NY Times: What They Don't Teach in Law School: Lawyering
The lesson today — the ins and outs of closing a deal — seems lifted from Corporate Lawyering 101.
How do you get a merger done?” asks Scott B. Connolly, an attorney.
There is silence from three well-dressed people in their early 20s, sitting at a conference table in a downtown building here last month.
“What steps would you need to take to accomplish a merger?” Mr. Connolly prods.
After a pause, a participant gives it a shot: “You buy all the stock of one company. Is that what you need?”
“That’s a stock acquisition,” Mr. Connolly says. “The question is, when you close a merger, how does that deal get done?”
The answer — draft a certificate of merger and file it with the secretary of state — is part of a crash course in legal training. But the three people taking notes are not students. They are associates at a law firm called Drinker Biddle & Reath, hired to handle corporate transactions. And they have each spent three years and as much as $150,000 for a legal degree.