Private equity

Private equity lawyers specialise in providing legal advice and assistance to private equity firms and their clients. Their work involves structuring and negotiating the terms of these investments, conducting thorough due diligence on target companies, and drafting and reviewing the necessary legal documentation, such as sale purchase agreements and shareholder agreements. They also assist with the management of portfolio companies, as well as with exit strategies involving sales to other investors. Private equity lawyers play a crucial role in facilitating and protecting the interests of both investors and the companies they invest in, ensuring that transactions are conducted smoothly and in compliance with applicable laws and regulations.

Interested in learning more about the businesses you interact with every day? Life as a private equity lawyer could be for you. Emilio Fabrizi always wanted a role where he could interact with clients frequently, so he decided to dip his toes into the world of law through a paralegal role in the private equity team at Ropes & Gray International LLP.

After getting a taste for private equity law as a paralegal, Emilio began training as a solicitor. He was part of quite a small intake of six trainees, which he saw as a real advantage. As one of a handful of trainees in the private equity team, Emilio had the chance to take on “great responsibility and ownership over workstreams, often doing the work that newly qualified lawyers at other firms might do”. In particular, he helped run the completion process when working on Partners Group’s acquisition of Pharmathen, a Greek pharmaceutical business. Emilio looks back on this experience as a particular highlight of his training contract as he “got to see the deal to completion and was heavily involved”. Emilio was still able to get stuck in with a range of private equity work, including a secondment to a private equity client. Choosing to qualify in this seat was “an obvious decision”.

Now a qualified solicitor, Emilio enjoys taking on a variety of work and extra responsibilities. Teamwork is at the heart of his job, with Emilio describing it as essential because “the perspective of others can only help to serve your clients better and strengthen your knowledge”. On top of this, Emilio understands that balance is the key to success. He explains that while it’s essential to “produce good work and deliver results”, you also need to mindfully delegate and guide trainees you’re working with to support their development. Getting the balance right can be tough as “hours can be demanding – a factor you have to accept and commit to when taking on the role”.

The day to day

So, what does work as a private equity lawyer involve? Emilio predominately works on M&A deals for private equity houses, advising the buying and selling of companies. He explains: “I have to be a generalist. It’s important to have expertise as a corporate lawyer but a good general understanding of other areas of law to help advise on that purchase or sale is also essential.” Aside from a solid grounding of legal knowledge, you also “need to be diligent, have a strong work ethic and, most importantly, be a team player”. As private equity is a complex area, “nobody expects a junior lawyer to be able to run with the process from day one”. Instead, Emilio advises future trainees to “stay focused and committed to the task at hand. The team around you will help you to develop your expertise – you just need to be eager to learn”.

Getting stuck into the work is crucial to this development. It was his role in advising Bridgepoint, one of the world's leading private equity investors, on its purchase and reinvestment in the PEI Group, which stands out to Emilio as a highlight when looking back on his career to date. He says: “It was a very important process for the Bridgepoint BDC fund and it gave me an excellent opportunity to be the architect of my progression as a lawyer. I had the ability to draft one of the more complicated long form documents and be a point of contact for the client.”

While Emilio looks to the past for wisdom developed on previous deals, he also explains that AI is changing the way that lawyers work. He notes that “many have commented that AI could be a threat to the legal profession and the role of a lawyer” but Emilio sees the evolving tech as a useful tool, rather than a threat. “Many lawyers are working alongside AI to better serve clients. Whether that’s using AI to churn out documents or to review particular clauses, which can help increase time efficiency and reduce costs.”

Embrace your differences

From AI to remote working, Emilio notes that the legal profession is rapidly evolving. He also highlights that the industry is “facing questions about diversity in the profession”. At Ropes & Gray, increasing diversity is a key focus. “In the private equity team, we have more women partners than we do men, which is something that we’re incredibly proud of”, he explains. When it comes to recruitment, the firm has a range of measures in place, including “schemes to tackle social mobility and ethnic diversity, offering more opportunities to those who may have been overlooked in the past”. Emilio emphasises that these initiatives are great opportunities for applicants from underrepresented groups and urges applicants to embrace their differences proudly – use what makes you unique to “stand out in a positive way”, he says. “If you do that, you’ll find yourself in a practice area you enjoy and at a law firm that accepts you for who you are.”

When reflecting on his own experiences, Emilio explains that he wishes he’d had more confidence to express himself authentically when he was making legal applications. “When I was applying to firms, I would change my hairstyle and the way I speak to portray myself the way I thought firms wanted. I wish I’d recognised that I offer value in a range of different ways. I take pride in my cultural diversity as I understand that it brings a different perspective to the thinking table when trying to assess how to tackle an issue. Unique perspectives allow you to add value in a way that others may not be able. Once you start to have that outlook, you grow in confidence and will succeed in applications and as a lawyer.”