group of young people runs at the beach on beautiful summer sunsetBootcamp for First-Year Transactional Associates

DAY ONE

  • Welcome and introductory remarks   5 min.
  • Group discussion:  what are the business reasons for doing transactions?  15 min.
  • Overview of our hypothetical deal (a leveraged acquisition)    10 min.
  • The timeline of a deal; the effect of market forces on how deals are negotiated    15 min.
  • Inflows and outflows of cash:  introduction to financial statements     50 min.
  • Entities, assets and liabilities, and deal structures   60 min.
  • Deal structuring project   30 min
  • Lunch  
  • Group discussion:  what facts do you care about if you are the buyer, seller or lender in our deal?   10 min.
  • The importance of facts:  representations and warranties   25 min.
  • Control:  corporate decision-making  and debt covenants    35 min.
  • Public vs. private companies   25 min.
  • The importance of facts, cont’d:  due diligence  40 min.  
  • Due diligence project   50 min.

 

DAY TWO

  • Legal hurdles:  entity law issues that come up in every deal   30 min.
  • The importance of precision and clarity in contract drafting  30 min.
  • Contract drafting exercise  50 min.
  • Economics of deals:  the effect of leverage and the use of carried interest    30 min.
  • Closings, closing conditions and closing mechanics  40 min.
  •  Lunch 
  • Companies and deals in trouble:  covenants, remedies and amendments 40 min.
  • Group projects and presentations   140 min.

Small teams are given different fact situations regarding our hypothetical deal, which involve a mixture of legal and business issues.  Teams work together to problem solve and prepare a presentation that describes the issues and the potential solutions. Each team makes its presentation.  The other participants provide feedback.