M&A Deal Experience Forum

[Anonymous User]

I am a first year M&A associate at a V20 interested in getting the most experience and training before pursuing exit opps in year 3/4. What are the different types of deals I certainly need to expose myself to in order to get the most out of my experience? I have a list below for example but would appreciate any other suggestions as I go and look for work around the office.

-Joint Venture
-leveraged buyout
-public buyer
-public seller
-private M&A
-"going private" transaction
-hostile takeover.

Is there any advice as to which deals tend to be the most interesting/exciting? Will interviewers for in-house positions ever require that candidates have worked on a specific type of deal before being considered for the job?

Thanks!

[Anonymous User]

Each of these deals will present unique issues and should all improve your drafting, project management, negotiating and issue spotting abilities. JV are particularly different than M&A deals, so they are really in a league of their own. I wouldn't stress about how much of your time is devoted to each of these categories.Your role on the deal is much more important than the category of deals that you list. As an FYI, you are most likely to be involved in deals in which the seller is private.

As a side note, I'd also recommend seeking out M&A experience in which the target is overseas. This also presents unique issues.

[Anonymous User]

That's great, thanks so much. To be clear, you're saying that I should do my best to move past due diligence assignments (appropriately, over the next year or two) to take on different, higher level tasks (drafting, negotiation, etc.)? Again, thanks

[Anonymous User]

Dude (or dudette), speaking as a senior associate, if you take that attitude toward your work you won't make it long enough to have "exit options". Get a clue.

[Byakuya769]

Negotiating?

Negotiating what? NDAs???

[Anonymous User]

That's great, thanks so much. To be clear, you're saying that I should do my best to move past due diligence assignments (appropriately, over the next year or two) to take on different, higher level tasks (drafting, negotiation, etc.)? Again, thanks

Exactly. Seek out work from partners/senior associates that let you take on responsibility. First and foremost, do good work, be responsive and be enthusiastic.

I disagree with the other poster that this type of thinking (I.e., eyeing exit options) is a bad idea. In my opinion, you should always be planning your next move.

You should get a chance to begin negotiating (even if it's just disclosure schedules) by year 2-3.

[Neff]

Negotiating?

Negotiating what? NDAs???

I think negotiating NDAs has been the best part of the job so far. Each one is an intricate puzzle presenting unique issues and challenges. I love telling seller's counsel they are wrong and fighting to protect my client's interests. I can't wait to start crafting tight-knit, intricately woven hundred-page purchase agreement masterpieces asap.

[Mad Hatter]

Negotiating?

Negotiating what? NDAs???

I think negotiating NDAs has been the best part of the job so far. Each one is an intricate puzzle presenting unique issues and challenges. I love telling seller's counsel they are wrong and fighting to protect my client's interests. I can't wait to start crafting tight-knit, intricately woven hundred-page purchase agreement masterpieces asap.

I really hope this is a parody account. If so, well done.

[Abbie Doobie]

Negotiating?

Negotiating what? NDAs???

I think negotiating NDAs has been the best part of the job so far. Each one is an intricate puzzle presenting unique issues and challenges. I love telling seller's counsel they are wrong and fighting to protect my client's interests. I can't wait to start crafting tight-knit, intricately woven hundred-page purchase agreement masterpieces asap.

this guy clearly understands clause 9.2 and the way it works with 7.6

[desertlaw]

I think there are 4 types of deals for M&A that you should be trying to get a good mix of each if possible: public vs. private; buyer vs. seller. Probably bigger difference is between public & private; but there are plenty of difference between seller and buyer too.

[lonerider]

Dude (or dudette), speaking as a senior associate, if you take that attitude toward your work you won't make it long enough to have "exit options". Get a clue.

Serious question: What is wrong with OP's attitude? Sounds like he's trying to get well-rounded experience.

[mvp99]

Dude (or dudette), speaking as a senior associate, if you take that attitude toward your work you won't make it long enough to have "exit options". Get a clue.

Serious question: What is wrong with OP's attitude? Sounds like he's trying to get well-rounded experience.

Plus OP might be at a firm where its possible to move around like Cleary

[Anonymous User]

Dude (or dudette), speaking as a senior associate, if you take that attitude toward your work you won't make it long enough to have "exit options". Get a clue.

Serious question: What is wrong with OP's attitude? Sounds like he's trying to get well-rounded experience.

OP completely misapprehends two essential points:

(1) All transactional work is fundamentally fungible. Cravath rotates you between practice groups well into your midlevel years. S&C lets you split between M&A and securities until you're a midlevel. If those two firms don't view the prior practice of M&A as essential to, well, practicing M&A, you shouldn't either. Let alone OMG I need a public private because I've only done a private public and what if I need to do a private private SIGH. Jesus fucking Christ. Reps are reps. Termination provisions are termination provisions. This isn't fucking rocket science. I had to do a JV last year after not doing one since my second year. There were about 2 unpleasant days while I went through some precedents. The horror. You must be kidding me with the trying to get "a well rounded experience".

(2) Juniors who angle for more sophisticated work get killed. There literally is no trait more insufferable than the dipshit who thinks (s)he's above diligence, or that diligence is keeping them from their true calling as A Master of Negotiation (TM). You know how to get good assignments? Kick ass on the shitty ones we use on you to kick the tires.

[Anonymous User]

Dude (or dudette), speaking as a senior associate, if you take that attitude toward your work you won't make it long enough to have "exit options". Get a clue.

Serious question: What is wrong with OP's attitude? Sounds like he's trying to get well-rounded experience.

OP completely misapprehends two essential points:

(1) All transactional work is fundamentally fungible. Cravath rotates you between practice groups well into your midlevel years. S&C lets you split between M&A and securities until you're a midlevel. If those two firms don't view the prior practice of M&A as essential to, well, practicing M&A, you shouldn't either. Let alone OMG I need a public private because I've only done a private public and what if I need to do a private private SIGH. Jesus fucking Christ. Reps are reps. Termination provisions are termination provisions. This isn't fucking rocket science. I had to do a JV last year after not doing one since my second year. There were about 2 unpleasant days while I went through some precedents. The horror. You must be kidding me with the trying to get "a well rounded experience".

(2) Juniors who angle for more sophisticated work get killed. There literally is no trait more insufferable than the dipshit who thinks (s)he's above diligence, or that diligence is keeping them from their true calling as A Master of Negotiation (TM). You know how to get good assignments? Kick ass on the shitty ones we use on you to kick the tires.

I'm a first year in a corporate rotation. I know your eyes were rolling when you wrote this, but i genuinely appreciate it. Good advice. Thanks.