Becoming a Private Equity Lawyer | Chambers Associate
The private equity industry supercharges companies' operations and puts money in the pocket of investors. Monica Kwok explains that work in this area brings much more than financial profit in Chambers Associate.
Chambers Associate: What does Goodwin’s private equity practice do?
Monica Kwok: Goodwin’s PE practice, which has dominated the league tables especially over the past several years, is a standout practice for transactional matters, including high-profile domestic and cross-border M&A, VC and tech work and general corporate counsel for leading companies and startups alike. We serve clients across numerous sectors including healthcare, financial services and pharmaceutical industries. We represent private equity sponsors, early through late stage investors, portfolio companies, management teams, lenders, financial institutions and alternative investors. Goodwin’s reputation as a top-flight corporate firm is most certainly reflected in the stellar lawyers who work here, where the level of camaraderie and teamwork is unmatched.
Chambers Associate: What does Goodwin’s private equity client base look like?
Monica Kwok: Goodwin handles a unique blend of work. The firm has a rock ’n roll reputation for having a broad range of clients on the cutting edge across industries. Goodwin is a special place in that while it has the sophistication, expertise and manpower to handle some of the largest newsworthy transactions of our day, it also attracts a ton of entrepreneurial clients who are just starting out and seeking commercial, efficient, practical advice. For instance, I am very active in our search fund practice, which is composed of the industry’s legal market leaders – our search fund team has many decades of combined market experience representing entrepreneurs, investors and portfolios with respect to search fund deals from fundraising to exits and beyond. Having this wonderfully unique range of clients and matter sizes gives attorneys, particularly young associates, on-your-feet practical experience.
Chambers Associate: Could you describe your role as partner/associate within the private equity practice?
Monica Kwok: As a senior associate in Private Equity M&A, I am typically the lead associate on matters, working directly with a partner to effectively run the transaction. I am the point person when it comes to engaging with clients and the other side with respect to negotiations and process management all the way through closing and beyond.
Chambers Associate: What was your role on the latest matter you worked on?
Monica Kwok: The last matter I worked on was actually for a new client I brought in. Under the supervision and guidance of some very supportive senior partners in our group, I served as the relationship manager and lead attorney on the deal, helping the client raise and deploy a fund.
Chambers Associate: What is the most challenging aspect of your practice area?
Monica Kwok: Being an M&A lawyer requires one to wear many hats – and to look good in them! We provide substantive and commercial guidance and are heavily involved along, with the tax and regulatory teams, with respect to structuring oftentimes very complex matters. Once the matter progresses, the M&A attorneys are then in charge of “quarterbacking” the entire team: internally, among subject matter experts, and externally, with respect to the client, the other side, various third party service providers, etc. There is a lot of responsibility and coordination involved in managing all of the various workstreams that need to come together in order to get a deal closed. Luckily, I enjoy being in the weeds at the center of it all – as a hyper social, hyper organized individual by nature, I thrive off of the responsibility my role affords me and the fast paced nature of our work.
Chambers Associate: What is the most rewarding aspect of your practice?
Monica Kwok: What I like to tell people is that we are in the business of helping people succeed. Every deal is different, and lawyers play a huge role in ensuring that their business principals close deals on desirable terms. I enjoy business development and strengthening my relationships with clients is immensely rewarding to me. Clients depend on us to counsel them through what can be some of the most intense moments in their careers. I take that responsibility very seriously. Watching some of our clients grow their businesses and portfolios has been tremendously inspiring.
Chambers Associate: What are the latest trends and developments in the private equity space?
Monica Kwok: What I love most about practice is that it is just that – practice. The issues and actors are constantly evolving, and that gives way for rich opportunities for a practitioner’s development. As lawyers, we should embrace our unique access to deals, clients and other practitioners to enhance our substantive skills and expand our networks. Given the uncertain economic climate as of late, parties are turning increasingly to earnouts in purchase arrangements in order to bridge valuation gaps. We’ve seen a sizable increase in the inclusion of earnouts in acquisition agreements since the thick of the pandemic – especially for midmarket deals.
Chambers Associate: What personal qualities make for a good private equity lawyer?
Monica Kwok: As with any challenging job, qualities like grit, resilience and the desire to excel are key to success and longevity in this industry. A good private equity attorney must not only deliver excellent client service on a consistent basis, but also go the extra mile and offer up creative and commercial solutions to clients and their businesses, at whatever stage of the life cycle they’re in. That is how one exceeds expectations and leaves a lasting impression among clients. However, if I had to choose one trait I’ve observed across all the most successful private equity attorneys I’ve come across in practice, I would have to say that a key personality trait, though often overlooked, that is crucial to exceling in this practice area is emotional intelligence. Being the point person for so many workstreams and so many separate teams requires people skills – this comes into play especially during deal negotiations, which, at times, can prove contentious. Deal attorneys need to be able to find a common denominator and get everyone in alignment on terms – that requires being able to read and understand different people.
Chambers Associate: What can students be doing now to set themselves up for success in this area?
Monica Kwok: Focus on consistently doing the best work you can and take ownership of your careers. Hone in on being strategic about making sure you are taking initiative and seeking out opportunities to round out your skills. Understand that while it is crucial to demonstrate leadership skills and potential in the academic arena, corporate practice is a totally different ballgame. It is equally important to develop strong relationships with mentors and sponsors in the industry. Mentorship, like any rewarding relationship, is a two way street. Being proactive and thoughtful in your outreach will help set you apart as someone who is both driven and collaborative.
Chambers Associate: What is unique about Goodwin’s private equity practice?
Monica Kwok: Not only does Goodwin have a sterling reputation when it comes to doing excellent work for cutting edge clients, it boasts an amazing firm culture that makes it an incredible place to be for young, entrepreneurial lawyers who want to grow their practices. The partners here at Goodwin have been incredible mentors and sponsors to me along the way. They have been truly instrumental in terms of my own business development both in and out of the firm. They give me enough rope to independently manage our matters and teams, but are always there to provide both practical and substantive guidance. This type of support has been invaluable in helping me realize the key milestones in my professional development so far.
