过去一年，受到宏观经济趋势、国际政治局势、资本市场监管趋严等因素影响，中国的并购市场经受极大挑战，也面临着多重变化。在这一背景下，今年上榜ALB并购业务排名的律师事务所展现出强大的业务韧性，以及跟随市场需求而变的灵活性。
2024 ALB China 并购排名的调研期间为2023年5月至2024年5月，与往年相同，排名依旧分为一、二、三，及值得关注律所四类，共有45家律师事务所上榜。
这其中，8家是今年的新上榜律所，还有3家律所实现了类别提升：这意味着，即便调研期间的中国并购市场挑战重重，但不断重塑的市场也给新的参与者提供了机会，能够“读懂”市场的人，正在变局中探索着“弯道超车”。
上榜律所的并购服务团队中，有的规模庞大，总人数达到150人以上，他们着重探索着自身在生态圈、全局性、性价比层面的优势；有的则较为精练，拥有十数名合伙人及不到50人的业务团队，他们则持续深化自己在特定产业领域的纵深优势。
如果说持续到2021年的火爆交易市场为大、中、小不同规模的并购法律服务团队都提供了业务机会，当下的并购市场已绝不再是相同的逻辑：法律团队必须清楚自身优势是什么，并找到恰当的手段不断放大优势。只有定位精准，才能牵引业务持续发展。
仍有服务机会
汇业律师事务所高级合伙人吴冬律师对ALB坦言，2023年疫情结束后，律所的并购业务呈现出上升趋势，但尚未恢复至疫情前的交易数量峰值。
不过较为沉寂的市场中也有亮点。吴律师观察到，“由于目前IPO上市通道受阻，更多的投资方及私募基金转向将并购作为其投资退出的主渠道，这部分交易相对活跃”。
天驰君泰律师事务所高级合伙人高东华律师指出，ALB今年调研期间的并购交易活跃度整体不高，但也凸显出一些机遇。首先是受到IPO政策收紧影响，“IPO上市难度和不确定性加大，产业并购正成为上市公司并购重组主流和监管重点支持方向”。
第二重机遇在于，2023年6月国务院国资委召开中央企业提高上市公司质量暨并购重组工作专题会，自此，“国有资本相关企业在资本市场更为活跃。今年，央国企进一步开展在自身传统领域与战略新兴产业领域的并购，以完成国有资本布局结构优化”，高律师说。
吴冬律师也观察到央国企在并购领域日益扮演的重要角色。“央国企近年在产业、资金、规模及授信等领域具备优势，除了越来越多布局海外、并购以及设立合资企业，在国内的产业并购和战略并购也相当之多。”
为此，“这两年汇业与央国企的合作更为密切，为其提供一站式、全方位的并购法律服务。同时汇业也与各地的国资委积极合作，例如2023年在南昌举办了国有企业合规管理论坛，专门介绍国有企业投融资的合规业务”。
在炜衡律师事务所高级合伙人金代文律师看来，尤其在炜衡团队积累了相对实力的新能源领域，抓住央国企客户需求在这两年也变得极为重要。“新能源行业并购的收购方或者投资方通常以国央企和上市公司为主。炜衡目前在全国布局有40余家分所，且分所规模较大，在各地的重点客户包括了地方大型央国企、地方政府引导基金、开发区园区管委会等，沿着他们的需求去提供法律服务，这是一个非常好的并购逻辑。”金律师说。
在他看来，另一个能够带来持续业务的逻辑在于律所的客户是否广泛覆盖了并购的“生态圈”。金律师解释道：“并购生态圈包括了收购方、出售方、资金端投资人，甚至政府相关部门，需要各个角色一起参与完成。”以炜衡为例，“有时候，收购方提出产业并购需求，但也要寻找具体标的，我们可以以自己熟悉的企业标的和并购方做匹配；如果需要组建收购财团，炜衡也有能力去匹配投资人资源，把所有参与方整合在一个生态圈里”。
监管压力提升
过去两年，“严监管”是资本市场领域绝对的关键词，这对于并购市场也不例外。
观韬律师事务所合伙人杜恩律师告诉ALB，自2023年1月1日起，中国证监会合计出台10余项与并购重组直接相关的规定，并要求沪深交易所负起一线监管职责，其对企业并购审核力度的强调可见一斑。
具体到实务中，“监管机构更加关注标的资产与上市公司的业务有没有协同性，能不能形成良性互动；其次是标的资产本身的规范性问题，尤其对于资质许可、业务资产的真实性、大额应收账款以及大额合同履行情况等要给予更多关注，各家中介机构也被要求从各自的角度来复核”，杜律师解读道。
在金代文律师看来，资本市场的严监管肯定会外溢到并购领域。“尤其IPO存在上市倒查，对项目此前的全部的工作底稿、处理情况都要审查，追溯期甚至达到10年以上，挑战了律师团队能否把整个工作流程的风控做到位。”他说，“此外，收购方要求标的财务状态能够匹配未来资本市场的要求，实现顺利退出，因此对中介机构的服务能力、工作颗粒度等提出了更高要求。”
此外，金律师指出，数据合规、税务、反垄断三大监管话题也特别值得关注。
“伴随数据和个人信息保护领域‘三大法’落地，数据合规成为了并购领域的全新话题。数据存在于各行各业、各类型企业之中，在收并购过程中，需要关注数据在业务当中所占比重、对整个业务的影响力、相关数据合规要求等等。可以预见，未来收并购过程中一定需要配备数据服务团队。”
税务话题是近期的另一个热点。“实践中已经出现了某些较大规模企业被国家要求补交大额税款的情况。”金律师说，“如果收购方买入了这类纳税记录不被国家认可的企业，其补税金额可能形成极大的收购成本，甚至导致整个项目的叫停。”
最后，反垄断问题需要企业持续保持警惕，“因为现在收并购的一大趋势是把小企业凑成大企业，过程中如果忽视了反垄断申报，会构成比较大的风险”。
客户要求提升
当下的市场情况要求并购交易中的各方保持谨慎，这也对律师工作产生了直接影响，杜恩律师特别观察到客户在并购时间表、尽职调查、条款安排方面出现的新变化。
首先，“客户对于并购的时间表要求更加紧迫。这可能是因为客户看到了市场机遇，希望尽快完成并购以抢占市场先机，同时也反映了客户对于快速响应市场变化的重视”。
与此同时，在尽调方面，“客户对风险的容忍度变低，对尽调的深度要求更高，尤其是对公司债务的核查要求更加严格。这主要出于并购风险管理的需要，客户希望通过更加深入的尽调来降低并购风险，确保并购决策的合理性”，杜律师说。
最后，在条款安排方面，杜律师观察到：“伴随并购市场趋于成熟，一些客户放弃了一直以来惯用的业绩对赌条款，他们认为自己有充分的尽调能力和足够的经验进行判断，采取更可靠更实在的方式就估值达成共识，不再听标的企业讲故事，而是要求回归标的的真实价值，避免对赌之后业绩目标无法达成，引发更严重的后果。”
金代文律师则指出了今年新《公司法》施行后对于并购，特别是对于具体条款安排的影响。“从注册资本、高管责任，到公司发起人要求，甚至公司最后的结算清算，一系列法规变化都受到收购方关注，希望确保标的收进来后，历史遗留问题能够得到安全处置。”
另外，并购交易的专业度日趋深化，这体现在对中介机构深耕领域的要求愈发细化上。金律师说：“以前客户要求并购律师既懂法律，又懂行业；现在行业内部则进一步细分，例如医药并购就分为小分子药、原研药、仿制药等领域，深入到具体产品并了解行业相关监管规则，未来将是对并购律师的基本要求。”
“下一步，客户可能要求律师在特定行业纵深，把上下产业链摸清楚，协助客户完成整个产业链的整合并购。”他展望道。
客户对并购服务品质有更高要求，对于价格却也愈发敏感了。金律师坦言：“今年在经济压力之下，客户在选择律师团队时，对性价比要求会更高一些。”
杜恩律师也有类似感受。“客户可以接受行业内的普遍收费标准，并接受一定的上浮。但客户更希望风险付费，即在项目做成的情况下再全额付费。”
此外，“客户也希望律师能尽可能事先提出风险事项及应对方案。我们也发现，有经验的律师对于企业防范风险所作出的提示，开始发挥愈发重要的作用”。
未来趋势
谈到并购市场下一步可能出现的趋势，汇业的吴冬律师特别指出了2024年国务院印发的《关于加强监管防范风险推动资本市场高质量发展的若干意见》（新“国九条”），“其中有四条都提到了并购重组，强调优化并购流程，提升科创板、创业板重组小额审核效率，推进并购环境更加公平、高效，未来‘小而美’并购可能会成为亮点”。
此外，也是受到政策引导，他预计“未来科技型企业驱动的产业并购将形成热潮，同时在新质生产力发展和新一轮国企改革的背景下，科技型央国企的产业并购或将引领并购市场迈上新台阶”。
对此天驰君泰团队感受颇深——过去一年，他们帮助多家航天、生物科技、机器人等高科技领域客户完成了并购交易。高东华律师指出，高科技领域受经济下行影响较小，同时国家提出了用多层次资本市场支撑相关企业业务发展、提高生产研发能力的政策引导，促进了企业通过并购来扩张、发展、延伸科技影响力。
高律师告诉ALB，过去十多年里，天驰君泰一直在为相关领域提供对外投资、增资、国有产权交易、公司并购重组、资产重组等法律服务，因此熟悉相关企业经营发展要求、投融资制度规定以及企业投融资布局诉求，能够与法律规定相结合，更精准、高效地提供法律服务。
观韬的杜恩律师则特别强调了并购律师直面未来趋势、升级自身技能的重要性。一方面，要善于利用快速发展的科技为自身赋能，“尤其人工智能技术在法律领域的应用带来了诸多便利和机遇。并购律师可以利用技术提高工作效率，更好地服务于客户。同时，技术也可以帮助律师更好地管理和优化客户资料，提高服务质量”。
另一方面，并购律师也要注重优化服务流程。“在并购交易中，律师可以通过高效的沟通和具有预见性的策略，平衡股东、投资者、监管机构等多方面的利益，巧妙地化解冲突，达成投资合作的共赢局面。这不仅可以提升律师的服务质量，还能增强客户满意度，从而提升律师团队的营收。”杜律师说。
2024 ALB China M&A Rankings
Over the past year, China's mergers and acquisitions (M&A) market encountered significant challenges and underwent multiple shifts. These changes were driven by macroeconomic trends, international political dynamics, and stricter capital market regulations. Against this backdrop, the law firms featured in this year's ALB China M&A Rankings demonstrated strong resilience and adaptability in response to evolving market demands.
EMERGING OPPORTUNITIES IN A SHIFTING LANDSCAPE
Wu Dong, senior partner at Hui Ye Law Firm, reveals to ALB that the firm's M&A business has been on an upward trajectory since the end of the pandemic in 2023, though it has yet to reach the peak transaction volumes seen pre-pandemic.
Despite the relatively subdued market, several bright spots remain. Wu notes, "With IPO channels currently facing obstacles, more investors and private equity funds are turning to M&A as their primary exit strategy, making this segment relatively active."
Gao Donghua, senior partner at Tiantai Law Firm, points out that while overall M&A activity during ALB's research period was not high, some opportunities have emerged. Firstly, due to tightening IPO policies, "the difficulty and uncertainty of going public have increased, making industrial M&A the mainstream for listed companies' mergers and restructurings."
The second opportunity stems from a June 2023 special meeting held by the State-owned Assets Supervision and Administration Commission (SASAC) on improving the quality of listed companies and M&A restructuring of central enterprises. Since then, "state-owned enterprises (SOEs) have become more active in the capital market. This year, central SOEs have further engaged in M&A activities within their traditional domains and strategic emerging industries to optimize the layout of state-owned capital," says Gao.
Wu has also observed the increasingly prominent role of SOEs in the M&A space. "In recent years, SOEs have gained advantages in industries, capital, scale, and credit. Besides expanding their presence overseas, they have also been heavily involved in domestic industrial and strategic M&A."
Consequently, "Hui Ye has strengthened its collaboration with SOEs over the past two years, providing them with comprehensive, one-stop M&A legal services. We have also actively cooperated with local SASACs, such as hosting the State-owned Enterprise Compliance Management Forum in Nanchang in 2023, which focused on introducing compliance services for SOEs' investment and financing activities."
Jin Daiwen, senior partner at W&H Law Firm, emphasizes that capitalizing on the needs of SOE clients has become crucial in the past two years, particularly in the renewable energy sector, where W&H's team has built a strong presence. "In this sector, acquirers or investors are usually SOEs and listed companies. W&H currently has over 40 offices nationwide, many of which are large-scale, and key clients include large local SOEs, local government funds, and development zone management committees. Meeting their needs is a solid M&A strategy," says Jin.
He further stresses that another key to sustainable business is whether the law firm can broadly cover the "ecosystem" of M&A. Jin explains, "The M&A ecosystem includes acquirers, sellers, investors, and even relevant government departments, all of whom need to collaborate to complete a transaction." Using W&H as an example, "sometimes the acquirer has an industrial M&A need but needs help finding specific targets. We can match them with companies we are familiar with. If a consortium needs to be formed, W&H has the capacity to match investor resources, bringing all participants into a cohesive ecosystem."
INCREASING PRESSURE
Over the past two years, "strict regulation" has emerged as the definitive theme in capital markets, with the M&A sector being no exception.
Du En, a partner at Guantao Law Firm, informs ALB that since January 1, 2023, the China Securities Regulatory Commission (CSRC) has issued more than ten regulations directly related to mergers and acquisitions. The CSRC has also mandated that the Shanghai and Shenzhen stock exchanges assume primary regulatory responsibilities, underscoring the heightened scrutiny on corporate M&A activities.
In practice, Du explains, "Regulatory bodies are focusing more intently on whether target assets are synergistic with the listed company's business and can create positive interactions. Additionally, there's a stronger emphasis on the compliance of the target assets themselves, particularly concerning licensing qualifications, the authenticity of business assets, large accounts receivable, and the fulfillment of substantial contracts. Each intermediary is also required to review these aspects from their perspective."
Jin believes that strict regulation in capital markets will inevitably impact the M&A sector. "Especially with IPOs, there's a retrospective investigation of all previous project documentation and handling, with a look-back period extending up to 10 years. This challenges law firms' ability to ensure comprehensive risk control throughout the entire process," he says. "Moreover, acquirers demand that the financial status of the target aligns with future capital market requirements to facilitate a smooth exit, raising the bar for the service capacity and granularity of intermediaries."
Jin also highlighted three additional regulatory issues that merit particular attention: data compliance, taxation, and antitrust.
"With the implementation of the 'Three Major Laws' in the data and personal information protection domain, data compliance has emerged as a critical consideration in M&A transactions. Data exists across industries and various types of enterprises, so it's essential to consider the proportion of data within the business, its impact on overall operations, and the relevant compliance requirements. It's foreseeable that data lawyers will become a necessary part of future M&A processes."
Taxation has also become a hot topic recently. "There have been instances where large-scale enterprises were required by the state to pay substantial back taxes," Jin notes. "If an acquirer buys a company with such tax liabilities, the additional tax payment could significantly increase acquisition costs or even cause the entire project to be halted."
Finally, antitrust remains a crucial concern for companies, "because one of the current trends in M&A is to combine smaller companies into larger ones. If antitrust filings are overlooked during this process, it could pose significant risks."
RISING EXPECTATIONS
The current market environment demands caution from all parties involved in M&A transactions, directly impacting lawyers' work. Du has observed several new trends in clients' expectations regarding M&A timelines, due diligence, and terms arrangements.
Firstly, "Clients are now more urgent about M&A timelines. This urgency likely stems from their desire to seize market opportunities quickly, reflecting a heightened emphasis on rapidly responding to market changes," Du notes.
Regarding due diligence, "Clients have become less tolerant of risks and demand more thorough investigations, particularly concerning company debt scrutiny. This is primarily driven by the need for better risk management in M&A, as clients aim to mitigate risks and ensure the reasonableness of their decisions through more in-depth due diligence."
In terms arrangements, Du has observed that "as the M&A market matures, some clients have abandoned the traditionally popular valuation adjustment mechanism clauses. They now believe they have the capabilities and experience to make informed judgments, preferring more reliable and practical methods to reach consensus on valuations. Clients are moving away from relying on the target company's optimistic projections and are instead insisting on valuations that reflect the true value of the target, avoiding potential fallout from unmet performance targets."
Jin points out the impact of the new Company Law on M&A, especially on specific terms arrangements. "Changes in regulations, from registered capital and executive responsibilities to the requirements for company founders and even final settlement and liquidation, have all drawn acquirers' attention. They want to ensure that any historical issues with the target company can be safely addressed post-acquisition."
Additionally, the increasing complexity and specialization of M&A transactions are reflected in clients' growing demands for intermediaries' expertise. Jin notes, "Previously, clients expected M&A lawyers to be well-versed in both legal matters and industry specifics. Now, the industry is further segmented; for example, pharmaceutical M&A is divided into areas like small molecule drugs, original drugs, and generic drugs. Understanding the specifics of these products and the related regulatory landscape is becoming a basic requirement for M&A lawyers."
"Looking ahead," Jin adds, "clients may require lawyers to delve deeper into specific industries, understanding the entire supply chain to assist with comprehensive vertical integration."
While clients are raising their expectations for the quality of M&A services, they are also becoming more sensitive to pricing. Jin admits, "Amid economic pressures, clients are increasingly focused on cost-effectiveness when selecting legal teams."
Du echoes this sentiment, adding, "Clients are generally willing to accept the industry's standard fee structures and even a slight premium. However, they prefer success-based compensation, where full payment is contingent on the successful completion of the project."
Furthermore, "Clients also expect lawyers to proactively identify potential risks and provide solutions in advance. We've noticed that the advice offered by experienced lawyers on risk prevention is becoming increasingly valuable to clients."
FUTURE TRENDS
Discussing potential future trends in the M&A market, Wu highlights the Nine New Guidelines for Capital Market Emphasize Strict Regulation, Risk Prevention issued in 2024. "Four of the guidelines specifically address M&A, emphasizing the optimization of M&A processes, improving the efficiency of small-scale reviews for the STAR Market and ChiNext, and fostering a fairer and more efficient M&A environment. In the future, 'small but beautiful' M&A deals may become a highlight," says Wu.
Moreover, influenced by policy guidance, Wu anticipates that "industry M&As driven by tech companies will surge, and in the context of 'new quality productive forces' and the latest round of SOE reforms, the industrial M&As led by tech-centric SOEs might elevate the M&A market to new heights."
This trend is strongly felt by the Tiantai team. Over the past year, they have assisted clients in high-tech sectors such as aerospace, biotech, and robotics with various M&A transactions. Gao notes that the high-tech sector has been less affected by the economic downturn. Additionally, the government's policy of supporting relevant businesses through a multi-tiered capital market and enhancing production and R&D capabilities has encouraged companies to expand and develop their technological influence through M&A.
Gao shares with ALB that for over a decade, Tiantai has been providing legal services in foreign investment, capital increases, SOE property rights transactions, corporate M&A, and asset restructuring within these sectors. This experience has given them a deep understanding of the business development needs, investment and financing regulations, and the strategic goals of these companies, enabling them to offer more precise and efficient legal services.
Du, on the other hand, emphasizes the importance for M&A lawyers to directly address future trends and upgrade their skills. He suggests that lawyers should leverage rapidly advancing technology to empower themselves. "With the application of artificial intelligence in the legal field, many conveniences and opportunities have emerged. M&A lawyers can use technology to improve efficiency and better serve their clients. Additionally, technology can help lawyers manage and optimize client data, enhancing service quality."
Furthermore, Du stresses that M&A lawyers must focus on optimizing service processes. "In M&A transactions, lawyers can balance the interests of shareholders, investors, regulators, and other stakeholders through efficient communication and forward-looking strategies, skillfully resolving conflicts to achieve win-win investment cooperation. This not only enhances service quality but also boosts client satisfaction, ultimately increasing the revenue of the team," Du adds.
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NOTABLE FIRMS |
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Commerce & Finance Law Offices Global Law Office Haiwen & Partners Han Kun Law Offices Jingtian & Gongcheng JunHe LLP King & Wood Mallesons Tian Yuan Law Firm Zhong Lun Law Firm |
AllBright Law Offices Dacheng Law Offices Dahui Lawyers DeHeng Law Offices Grandall Law Firm Grandway Law Offices Guantao Law Firm Jia Yuan Law Offices Jincheng Tongda & Neal Law Firm Llinks Law Offices |
AnJie Broad Law Firm Beijing Hylands Law Firm Co-effort Law Firm LLP 协力律师事务所 Docvit Law Firm 道可特律师事务所 East & Concord Partners 天达共和律师事务所 FenXun Partners Hui Ye Law Firm Long An Law Firm Merits & Tree Law Offices Shihui Partners T&D Associates Tahota Law Firm V&T Law Firm |
Anli Partners Beijing DHH Law Firm Boss & Young Law Firm China Commercial Law Firm HHP Attorneys-At-Law Hiways Law Firm JunZeJun Law Offices K&H Law Firm Kangda Law Firm L&H Law Firm Tiantai Law Firm W&H Law Firm Yenlex Partners |
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CHINA INTERNATIONAL中国内地外资律所 |
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TIER 1 |
TIER 2 |
TIER 3 |
NOTABLE FIRMS |
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Clifford Chance Freshfields Bruckhaus Deringer Linklaters Skadden, Arps, Slate, Meagher & Flom |
A&O Shearman Baker McKenzie FenXun Davis Polk & Wardwell DLA Piper Hogan Lovells Norton Rose Fulbright Paul, Weiss, Rifkind, Wharton & Garrison Simpson Thacher & Bartlett White & Case |
Cleary Gottlieb Steen & Hamilton Eversheds Sutherland Kirkland & Ellis Morgan, Lewis & Bockius摩根路易斯律师事务所 Morrison & Foerster Orrick, Herrington & Sutcliffe Paul Hastings Slaughter & May Sullivan & Cromwell |
Ashurst Bird & Bird CMS Dorsey & Whitney Gibson, Dunn & Crutcher Gide Loyrette Nouel Gowling WLG (UK) Herbert Smith Freehills Jones Day K&L Gates Latham & Watkins Lee & Ko Mayer Brown Milbank MMLC Group Nishimura & Asahi Oldham, Li & Nie O'Melveny Reed Smith Ropes & Gray Seyfarth Shaw Simmons & Simmons Wilson Sonsini Goodrich & Rosati |
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HONG KONG SAR 中国香港律所 |
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TIER 1 |
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TIER 3 |
NOTABLE FIRMS |
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Clifford Chance Freshfields Bruckhaus Deringer Kirkland & Ellis Latham & Watkins Linklaters Skadden, Arps, Slate, Meagher & Flom Slaughter and May |
A&O Sherman Baker McKenzie Davis Polk & Wardwell Herbert Smith Freehills Norton Rose Fulbright Simpson Thacher & Bartlett Sullivan & Cromwell Weil, Gotshal & Manges |
Ashurst Deacons Debevoise & Plimpton Gibson, Dunn & Crutcher Hogan Lovells King & Wood Mallesons Mayer Brown Morrison & Foerster Paul, Weiss, Rifkind, Wharton & Garrison Reed Smith Richards Butler White & Case |
Akin Gump Strauss Hauer & Feld Bird & Bird Charltons Cleary Gottlieb Steen & Hamilton CMS Dechert Dorsey & Whitney Eric Chow & Co. in Association with Commerce & Finance Law Offices Eversheds Sutherland Fangda Partners Gallant Goodwin GPS Legal H.M Chan & Co. (Taylor Wessing) Howse Williams K&L Gates Milbank Minter Ellison MMLC Group Morgan, Lewis & Bockius Oldham Li & Nie O'Melveny Paul Hastings Proskauer Rose Ropes & Gray Seyfarth Shaw Sidley Austin Simmons & Simmons Stephenson Harwood Stevenson Wong & Co Tanner De Witt Vivien Chan & Co Wilson Sonsini Goodrich & Rosati YYCLegal |
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METHODOLOGY 评选标准 |
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OUR RESEARCH
我们的排名参考了以下指标：
The research period for the 2024 ALB China M&A Rankings spanned from May 2023 to May 2024. As in previous years, the rankings are categorized into four tiers: Tier 1, Tier 2, Tier 3, and Firms to Watch, with a total of 45 law firms making the list. Among these, eight firms are new entrants, and three firms achieved category upgrades. This indicates that despite the numerous challenges in China's M&A market during the research period, the evolving landscape has also created opportunities for newcomers. Those who can effectively "read" the market are finding ways to gain an advantage amidst the changes. The M&A teams at the ranked law firms vary in size and focus. Some boast large teams with over 150 members, emphasizing their strengths in ecosystem building, strategic overview, and cost-effectiveness. Others maintain more streamlined operations, with around a dozen partners and teams of fewer than 50 members, allowing them to deepen their expertise in specific industry sectors. While the booming transaction market up to 2021 offered business opportunities for M&A legal service teams of all sizes, the current M&A market operates under a different paradigm. Service teams must now clearly understand their strengths and continually find ways to amplify them. Only through precise positioning can they drive sustainable business growth.v
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