The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Patrick Huard is the Global Co-chair of the private equity practice at Morrison Foerster. He represents private equity funds and their portfolio companies in a broad range of corporate matters. He advises private equity sponsors on all aspects of their investment activity across a wide variety of industries, including software and technology, business, consumer and retail, and professional and industrial services.
Hannah Yang is a corporate associate, representing public and privately held companies in a variety of corporate and securities law matters. She advises on domestic and cross-border M&A and private equity transactions in various industries. She also represents issuers and underwriters in connection with securities regulation, governance matters, and securities offerings, including initial public offerings, private securities offerings under Rule 144A, and debt and equity offerings.
Describe your practice area and what it entails.
Patrick: I help private equity funds and their portfolio companies with all aspects of the investment cycle, including deal structuring, negotiation, financing, and execution. I also advise sponsors as they grow and refine their portfolio companies. The work is fast-paced and collaborative, and it requires expertise in corporate, tax, finance, and securities law to handle complex transaction and regulatory requirements.
Hannah: My practice as a corporate associate includes advising clients on a range of matters, including the process of an acquisition or sale of a business, public offering, or private placement; preparation and maintenance of corporate governance materials; compliance with securities regulations; and filing of company disclosure documents.
What types of clients do you represent?
Patrick: My clients range from bulge bracket investment firms to funds focused on the lower-middle market. I also represent their portfolio companies in M&A activity and all manner of the day-to-day challenges of building and scaling successful businesses.
Hannah: I represent both public and private clients, with a primary focus on private equity, life sciences, and technology companies. My clients span a wide range of industries, sizes, and geographies.
What types of cases/deals do you work on?
Patrick: Most often, I work on leveraged buyouts when a fund acquires a company utilizing leverage. This initial acquisition will almost always be followed by add-on acquisitions and, ultimately, an exit transaction. Some transactions involve growth equity investments, taking public companies private, carving out a business from a larger enterprise, or combining several businesses into a larger platform. Each deal is unique, but the goal is always the same: help clients create value, manage risk, and close efficiently.
Hannah: I have worked on platform acquisitions and sales, carve-out sales, equity and asset purchases, mergers, private placements, series investments, public offerings, and debt offerings. I also advise clients on securities regulations and governance matters.
How did you choose this practice area?
Patrick: I was drawn to M&A because of the collaborative and project-based nature of the work. The practice offers constant variety and, most often, tangible results in the form of a successfully closed deal. Like most things in life, serendipity played a role in my introduction to private equity clients specifically, but working on fast-paced, complex transactions with sophisticated investment professional clients across a wide range of industries is the best version of an M&A practice in my view.
Hannah: It can be hard to get a feel for the work of a transactional attorney from just doctrinal classes, so I was grateful to be able to try out various different practice areas through experiential classes, clinics, and internships. I also spoke with attorneys to learn more about the career paths and typical work in different practices.
What is a “typical” day like and/or what are some common tasks you perform?
Patrick: Every day is different, but my work usually involves advising clients on deal terms and strategy, reviewing and negotiating deal documents, and coordinating with teams across disciplines. It is fast-moving work that demands precision, coordination, and good judgment. Some days are focused on detailed negotiations, others are more about general deal management, and others focus on portfolio company matters or putting out a series of small fires.
Hannah: My responsibilities as a corporate associate can be quite fluid. My days might involve multiple calls, coordinating across different teams to understand the issues and proposed solutions, negotiating with opposing counsel, or advising clients on their business options. Other times, these communications take place over email. I also typically spend my time drafting key transaction documents or preparing a company’s disclosure documents.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Patrick: Taking Corporations, Securities, Corporate Finance, and basic Accounting courses are good for learning core principles and vocabulary. I also recommend taking advantage of as many practical experience opportunities as your law school offers (e.g., negotiations seminars and classes taught by active M&A practitioners). Curiosity about how companies operate and how deals create value will also help you succeed in a transactional practice.
Hannah: I highly recommend taking a Negotiations class and a Contract Drafting class, which both provide practical training for skills that are at the core of being a corporate associate. Beyond that, broad exposure to different topics is helpful for issue-spotting and communicating with colleagues.
What do you like best about your practice area?
Patrick: I enjoy learning about all of the businesses our clients invest in and why and meeting the founders and executives who have built these businesses. Each business and each set of sellers tells a unique story and presents a unique set of challenges and opportunities to think creatively.
Hannah: I love that the work is very collaborative whether it is within the corporate team, with other practice groups and advisors to better advise the client on specialized areas, with the counterparty and its counsel to find mutually agreeable solutions to any problems that arise over the course of the deal, or with both the client’s business and legal teams to gain understanding and to provide advice in line with their priorities and business objectives.
What are some typical tasks that a junior lawyer would perform in this practice area?
Patrick: Junior lawyers are key members of deal teams. They conduct due diligence, draft transaction documents, manage closing checklists, and coordinate with clients, other advisers, and broader specialist teams. These tasks build a strong foundation in deal mechanics and negotiation strategy.
Hannah: At MoFo, a junior lawyer can often be as involved in the matter and the substance as they would like. A junior lawyer will be heavily involved in due diligence, identifying which findings will impact the key transaction documents, and in negotiations of the key terms and structure of the deal. Junior lawyers can also gain exposure to all of the various transaction elements by helping track and maintain the transaction checklist and coordinate across various deal team members and advisors.
How do you see this practice area evolving in the future?
Patrick: Private equity continues to grow in scale and sophistication at both ends of the capital spectrum. Technology is reshaping how deals are sourced, executed, and managed, and regulatory requirements are constantly evolving, both domestically and abroad. The best private equity lawyers will pair strong technical skills with the ability to stay ahead of all technological and regulatory developments.
Hannah: As our clients explore the use of AI in their businesses, we are also seeing them open up to or even encourage the use of AI in our legal practices. Lawyers will need to adapt to these expectations while preserving trust and accuracy.
How important is it to understand your client’s business, and how can junior attorneys gain this insight?
Patrick: Understanding your client’s business and the businesses they are investing in is critical. It helps you anticipate issues, offer tailored advice, and build trust. Junior lawyers can develop this insight by researching, asking thoughtful questions, and listening carefully during client meetings. Over time, this knowledge develops into sound judgment and stronger client relationships.
Hannah: Our clients look to us not only to know the law generally but also to apply the law to their specific issues and provide advice in the context of their business. As a junior lawyer, you can subscribe to different legal publications and generally look for news on recent updates in the client’s industries. Public company filings also provide a wealth of peer precedents.