Nothing captured the spirit of the leveraged age for Wall Street law firms quite so much as the private equity “club” deal. As the name suggests, the deals attracted quite the crowd: lawyers for the consortium of buyers, the underwriters who scrambled over themselves to fund the buyouts, and the target company. To celebrate a closing, the lawyers even threw what passes in the corporate legal world as a party: speeches, champagne, and the exchange of Lucite trophies.
That scene has been dead for a while now. In 2009 private equity deal value was a tenth of what it was just two years before. Strategic M&A was down by half. Securitization, real estate, public offering? Almost nonexistent.
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