Preparing For M&A Job Interview? Make Sure You Know These Basics

Getting through an interview is always a formidable challenge, causing stress for candidates. Due to the global Covid-19 pandemic, recruiting has become even more arduous since organizations have adapted to the new normal. This has led to several changes in the work culture of the organizations.

Now, in the age of digital infrastructure, organizations are increasingly conducting their initial rounds of interviews and, in some situations, even the entire interview process virtually.

In the context of the Mergers and Acquisitions (“M&A”) field, companies tend hire an M&A lawyer when they begin to consider a transaction for their business. Regardless of whether the company has an attorney for another state of affairs, the process of buying or selling a business is entirely different. As a result, lawyers who specialize in M&A are in high demand.

Talking about investment bankers in the M&A field, the year 2020 was difficult for the bankers as the global pandemic put the deals on hold and initiated travel bans, thereby, confining the dealmakers to conduct the meetings with the clients on Zoom calls, rather than taking the clients to a fancy restaurant.

However the investment banking sector recently saw a revival where several banks cut down on costs, thereby resulting in opportunities for the less experienced candidates.

Therefore, it is important to know the basics and the process so that you can prepare for your M&A job interview.

Getting Started: Preparation Is The Key

The following are things you should keep in mind while preparing for your M&A job interview:

• It is imperative that you be yourself and relaxed at the interview, no matter how big the law firm or an MNC (where you might be applying for the role of in-house counsel).  Being aware of this and preparing for it earlier will allow you to avoid being excessively anxious during the interview.
• Anxiety and nervousness are normal before an interview, but if you are overtaken by them, they can interfere with your memory and decimate your ability to appear confident and knowledgeable. 
• Well-prepared responses can help ease nerves prior to the interview by assuring that the answers are or will be well-considered.  
• The interview is unlikely to be a mere assessment of your relevant experience and legal acumen that follows the interview; it is also a method of familiarization (getting to know you) and assessing whether you can carry yourself calmly for such a big role. Hence, a positive attitude will always leave a lasting impression.
• Focus on what you want. You must understand what you want, where you want to be, who you can work for and, most importantly, why you are qualified for the job. Do a career assessment of yourself and explore various career fields if you are undecided or unsure about the M&A job or if it will match your skills, interests, or background. Uncertainty about your career options makes a job search difficult and frustrating.

Studies have shown that more interview preparation significantly increases a candidate’s chances of succeeding. Hence, do not confine your preparation to only the above-mentioned points, preparation should never be limited.

Know The Basics:

1. Research the firm and the workforce: Before going to an interview, it is essential that you learn as much as possible about the founders, partners, senior/principal associates, associates of the law firm, or the respective MNC, or the investment banking firm, as the case may be. Investing the time to research the organization and the people associated with the M&A team of the respective company will give you a much better chance of making a favourable impression. The following can be the fields on which you should stress your research:

• Philosophy and goals of the respective company/firm.
• Size and structure of the respective company/firm.
• M&A deals in which the respective company/firm was/has been involved.
• The work culture of the M&A team.
• Major clients of the company/firm, etc.

2. Get references: Consult the individuals who will be serving as your references (prior employers, senior associates, associates, etc. of the M&A team). Discuss what specific types of experience and abilities are required for the M&A role as soon as you apply. You should provide a copy of your resume when contacted.

3. Practice describing the matters: The questions asked in interviews are often predictable, and they can be anticipated in advance.Here are a few things to remember:

• There are various types of behavioural questions you can expect, such as “tell me about your experience” or “tell me about a recent deal you enjoyed handling”.
• It is valuable to think about four to five deals with which you recently worked on and be able to articulate them in two minutes or less.  Make sure the chosen transaction or case is similar to that of the interviewers and firm’s representative. 
• If you do not have experience in the M&A field or you did not work on any deals in the past, you can impress the interviewer by expressing your knowledge about the field. Tell them about the recent big M&A deals on the block and why are you so passionate about this job.
• If you want to succeed in an interview, remember that it should flow as a normal two-way conversation, not just you telling the interviewer why you’re qualified because it may appear that you are overconfident or arrogant and may lose the interviewer’s attention. 
• Your goal instead should be to make yourself appear attractive through conversation.  To demonstrate your match with the position, provide tangible examples of similar or complementary transactions or casework that mirror the firm’s practice.

4. First impression: Remember, the first impression always counts! Here are a few things to remember:

• Get to know the time, place, and how to get to the interview. Allow yourself some time to relax when you arrive. Now, during the global pandemic, most of the interviews are conducted online, therefore, it is important to be prepared in advance for the online video calls.
• Do not wear inappropriate clothing; rather, dress according to company standards. If you want to project a professional image, your appearance should be conservative and businesslike.
• Do not be afraid to show your enthusiasm. You can make a good impression by being enthusiastic, energetic, and humorous. Avoid being passive or indifferent.

5. Answering the basic questions: The following are some of the basic questions which interviewer will ask you:

• Why are you looking to leave your current firm / Why are you looking for a position here?

Firstly, you should avoid giving any negative information about your current organization; instead, focus on the experience you have gained there. A negative attitude toward your current firm is unprofessional. Therefore, focus on the substantive experience you’ve received and explain how the experience will help you perform as an associate of the prospective firm.

Secondly, explain why you are interested in the company with which you are interviewing.  Developing your knowledge of the firm and demonstrating how you would be a good fit and can be another opportunity to showcase your skills.

• Tell me about your weaknesses / what are your weaknesses?

An interview at a law firm may pose this tricky question. Usually, the firm is asking this question to motivate introspection and flexibility.  When you respond, you should use an example of a weakness that is relevant and honest. Explain how you addressed the weakness and how you improved.

As a rule of thumb, you should not use a weakness that would hinder your ability to function as an associate in this question.

• What questions do you have for me?

You should prepare questions for the portion of the interview where the senior attorney interviewer might ask “What questions do you have for me?”. You should have meaningful questions in this section other than asking about readily obtainable facts.  In addition to demonstrating your interest in the firm, these questions should demonstrate your intellectual curiosity.  You might ask: “What was it like for you to be a part of the merger of two manufacturing companies?” or “What are the matters that you are particularly interested in the M&A field?”.

• Get your facts right: Getting prepared for an M&A interview is not vastly different from preparing for an interview for any other position. You should be familiar with the basics of corporate finance, central/state laws and accounting. For the most part, you should do fine if you did well in your introductory courses to all these topics. As opposed to a corporate finance/coverage interview, M&A interviews usually involve the attorney interviewer providing you with a sample deal, along with a set of different parameters, of two companies where he may ask you to determine whether an acquisition or a merger or a demerger would be in the best interests of the companies. Hence, it is imperative to know the facts of the proposed sample deal and use your expertise accordingly.

Questions You Can Expect:

1. ‘FIT’ questions: A FIT question will decide whether you are ‘fit for the M&A field in general or not. These questions help you determine if you are the right candidate for the job because you will be competing with people often with similar education and backgrounds. Therefore, it is important to describe your interests and how/why you are a good fit for the firm you are applying to.

• Can you represent well? According to Scott Frank from Kirkland & Ellis (see here), advising the board is one of the most important aspects of what an M&A lawyer does. The firm may ask you if you can represent well as an M&A lawyer or not. In addition to being the outside firm’s face to the board, the M&A lawyer ought to provide timely and thorough advice to the board in a confident manner. Therefore, you should influence the interviewer that you possess the necessary skills to negotiate with the board of directors of the company and represent the company at the same time.
• How emotional are you? An M&A transaction requires controlled emotions. Negotiators go through months-long processes with big stakes. An attorney who negotiates the M&A deals prematurely- makes decisions too early or too late, is generally avoided by the companies. You must answer this question sprucely.
• Are you familiar with current market trends? A good M&A lawyer should know all the current market trends and developments in all fields, including but not limited to, anti-competitive practices, foreign exchange management regulations, foreign direct investments, etc.
• Are you familiar with all legal concepts? A good M&A lawyer should also know all the legal fundamentals which regulate M&A transactions. In India, the key regulations that govern M&A are the following:

• Companies Act, 2013 and associated rules.
• Foreign Exchange Management Act, 1999.
• Foreign Direct Investment Policy.
• Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers), 2011.
• Competition Act, 2002.
• Income Tax Act, 1961.
• The Insolvency and Bankruptcy Code, 2016.

We hope these pointers will help you nail the interview and land your dream job. To reiterate, three things most essential during the interview are your temperament, skills and knowledge. If you tick these three boxes, it is safe to say that your chances are good. All the best!

 

YLCC would like to thank Nikunj Arora for his valuable insights in this article.