Deborah Spranger of Troutman Pepper Hamilton Sanders. Courtesy photo.

Deborah L. Spranger, Troutman Pepper Hamilton Sanders

The deals market has been feast or famine in recent years, how do you navigate the ups and downs of an unpredictable marketplace?

Navigating the unpredictable marketplace requires a good client mix and flexibility. When private equity buyers are active, strategic acquirers tend to be less so, and vice versa. When deal work is down, it is an opportunity to focus on strengthening companies for future acquisition through restructurings, reorganizations, and cleaning up corporate governance matters. I also act as outside General Counsel to a number of smaller and growth-stage companies. The daily "care and feeding" of these representations provides a consistent source of work, and also creates opportunities to train more junior lawyers on negotiation strategies and commercial terms. And many of these companies eventually become acquisition targets themselves.

What is the top quality that you've used to succeed in the profession?