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3Y in PE/M&A. Lots of emails—chasing my partners, chasing my juniors, chasing my specialists. Revising documents, preparing issues lists, answering client emails and calls. Updating closing checklists, updating punch lists. Coordinating schedules. Whatever it takes to close.
Try hurling insults at yourself in the mirror. Like a depression nap on steroids. Super cathartic.
The more senior you get, the less there is such a thing as a typical day. When I chose transactional, I was of the view that it was likely to be a lot of drudgery as a junior and get significantly more fun as you get more senior. That has proven true for me. It’s a lot of fun. Part of the reason - I think - it has stayed fun for me is that I try to specialize in the hard deals where the expertise is rare (either in the market or at the firm). I did get bored with LBO after LBO. Sure there are some differences, but it’s hard to stay engaged and can start to feel like going through the motions. So, to keep it interesting, you can proactively diversify the kind of deals you do and clients you represent. I feel like I am constantly reinventing myself as market conditions / opportunities change. It keeps the job fun.
While there is no typical day, a lot of time is spent learning about businesses, navigating complex personalities / egos and trying to solve problems in order to allow people to create value. Those are common themes, but how those common themes manifest is always different. Is there still some drudgery? Sure. You have to be ruthless in the details. But, even the so-called drudgery I have learned to view differently and more positively. You have to master the details and the facts in order to be a good advisor - and a good transactional lawyer is striving to be viewed less as a lawyer and more as an advisor/collaborator/partner/consigliere.
I also read tons of cases. A good transactional lawyer can fluently discuss cases with a Delaware litigator. They just may not know - quite as well - all the ins and outs of civil litigation procedure or of how to frame arguments for a court. But, I am constantly reading cases and constantly talking to litigators - so there is far more overlap in these practice groups at senior levels than law school students, summers or anything but the most senior associates really understand. When you have a slowdown in transactions, it’s also helpful to pick an interesting / complex litigation and pour through the docket. That’s where you really learn how litigation works and the dynamics in play that influence judges. (Of course, there are plenty of sloppy transactional lawyers out there who are dangerous and don’t have a solid grasp on the the background law in transactions.)
This. I started volunteering as counsel for a small nonprofit for pro-bono hours and discovered I loved being the guy who solved weird problems. Two years later, I quit my job (I used to work at a civil litigation firm) and started a practice doing transactions so I could get paid to do it. Two years later, I’m shuttering my practice to be the GC for a holding company in the AVI doing technology and entertainment that needs someone with my generalist look at things.
Some days I’m pouring through tax records, some I’m negotiating with producers, some I’m dealing with corporate structure issues.
I never get bored.
ctrl + c; ctrl + v
And after inevitably having too many docs open, ctrl + alt + del
I run redlines
emails-redlines-emails-redlines-emails-redli…
Drafting docs + lubing the deals
I’m a first year in transactional - still learning about deal lubing. Care to explain?
A6 is spot on. Lots of paper pushing and communication to keep the deal moving forward
Madness
Every day is different. You do what needs doing.
Yeah mostly chasing people and running redlines
Lots of crying.
A syncopated flipping between doing long division and reciting Roman and Chinese proverbs in tongues, while counting ABCs backwards in your head, all the while upside down and juggling flaming trash cans, taking a brake only to nod when someone asks to toss in another few cans because why not.
Partner 1 offers direct insight into how to define and set the future of successful transaction associates. Excellent advice and spot on. Solid mentoring advice from someone at the top. Take heed.
Complete madness
Next question, are you in house or at a law firm?
3rd at an Amlaw 100 firm. M&A/PE
Partner1 thanks for the info. I'm not with a firm but I do have access to PLI.
Mentor
Become a PLI junky. Especially as an associate, you can gain so much knowledge & expertise by listening to these things in lieu of music or podcasts. Are there some dud CLEs out there (including on PLI)? Yeah, there definitely are - but you will get more efficient at spotting them quickly and tapping the next button. There are also some incredibly engaging CLEs from masters of their craft. To this day, if I have to cram-study on something I don’t know inside & out, I will often look to PLI (for at least written materials).
I would also start indulging in some non-fiction / science reading about human evolution, psychology, negotiation tactics (not the kind law school teaches you). Those were mine. They don’t have to be yours. Find some interests that you can kind of sort see relating to your practice at some point in the distant future and study up on them. There are tons of great books and free (or cheap) online courses on a lot of things that are incredibly interesting & of broad applicability. The more you read on these tangentially related topics, the more you will see threads that tie back to your day job and make you better at it.