In total, a realistic timeline from signing the heads of terms to the completion of an M&A transaction is generally between 6 to 9 months. This timeframe can be shorter for simpler transactions or longer for more complex deals involving significant regulatory scrutiny or extensive due diligence.

As an aspiring commercial solicitor attempting case studies at assessment centres for vacation schemes and training contracts, you are not expected to know competition law in nearly as much depth as a qualified competition lawyer would be (of course!). However, given that M&As are a common theme of these case studies, and that M&A necessarily involves the merger between two companies or the acquisition of one company by another, you will need to have a base-level understanding of how competition law operates in the jurisdiction of England & Wales: common competition-related problems you might spot in case studies, and corresponding solutions.

In the context of M&A, retaining key employees is essential to ensure business continuity, maintain client relationships, and achieve the strategic objectives of the transaction. Key employees often possess critical knowledge and skills that are integral to the success of the combined entity. As an aspiring commercial solicitor, you should be prepared to spot the risk of key employees leaving the business after the transaction, and propose potential solutions to dissuade them from doing so.

As an aspiring commercial solicitor preparing for assessment centres, understanding the typical M&A scenarios you might encounter can help you identify patterns at hyper-speed when you’re doing the real thing. Here’s a guide to the most common M&A scenarios that often appear in case studies at international commercial law firm assessment centres.