lending practice at a large law firm, including what commercial lending is, who the main players are, and the differences between borrower and lender representations. It also covers how deals are staffed and the roles of finance partners, associates, support staff, and the clients.

The key financial concepts in lending practice, including the main types of loans and their risk, financial reporting requirements for borrowers, financial covenants, and credit ratings.

An outline of the main services investment banks offer, including financial advisory services, underwriting, corporate finance and more. This course also details the different fee structures and other ways investment banks earn revenue.

An overview of the commercial banking industry, including the services usually offered through banks' retail, business, and corporate divisions. The course also discusses how commercial banks earn revenue and competition in the industry.