The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Patricia Perez Elias is an associate in the Morrison Foerster’s mergers and acquisitions group, with a particular focus on the private equity and life sciences industries. Patricia has experience in both private and public M&A, as well as early- and late-stage equity financings and general corporate transactions. Pro bono work is an important part of Patricia’s practice. She enjoys working with local businesses in underserved communities and providing services for abortion defense and access. Patricia is committed to diversity and inclusion and being a mentor to other attorneys of color. When she’s not working, Patricia enjoys running, knitting, and reading.
Describe your practice area and what it entails.
My practice as an M&A associate focuses on advising both our buy-side and sell-side clients in the process of an acquisition or sale of a business. I assist the client in the negotiation and finalization of transaction documents, including working closely with subject matter experts (for example, our tax and employment and labor colleagues) and our clients’ advisors. As an associate in the M&A group, I help our clients navigate complex transactions from the formation of purchaser entities to coordinating filings for regulatory approvals.
What types of clients do you represent?
I represent both public and private clients, with a primary focus on private equity and life sciences companies. My clients span a wide range of industries and geographies.
What types of cases/deals do you work on?
Being an M&A associate allows me to see all types of transactions across a wide range of industries, sizes, and geographies. I have worked on platform acquisitions, carve-out sales, equity purchases, and complex mergers. A lot of the skills I employ for one transaction can be translated to other types of transactions, so my exposure to numerous transactions has been helpful in providing my clients with the most relevant advice.
How did you choose this practice area?
I started at a prior firm primarily working with emerging companies and venture capital. I gained a couple of years’ worth of experience in this area, sprinkled with a few M&A transactions. I learned that I enjoyed the versatility of M&A transactions and the ability to work across practice groups and offices with colleagues who have different subject matter expertise.
What is a “typical” day like and/or what are some common tasks you perform?
My days are very different from one day to the next, but a transaction generally has the same outline. When I’m representing a buyer, our team begins by doing a legal due diligence analysis of the target, which then informs the structure of the transaction and the underlying transaction documents. On a daily basis, I am responding to emails and calls from the client, opposing counsel, and our subject matter experts to tie it all together into one cohesive set of transaction documents that work together for the intended result. Now that I’m a bit more senior, I take a front-seat role in drafting major transaction documents, like the definitive purchase agreement, which can comprise a good chunk of my day. I also take my role very seriously when I’m acting as a mentor and teacher to the junior associates who are helping me in the transaction and often spend many hours reviewing and talking through the various deal dynamics.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
This job is very much a learn-on-the-job role, which is my primary and preferred way of learning. That said, I found my tax and corporate finance classes helpful, as they prepared me for the lingo that is necessary to communicate with clients and with other colleagues about various aspects of transactions.
What do you like best about your practice area?
My favorite part is that I am able to interact on a daily basis with colleagues outside my practice group and learn from them. I also really enjoy that the clients trust our market experience and look to us to provide them with the best advice tailored towards their specific preferences and tolerances.
What are some typical tasks that a junior lawyer would perform in this practice area?
A junior lawyer is generally heavily involved in the due diligence aspects of a transaction. An excellent junior lawyer will also be extremely organized and will know the status of (almost) every aspect of the deal, even if they may not yet fully understand them. A junior lawyer will often be the primary keeper of our transaction checklist and will track outstanding items and prepare signature pages for the documents.
How do you see this practice area evolving in the future?
M&A is very market-driven, and good lawyers need to keep up-to-date with different market trends and considerations in order to better serve their clients. That said, while M&A transactions may differ across industries, geographies, and structures, underlying issues and considerations tend to repeat. I foresee that technology and the use of AI will make the process aspects of M&A transactions more efficient, but experience and business judgment will continue to be the primary focus that substantially informs transactions.
What has been the most surprising aspect of dealmaking to you?
The most surprising aspect of dealmaking has been the collaborative and friendly nature that most of our deals have. Opposing counsel and opposing parties are generally all working towards the same goal—a successful closing—so I am always learning from everyone involved.