Abstract
We use proprietary data to look into the black box of M&A negotiations and to shed light on the effects of lawyer expertise on M&A contract design, the bargaining process, and acquisition pricing. Measuring the effects of buyer relative to seller lawyer expertise, we document that more expertise is associated with more beneficial negotiation outcomes across several dimensions. Lawyer fixed effects and geographic‐proximity instruments allow us to address concerns about the endogenous allocation of lawyers to deals or clients. Our results help explain the importance of league table rankings and the variation in legal fees within the legal M&A services industry.
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