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You have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
which one?LittleRedCorvette wrote: ↑Thu Oct 07, 2021 4:16 pmYou have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
Correct.That said PE guys know what they’re doing. representing strategics is a crap shoot. Half the time you spend a week hounding the client for disclosure schedules to get an email back saying “I don’t really understand this exercise. We gave them all this in diligence, can you just put tell me exactly what I need to do here?” And then they’ll give you a call 24 hours later when they’ve still done nothing saying “The buyer wants to know what the status on schedules are. Can you get these over today? I’m worried we’re falling behind here.”LittleRedCorvette wrote: ↑Thu Oct 07, 2021 4:16 pmYou have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
I think I have those direct quotes in my inbox somewhere too, that’s way too real.Anonymous User wrote: ↑Thu Oct 07, 2021 6:14 pmCorrect.That said PE guys know what they’re doing. representing strategics is a crap shoot. Half the time you spend a week hounding the client for disclosure schedules to get an email back saying “I don’t really understand this exercise. We gave them all this in diligence, can you just put tell me exactly what I need to do here?” And then they’ll give you a call 24 hours later when they’ve still done nothing saying “The buyer wants to know what the status on schedules are. Can you get these over today? I’m worried we’re falling behind here.”LittleRedCorvette wrote: ↑Thu Oct 07, 2021 4:16 pmYou have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
This is eerily spot on. Damn.Anonymous User wrote: ↑Thu Oct 07, 2021 6:14 pmCorrect.That said PE guys know what they’re doing. representing strategics is a crap shoot. Half the time you spend a week hounding the client for disclosure schedules to get an email back saying “I don’t really understand this exercise. We gave them all this in diligence, can you just put tell me exactly what I need to do here?” And then they’ll give you a call 24 hours later when they’ve still done nothing saying “The buyer wants to know what the status on schedules are. Can you get these over today? I’m worried we’re falling behind here.”LittleRedCorvette wrote: ↑Thu Oct 07, 2021 4:16 pmYou have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
I'll always take this over PE douchbags but holy crap, is this accurate and incredibly irritating.Anonymous User wrote: ↑Thu Oct 07, 2021 6:14 pmCorrect.That said PE guys know what they’re doing. representing strategics is a crap shoot. Half the time you spend a week hounding the client for disclosure schedules to get an email back saying “I don’t really understand this exercise. We gave them all this in diligence, can you just put tell me exactly what I need to do here?” And then they’ll give you a call 24 hours later when they’ve still done nothing saying “The buyer wants to know what the status on schedules are. Can you get these over today? I’m worried we’re falling behind here.”LittleRedCorvette wrote: ↑Thu Oct 07, 2021 4:16 pmYou have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
Shell disclosure schedules, bro. Get those reps on paper and in Karen in HR's inbox and follow up every day.Anonymous User wrote: ↑Thu Oct 07, 2021 6:14 pmCorrect.That said PE guys know what they’re doing. representing strategics is a crap shoot. Half the time you spend a week hounding the client for disclosure schedules to get an email back saying “I don’t really understand this exercise. We gave them all this in diligence, can you just put tell me exactly what I need to do here?” And then they’ll give you a call 24 hours later when they’ve still done nothing saying “The buyer wants to know what the status on schedules are. Can you get these over today? I’m worried we’re falling behind here.”LittleRedCorvette wrote: ↑Thu Oct 07, 2021 4:16 pmYou have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
This. Also, a day after the shell's gone over, get on a call to talk through every f'ing rep and the interim covenant. It's a headache, but once you/they put it on paper, they'll remember the 20 other things they need to disclose. Enjoy pulling your hair out in the meantime. (Otherwise, scarily accurate description.)Anonymous User wrote: ↑Fri Oct 08, 2021 10:37 pmShell disclosure schedules, bro. Get those reps on paper and in Karen in HR's inbox and follow up every day.Anonymous User wrote: ↑Thu Oct 07, 2021 6:14 pmCorrect.That said PE guys know what they’re doing. representing strategics is a crap shoot. Half the time you spend a week hounding the client for disclosure schedules to get an email back saying “I don’t really understand this exercise. We gave them all this in diligence, can you just put tell me exactly what I need to do here?” And then they’ll give you a call 24 hours later when they’ve still done nothing saying “The buyer wants to know what the status on schedules are. Can you get these over today? I’m worried we’re falling behind here.”LittleRedCorvette wrote: ↑Thu Oct 07, 2021 4:16 pmYou have a much higher likelihood of working for complete bastards in one of them.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
They both will work you to death and often times for seemingly no good reason. Disregarding the substantive differences, Public Will usually have the headlining names Bc most people recognize public companies vs private. Public deals are usually much longer in nature too - for various reasons. I have hand held many PE clients and many Public clients, so I wouldn’t always say PE guys “get it”.Anonymous User wrote: ↑Thu Oct 07, 2021 3:13 pmIs private M&A a form of transaction for private equity clients? What's the difference between the two practices?
No - they’re different at the margins. You’ll likely have more reporting act and securities experience doing public, so you’d be most attractive to a public company in that regard, but most companies do private M&A. No companies other than law firms have people that only do, or even focus on, public M&A deals. Again, that doesn’t mean if you only do public that you’re in bad shape. The difference in exit options is marginal and you’ll have +90% of the ability that the Private guys will have plus more securities etc experienceAnonymous User wrote: ↑Mon Oct 11, 2021 10:29 pmAre there meaningful differences in exit options between private and public M&A practitioners? I'm worried that doing too many private deals and not enough public ones will close too many doors for me down the line, but not sure if I'm worrying for nothing.
Similarly, do PE M&A lawyers have materially different exit options than public M&A folks?