What does Due Diligence Team/Corporate Services Team do?

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What does Due Diligence Team/Corporate Services Team do?

Postby Anonymous User » Sat Apr 01, 2017 6:53 pm

At Sheppard Mullin,“due diligence team.” At McDermott, it’s the “corporate services team,” and Paul Hastings LLP has a “due diligence center.”

So basically what do they do? What is the different from junior associates?

what does it mean performing due diligence-related work for corporate transactions?

Can anyone care to explain it to me?

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jkpolk

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Re: What does Due Diligence Team/Corporate Services Team do?

Postby jkpolk » Sat Apr 01, 2017 7:15 pm

Anonymous User wrote:At Sheppard Mullin,“due diligence team.” At McDermott, it’s the “corporate services team,” and Paul Hastings LLP has a “due diligence center.”

So basically what do they do? What is the different from junior associates?

what does it mean performing due diligence-related work for corporate transactions?

Can anyone care to explain it to me?


Big law corporate juniors do the same shit if the client isn't price sensitive but they also do some shit related to the underlying substance of their practice group sometimes (i.e. will be responsible for some schedules or will draft ancillary documents that might actually get used). Also, to state the obvious, they might make partner and might advance in seniority.

Doc Review/Diligence farms are just going to be contract attorneys/low cost attorneys who only review documents because clients don't want a $450/hr junior wracking up 1000 hours on diligence (but they'll pay $100 for some guy that lives in Louisville (and is vaguely associated with the firm, for personal cover) to do the work). "We hired LAWL FIRM and LAWL FIRM fucked it up" is good cover for a GC, even if some diligence farm is doing the work.

You might think, WHAT THATS WHACK WOULDNT THEY BE WORSE THAN THE GUY WHO WENT TO HARVARD AT READING THOSE DOCUMENTS??? Well, maybe, maybe not, but, ultimately, we're all workers (including the GC) and no one REALLY gives a shit about the substance as long as they get paid.

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Re: What does Due Diligence Team/Corporate Services Team do?

Postby Anonymous User » Sat Apr 01, 2017 7:43 pm

I am an OP. What do you mean by reviewing documents?

So associates develop the drafts of contracts/some legal documents and staff attorneys review them to make sure that those drafts incorporate all the terms and conditions of the deal that the asso is working on?

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Tiago Splitter

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Re: What does Due Diligence Team/Corporate Services Team do?

Postby Tiago Splitter » Sun Apr 02, 2017 12:15 pm

Anonymous User wrote:I am an OP. What do you mean by reviewing documents?

So associates develop the drafts of contracts/some legal documents and staff attorneys review them to make sure that those drafts incorporate all the terms and conditions of the deal that the asso is working on?

No. The corporate team will be representing a potential buyer of the company. That company will upload a ton of documents into a data room for potential buyers to "diligence" i.e. review for any issues that might affect whether the buyer might want to buy the company or adjust the amount it's willing to pay. This can be a very time-intensive process so some firms like the ones you mentioned have hired people at lower rates to help grind through all those documents.



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