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I think both are true because it depends on which B4, who their clients are and who your partner’s clients are. Some large PE clients bring their DD work to one B4 and get their structures from another. More specifically, once the B4 has the work, I’ve seem the bulk of deal structuring work coming out of whatever national tax, Washington national, whatever they call their national division. The trade off however is that these groups may not be directly client facing. Hope helpful.
At least in my experience at my law firm, we’re marking up the deal documents and the big 4 does most of the actual structuring, though we talk to them. I’ve been kind of disappointed in my experience so far because I haven’t gotten to do much structuring.
Similar experience. We’re mostly negotiating the transaction documents and providing comments to a structuring memo that a b4 prepares
I’m a buyer of the services and I’ve always relied on the B4 for the structuring. Depending on deal size, I usually hire a smaller firm to handle the DD. Over $500mm (big for us), same firm that structures will also get the DD work. Corporate counsel will put in place the documentation to put in place, with tax counsel helping negotiate/mark up for the documents including the tax matters agreement (if we get one).
On my PE clients, we do diligence, structure, and what we can help with from a legal doc perspective (since we don’t practice law). We work hand in hand with the law firm throughout the whole process and teams outside of tax (employee benefits, etc.)