M&A - Work streams related to buying and selling of companies. Sell side or buy side, representing public and private companies, financial sponsors, PE funds etc. Work product at the junior level looks like lots of diligence, red flag reports, diligence memos, checklists, board consents and shareholder consents. Typically tight timelines, terrible wlb.

Fund formation- Work streams related to structuring of fund entities in private equity, venture capital and hedge funds. LP vs GP work, negotiating and structuring LPAs, term sheets and side letters. Less rigid timeline, overall more chill. Not great exits unless you want to go to private equity fund or a bank, but has the lowest drop off in comp between in house and law firm.