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Welcome to Original Jurisdiction, the latest legal publication by me, David Lat. You can learn more about Original Jurisdiction by reading its About page, and you can email me at [email protected]. This is a reader-supported publication; you can subscribe by clicking here.

Are you familiar with the world of private credit? If not, you should be. The rise of private credit—sometimes referred to as non-bank, alternative, or direct lending—is one of the most important developments in the American economy since the financial crisis and Great Recession.

Private credit is also one of the hottest practice areas in Biglaw. I’ve been meaning to have a podcast episode about it—for quite some time. And after The New York Times published a lengthy exposé on “the shadowy world of private credit” last month, on the front page of the Sunday business section, I decided the time had come.

I was therefore delighted to interview one of the country’s top private-credit lawyers, Jennifer Daly. A Chambers Band 1 lawyer for this field, Jenn leads the private-credit practice at Paul Hastings, a Chambers Band 1 firm in the space.

Our conversation offered an excellent overview of private credit. But even lawyers who are knowledgeable about the subject will enjoy hearing about Jenn’s unusual career journey, including several years away from the practice of law; why she and her group joined Paul Hastings, a magnet for lateral partners these days; her defense of private credit, in response to claims that it lacks sufficient regulation or transparency; and her predictions about the field’s future, which she believes to be bright.

Show Notes:

* Jennifer E. Daly bio, Paul Hastings LLP

* Paul Hastings Adds Premier Restructuring and Private-Credit Team, Paul Hastings LLP

* Wall St. Is Minting Easy Money From Risky Loans. What Could Go Wrong? (gift link), by Rob Copeland and Maureen Farrell for The New York Times

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