Checking In: Avrohom J. (A.J.) Kess, Simpson, Thacher & Bartlett LLP

Education: 1994: J.D., cum laude, New York University School of Law; 1989: B.S. (Accounting), Brooklyn College of the City University of New York.

Career in Brief: 1995–present: Simpson Thacher & Bartlett LLP (2004–present: Partner, Member of Executive Committee and Opinion Committee; 1995–2003: Associate).

What do you think is currently the biggest challenge facing securities attorneys? In recent years, securities transactions have become increasingly complex, while the timeframe in which these transactions are completed has been compressed. The combination of these factors makes today’s transactions more risky and vulnerable to human error, elevating the importance of the care and expertise of the securities attorneys on both sides of the transaction. Now more than ever, securities transactions require an attorney’s keen understanding of the client and its business, as well as a true collaboration between attorney and client and among the various attorneys involved.

The complexity and speed of securities transactions today mean that it is more important than ever for clients to select the right attorney for a given matter. The skill and expertise of counsel can prove to be essential not only to the closing of the transaction, but to the ultimate success of the transaction. In my experience, the most sophisticated clients truly appreciate the need for, and value of, expert counsel.

Have any recent legal or market developments had a significant impact on your practice? With the significant changes in the regulatory environment since the Enron/Arthur Andersen debacle, including the passage of Sarbanes-Oxley and the Dodd-Frank Act, and with the heightened scrutiny and enforcement initiatives of securities regulators, clients have become increasingly concerned with corporate governance and disclosure matters. For example, I regularly meet with CEOs and compensation committee members to discuss and advise them on executive compensation issues. Years ago, this is something that simply would not have been done as part of a securities attorney’s ongoing practice. Now, “ordinary” legal matters are often elevated into the C-suite.

Are there any changes on the horizon that you think will significantly affect securities practice? Securities attorneys are practicing in an era of constant legislative, regulatory and judicial developments affecting public companies, so there are always changes of some sort on the horizon. These developments will continue to pose a challenge for securities attorneys, who are tasked with advising clients in the face of uncertainty and frequent changes in the legal requirements applicable to them. But I also think that this adds to the excitement of practicing as a securities attorney.

If not an attorney, what would you wish to be? I would want to be an entrepreneur. There is something about being an innovator and building something from the ground up that has always intrigued me.

What was your first job? Since I went straight to law school after college, my first job was actually my position at Simpson Thacher. I guess you could say that I am still at my first job and loving it.

What is the best career advice you have ever received? The two best pieces of career advice I have ever received came from my mother, who was also an attorney. Her first piece of advice was: do not become an attorney. But since I did not listen to her, she offered more words of wisdom once I graduated from law school. She said that success is never guaranteed, no matter how smart, talented and hard-working you are, because success is dependent on so many variables that are simply out of our control. But, she said, you need to focus on what is in your control, especially, working hard, mastering the law and always being willing to help out. What I took away from her advice was a mantra that I try to continue to live by: do not pursue success. If you are fortunate, with hard work, success will ensue. You just need to try to be the best that you can be.

What one piece of advice would you give to a junior attorney considering specializing in securities law? Do not be afraid of the law. Make sure that you read the statutory provisions and rules carefully and do not stop reading before the end of a rule. In addition, always work hard and take the initiative to be as helpful as possible to your clients and the more senior attorneys for whom you are working. If you take the time to become an expert in the law and show a genuine willingness to help, you are more likely to be a valuable resource to your clients and to senior attorneys.