David Baroni

Partner, Winston & Strawn

40 Under 40 Category: Legal Services

Biography:

David Baroni focuses his practice on commercial finance deals, including corporate lending transactions, leveraged acquisitions, specialty financings, and other debt investments. He represents money-center banks and non-bank lenders in connection with senior secured and unsecured credit facilities, unitranche financings, first lien and second lien transactions, and mezzanine and subordinated financings. David has extensive experience in both cash flow and asset-based lending transactions, and also has experience advising private equity firms and corporate borrowers in debt financings and general corporate matters.

David currently serves as Co-Chair of the SFNET’s Midwest Chapter’s Young Professionals Committee. David is committed to serving pro bono clients and has structured and created a unique form of partnership agreement to be utilized by a non-profit that partners with various organizations to assist veterans and their family members. He has also represented a charter school in procuring a loan to finance its operations.

David received a B.A., magna cum laude, in the Program of Liberal Studies from the University of Notre Dame in 2003 and a J.D. from William & Mary School of Law in 2006, where he was elected to the Order of the Coif.

What is the best professional advice you have been given and how have you implemented it?

As a young associate at Winston & Strawn, a partner in our lending group imparted advice to us focused on two important points: (1) the value of teamwork   and (2) taking pride in your work.

Too often in professional practice, people focus on their own careers and not on the team as a whole. At Winston, we pride ourselves on valuing every team member as an equal and, therefore, our clients are not restricted to the knowledge of just one attorney, but instead receive access to the collective knowledge of the group. In an industry as complex as secured lending, where the market terms are evolving at a rapid pace, having that, collective experience is vital for successful client representation.

On the second point of taking pride in your work, the partner explained that while no one would ever mistake a credit agreement for ‘The Great Gatsby’, corporate attorneys should still view themselves as authors of the documents they draft and take pride in that work. We are creating something and just because that something won’t be stored in a library for prosperity, it is still important and is a tangible byproduct which we produce from our hard labors. For the lenders and borrowers we represent in connection with a credit agreement, that agreement is of great value to them and we should recognize this. Understanding that what we do has value and having pride in that work helps one to continue to work hard on a daily basis.

How do you think the commercial finance industry can attract more young professionals?

One of the (if not the most) important things the commercial finance industry can do to attract young professionals is to promote diversity. There are so many high-level candidates coming out of various schools that the industry needs to evolve with the times and expand its reach by looking at different schools, different areas of the country, people with different backgrounds, etc., all with the goal of expanding the diversity of the people that work in this field. As a more diverse group of younger professionals enters into this industry and, ultimately, moves into leadership positions, this will create a snowball effect whereby a more diverse pool of young professionals will be attracted to this industry. This will lead to diversity of thought, which will help evolve and develop the industry in new, productive and creative ways.

When interviewing junior talent, what do you say to pique their interest in accepting a position in this industry?

Often when junior talent hears the words “ABL” or “secured lending”, initially their eyes glaze over. But the goal of those familiar with the industry is to stress to younger professionals that this line of work is extremely dynamic, complex and a fundamental element of the greater economy. Young professionals do not want a boring, monotonous job and explaining to them that this line of work varies each and every day, is constantly evolving and requires life-long learning is a huge selling point. Plus, while ABL work can seem esoteric, it is important to explain to junior talent that secured lending is a bedrock component of the economy that actually impacts peoples’ lives and companies’ ability to continue to operate their businesses.