I particularly enjoyed connecting contractual provisions to the buyer’s commercial objectives, including how termination rights could affect transaction volumes, valuation and the earn-out. The tasks also helped me distinguish between issues requiring internal legal analysis and information gaps requiring targeted questions to the seller.

The tasks felt like real deal work. Reviewing two contracts, writing findings for a senior lawyer and then drafting the RFI showed me how a due diligence review moves from findings to follow-up questions. The clear instructions and templates helped me focus on the legal issues, especially change of control.

I enjoyed the practical nature of the simulation and the opportunity to work through tasks that reflect the type of work a trainee may encounter in an M&A transaction. In particular, reviewing commercial agreements, identifying key contractual risks and preparing targeted RFI requests helped me understand how legal due diligence feeds into the wider transaction.