21 May Webinar Key Takeaways: Using Legal Expertise to Create Competitive Advantage in M&A, Particularly In Uncertain Times
Please find below a summary of our key takeaways from the webinar which took place on Wednesday 20th May.
- In M&A, the Legal function and senior attorneys can become much more than a “support function” – potential source of competitive advantage
- Need to move beyond being “The Department of ‘No’” or “The Deal Prevention Department”
- Responsibility of the lawyers to craft a more business-critical role: skills, knowledge, attitude
- Two Key Elements of Legal as Competitive Advantage
- Develop Translation Skills – not just “communications”
- Digest complex information – strategic, financial, market, and legal/rules & regulations
- Frame critical issues for colleagues – Present information in context
- Explain tradeoffs, interdependencies, constraints, “must do” items
- Support with examples, metaphors to help understanding
- Provide tangible support like punch lists
- Help executives to understand the perspectives, interests, concerns of all involved parties; help anticipate process and substance issues
- Facilitate communication – own firm and other parties
- Assume Non-Conventional Roles as an executive
- Help manage key processes – discussions, negotiation, etc.
- Challenge colleagues’ ideas and conclusions
- Develop Translation Skills – not just “communications”
- Outside and Inside Counsel Each Have a Place – no clear lines, best attorneys understand both aspects; but, coordination between Inside and Outside vital
- Outside Counsel
- Focus on deal, problem, issue
- Experience across firms, industries, situations
- “I have to justify my presence” attitude
- Inside Counsel
- Understand strategic context
- Know players, particularly key inside executives
- “I’m going to have to live with these decisions” attitude
- Outside Counsel
- Advice to Aspiring “M&A Competitive Advantage Attorneys”
- Add Value – not just “happy talk,” tangible value that your client – internal or external – is “willing to pay for”
- Build Bridges, Keep Perspective – “You don’t have to win every point;” in fact, if you win every point, you may well lose the match
- Build a Reputation for Integrity, Candor, Fairness