Once, transaction was the domain of only large companies, if only due to the extensiveness and arduousness of the due diligence procedure, today transactions are carried out by many smaller law firms.
Transactions – the role of a lawyer
The starting point for a well-conducted capital transaction is financial analysis and the lawyer has little to say here, although he is certainly required to understand where the transaction is going and when it is profitable. Then the transaction is a matter of intelligence and organization. And sacrifice.
The transaction consists in the fact that during it the lawyer managing it should not deal with any other matters in parallel, because there is a constant need for ad hoc interventions and changes, and no repetitive scheme is fully applicable.
The transaction also requires elementary knowledge in almost all areas of law, which also means that it requires knowledge of what you do not know. It also means being able to work with advisers.
Restructuring or similarity
Restructuring is, of course, formally speaking a completely different service from the side of the applicable law. In fact, it requires very similar competencies to those required by a capital transaction.
While good law cannot be learned in the academic mode – it is certainly impossible to learn in a formal manner how to carry out transactional or restructuring processes. In principle, there is also no very good literature here, because these processes are very limited to generalization. Competence in this area is primarily the sum of experience and thoughts of the lawyer. Let’s add – a creative and wise lawyer, respectively. The lawyers who manage the transactions certainly belong to the elite of legal advisors.
What connects both specialties consistently is that they relate directly to the whole business.
The practice of transactional and restructuring consultancy is managed by PhD attorney Karolina Kocemba.
