Key takeaways
"Plug and play"
Time is a luxury for many when it comes to M&A transactions, and often things get off the ground so quick that in-house counsel have a short timeframe to pull things together. In these situations, there is a lot of value in using pre-existing external counsel who know your corporate history to get things off the ground quickly and keep them running. As one in-house counsel put it, "you want lawyers who you can just plug and play!"
If you're lucky enough to have a little more time on your hands, a detailed internal scoring process for potential external support can be a helpful way to ensure you choose the firm who can give you what you need.
AI: it's not quite there yet
GenAI has appeared on in-house counsel's radar in a flash. But, it has yet to evolve in a way that can reliably solve all of your due diligence woes. Don't let that put you off, however, as your law firms can tell you about exactly what they can offer you, what the benefits are and how reliable their tools are.
Asking the right questions can also help you get the tools you need, for example:
- By how much can you reduce our due diligence burden in a way that doesn't increase the business's risk profile?
- How can I ensure my business's data privacy while using your tools?
Building good relationships with external counsel reaps rewards
An overriding sentiment during the day, was that electing the right lawyers is often more about the people and team than the firm. When it comes to managing highs and lows during any deal process, having a lead partner or associate who you feel comfortable talking to and handing these kinds of problems to makes those relationships worth investing in ahead of time.
Regulatory constraints can be a chance to learn and get creative
In-houser lawyers and M&A specialists can see the writing on the wall: that regulatory landscapes are only getting more advanced and more stringent. As a result it's likely that if you are considering a future transaction, regulatory delays may be inevitable. However, counsel cited enjoying the opportunity to learn lots from the process, and get creative with solutions to keep things progressing right up to closing.
Managing stakeholders
Working with internal stakeholders can be a messy business, especially when they aren't used to M&A processes and don't understand legal topics or time constraints. One of our panellist's top tip for handling this was to prepare regular meeting agendas with short explanations of key legal topics and timeframes to help iron this out.
Integration of culture
In-house attendees are mindful about what it takes to seamlessly handle an integration that involves different businesses and cultures. With some wanting to prepare for the worst, and others already dealing with a tough integration, one of the dominant questions that came up was how do you deal with a complete culture clash difference in way of working in post-merger integration?
