Day in the Life: M&A
As a law student, one of the things that I have found to be stressful is navigating the heavy school workload while trying to find out more about the legal profession and associated career paths. Coming into law school my knowledge of potential legal careers was minimal, to say the least. Most of what I knew was based on movies, TV shows, the news, and a few Q&A sessions that I attended.
Performing your own research is critical but, as many students find out, the information that can be found over the internet is generally not very extensive and can be fairly vague. With that said, I hope to provide my readers with some insight into the daily life of lawyers practicing in different areas and working at a range of boutique, mid-size, and large firms. This article will be focused on lawyers practicing in M&A.
What is M&A?
First and foremost, for those who may not know, M&A stands for mergers and acquisitions. In the simplest possible terms, an M&A lawyer helps businesses with everything to do with the merging with, or acquisition of, another company. As you can probably imagine, the broad range of complex legal issues that can arise during a merger or acquisition is extensive. An M&A lawyer may be called on to review contracts, financial statements, potential liability issues, and much more. They may also be involved with the direct negotiation of the merger or acquisition, and will be relied on by their client to efficiently provide accurate advice on the various issues that may arise throughout the dealings.
Daily Life in M&A
As with any area of practice, there may not be an ‘average’ day for someone in M&A. With that being said, there were several common themes that arose in my interviews and research. One such theme was due diligence. Due diligence can make up the bulk of a junior M&A lawyer's day depending on what stage of the process the deal is in. Due diligence involves extensive research and review of the other business involved in the deal. The number of documents that need to be reviewed can be overwhelming and can range from environmental reports and employment contracts to supplier contracts and tax documents.
As the deal progresses, the amount of time spent on due diligence will decrease and more time will be spent on finalizing agreements, reviewing the agreements, and addressing any lingering legal issues that may arise. Addressing these legal issues often involves collaborating very closely with other practice groups including, but not limited to, the Tax Group, Employment Group, Real Estate Group, or Anti-Trust Group. As a deal reaches its concluding phase, it is common for M&A lawyers to experience extremely long working hours and high-stress situations.
What do M&A Lawyers Like About the Practice Area?
There are many things that M&A lawyers seem to really like about their jobs. One thing that was commonly discussed was the opportunity for collaboration. Many lawyers in this area are required to collaborate with people outside their practice group, outside of their firm, and oftentimes must collaborate with people in different industries such as bankers and accountants. While collaboration occurs in many practice areas, the sheer volume of it in M&A appears to be an aspect of the job that many of the lawyers genuinely enjoy.
Secondly, variety was cited as a positive factor. Virtually every deal will come with its own unique issues and can involve companies from very different industries which ensure that you will often come face-to-face with issues you may have never dealt with before. There can also be a real sense of accomplishment when working in M&A. Having worked through the complexities of a merger or acquisition can make the finalization of the deal extremely satisfying. Working on large-scale deals also comes with a certain degree of prestige, which may be of varying importance to you depending on your personality type.
What Don’t M&A Lawyers Like About the Practice Area?
Probably the most common dislikes within this practice area revolved around time demands and stress. While work hours can be fairly consistent and predictable during the early stages of a deal, the concluding phases can result in highly unpredictable and long hours, as you deal with last-minute issues. These time pressures also inevitably lead to some stressful situations that some are more equipped to handle than others. Of course, some lawyers like these last-minute hurdles and enjoy the satisfaction that comes along with finally overcoming them. The due diligence requirements were also often cited as being fairly boring for some lawyers who do not necessarily enjoy the sheer amount of research involved.
What Qualities Make for a Successful M&A Lawyer?
There is no single cookie-cutter mould for becoming a successful lawyer in this practice area. However, in general, it could be said that people who enjoy problem-solving, and issue identification will enjoy and succeed in this area. Truly enjoying learning and collaborating with colleagues would also be an asset. I would also argue that being a flexible person would also be incredibly beneficial. Given the varying time demands put on these types of lawyers being flexible and adaptable will certainly help you enjoy your job more.
