I confess that it was not obvious to me in 2000 that private equity would go from 4% of the European M&A market to 25% in five years. But it was absolutely clear then, as we set out to build a private equity practice in our London office, that we had to achieve a critical mass that would put private equity on a par with the firm’s corporate M&A and finance practices. Only then would we be able to provide our clients with guaranteed access throughout a deal to an experienced team they know.
We set out with some simple goals and guidelines. The first step was to make sure everyone working with private equity (either as a client or across the table) understands the dynamics, drivers and business requirements of the sponsors, and delivers their advice (or negotiates across the table) to reflect that understanding. That meant giving as many lawyers as possible exposure to private equity clients, as well as investing in training manuals (the manual we wrote in 2001 is still in use, and updated, today).
