Corporate finance/mergers & acquisitions

Corporate M&A involves the combining of companies or assets through mergers, where two companies combine to form a new entity, or acquisitions, where one company takes over another. M&A lawyers work alongside other specialists in tax, employment and foreign investments, for example, to provide high-quality advice to clients. They also play a crucial role in navigating the intricacies of deal-making on complex cross-border transactions to ensure regulatory compliance and assist successful negotiations.

Indhu was initially attracted to corporate M&A during her training contract, drawn to the variety of the work and the responsibility she was able to take on. She made the move to Baker McKenzie as an associate: “I wanted to do multi-jurisdictional M&A for big corporates so the quality of work at Baker McKenzie was a driving factor.” Since then, her career has had many highlights, from high-value transactions to having a deal announced on Sky News.

Mastering the art of M&A

After seven years at Baker McKenzie, Indhu says that the firm has been a perfect fit both professionally and culturally. She’s now a senior associate, primarily working in the retail and healthcare space. In this role, Indhu takes the lead on transactions with the partners’ support. “I have day-to-day responsibility of the matter, which involves managing the deal team, drafting transaction documents and being the direct point of contact for the client. I’m also often involved in the pre-deal stage of fee estimates and internal planning all the way through to the billing process.” At this stage of her career, she’s also heavily involved in business development activities, such as “preparing training, presentations, workshops and pitches”.

She enjoys the responsibility that comes with being a senior associate, especially in a fast-paced practice area like M&A: “No day is the same; I could get pulled into pitch meetings on very short notice or presentations of a deal structure may change overnight, requiring a re-draft of the transaction documents.” She notes that the work in M&A can be intense but “the adrenaline rush when you approach a signing or closing is always high and is usually followed by a quieter period on the other side”.

From revolutionary treatments to full-circle moments

Indhu has had many fantastic opportunities to work on deals with high-calibre clients at Baker McKenzie. One that really stands out to her is Project Zorro, where she acted for Novo Nordisk on its acquisition of UK-based biotechnology company Ziylo Ltd. “This company produced an early-stage glucose in the bloodstream of diabetes patients to automatically administer insulin.” The deal, which had an estimated future revenue of $800 million, was Indhu’s introduction to major healthcare transactions and had a significant real-world impact because “if it works, it could revolutionise the treatment of millions of people across the world”.

Another standout deal was acting for one of the world’s largest multinational confectionary, food and beverage companies on its acquisition of a majority interest in UK performance nutrition company Grenade. This deal was the company’s first step into the health snack space and was a real full-circle moment for Indhu, as she presented on the takeover of Cadbury by Kraft in her training contract interview. “Fast forward 10 years, working on a deal that was announced on Sky News was so special and one I’ll always remember.”

Acquiring the skills for success

M&A lawyers need expertise in a range of areas. While Indhu advises aspiring lawyers to focus on core capabilities, like “organisation, flexibility, attention to detail and the ability to prioritise”, she also highlights the importance of a few less spoken about skills. In particular, Indhu says you need to be able “to step back and understand all the workstreams involved in a deal, even if you’re not directly involved, so you’re able to assess the context of the wider commercial goals of the client”.

Aspiring M&A lawyers must also work effectively under pressure: “You’ll be responsible for managing a transaction from start to finish. This means you’re in charge of obtaining information from the client, dealing with issues that may arise, and drafting and executing documents, all while managing people and their expectations.” On this note, Indhu highlights people management as a key part of being a solicitor: “Whether it’s client management, working in a team or dealing with different working styles – you need to have the emotional intelligence to read the room and understand how to get the best out of someone or a situation.”

The final secret ingredient is the ability to take initiative so you can “anticipate a client’s needs and concerns”. Commercial awareness sits at the heart of understanding a client. Currently, Indhu explains that a range of commercial issues are impacting Baker McKenzie’s business: “We’re still grappling with the aftermath of the Ukraine War, the Israel-Palestine conflict and most recently the uncertainties relating to Trump’s election. The UK economy is also presenting a tough challenge – rising interest rates and the cost-of-living crisis is increasing costs for law firms, while putting the pressure on clients’ costs.” This economic strain means that driving new business can be a challenge, especially due to the rise of alternative legal service providers. Among these challenges, firms are also facing the question of AI – to adopt or not to adopt? Indhu believes that investing in legal technology is paramount or else risk falling behind: “Those law firms that don’t take time to understand its potential impact – as a source of new business or greater productivity – will lose out to those more forward-thinking organisations, whether that be legal competitors or other professional advisors.”

It’s clear that commercial awareness is essential for a successful legal career. But how do you build this highly coveted skill? Indhu advises that gaining practical experience is a great place to start. She explains that this doesn’t need to be at a law firm because corporate M&A lawyers work with clients across a broad range of industries. Therefore, gaining experience at a non-law corporation is just as valuable because “understanding the inner workings of a business allows you to better understand the needs of the client”.