What Does a Private Equity Lawyer Do?
BigLaw Bear · 2 min read
Private equity law is one of the most in-demand specialties in BigLaw. The work splits into two main buckets: fund formation and deal execution.
Fund Formation
Before a PE firm can invest, it needs to raise a fund. Fund formation lawyers handle the legal structure: drafting limited partnership agreements, negotiating terms with institutional investors (pension funds, endowments, sovereign wealth funds), and navigating regulatory requirements.
This work is highly specialized. You learn the economics of PE, how carried interest works, and what terms investors negotiate for. It's detail-heavy and requires understanding both legal and financial concepts.
Deal Work
Once a fund is raised, it buys companies. PE deal lawyers work on leveraged buyouts, add-on acquisitions, and portfolio company exits. The work overlaps significantly with M&A, but with PE-specific considerations: debt financing, management equity arrangements, and sponsor-level governance.
Junior associates draft ancillary documents, manage due diligence, and coordinate between the deal team, financing counsel, and the PE client. Senior associates and partners negotiate deal terms and advise on structure.
Why It's Popular
PE clients are sophisticated, demanding, and loyal. If you do good work, the same fund calls you for every deal. The pace is intense but the relationships are strong. The business exposure is excellent since you learn how PE firms evaluate investments and create value.
The Lifestyle
Similar to M&A: long hours when deals are active, quieter between deals. PE deal cycles can be slightly more predictable than general M&A since PE firms often move on their own timelines.
Exit Options
PE law has some of the best exit options in BigLaw. Associates move to PE firms directly (in investing or operations roles), in-house legal at portfolio companies, or corporate development. The combination of deal skills and PE industry knowledge is highly valued.
Explore firms with strong PE practices in our firm directory.