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Overview

Attorneys working in private equity generally focus on one of two areas: M&A or investment management, though some do both. Private Equity M&A attorneys represent investment funds in acquiring and disposing of “portfolio” companies or minority ownership interests in such companies. Investment management attorneys assist in the formation of private investment funds and advise funds on complying with applicable regulations. The day-to-day work of funds attorneys includes preparing offering materials, negotiating with prospective investors, preparing partnership and LLC agreements, advising on and documenting management and compensation arrangements, and closing fund formation transactions.

Featured Q&A's
Get an insider's view on working in Private Equity from real lawyers in the practice area.
Shubi Arora, Partner • Josh Peary, Associate
Kirkland & Ellis LLP

Describe your practice area and what it entails.

Shubi: I’m a partner in Kirkland’s private equity practice and focus on energy and infrastructure transactions. Kirkland serves more than 500 private equity clients around the globe, and the practice generates the largest deal flow of any law firm. It’s exciting to work at a place that has such a tremendous pulse on the market. 

Josh: Debt finance in the private equity space primarily involves negotiating loan documentation to provide private equity sponsors with debt financing to fund acquisitions. Once a target has been acquired, debt finance attorneys continue to work with the company and its lender(s) to facilitate any changes to the company’s business operations impacting existing indebtedness and any subsequent transactions that require additional debt financing—for example, the acquisition of another company with complementary business operations.

What types of clients do you represent?

Shubi: I work primarily with private equity sponsors and their portfolio companies and also represent sovereign wealth and hedge funds in connection with their investments in the energy and infrastructure space. Representative clients include Blackstone, Bluescape Energy Partners, Centerbridge Partners, Fortress Investment Group, IOG Capital, and Vortus Investment Advisors.

Josh: I represent private equity sponsors. Leading up to the closing of an acquisition, I mainly interact with my counterparts at the private equity firm. Following an acquisition, I typically have increased interactions with the chief financial officer and other executives who run the day-to-day operations of the acquired company.

What types of cases/deals do you work on?

Shubi: My practice focuses on mergers, acquisitions, divestitures, and joint ventures. However, I have close relationships with key principals at several clients and stay closely involved through the full life cycle of a fund, from formation and fundraising through dispositions and exits.

Josh: I work on domestic and cross-border acquisition fin-ancings across a variety of business sectors. Recently, a significant portion of my work has been in the health care/practice management space, with a mix of additional transactions in the technology, mining, and consumer products industries.

How did you choose this practice area?

Shubi: As a junior associate, I made an effort to work on a variety of deals with different partners and really enjoyed working with clients in the private equity space. Many of my close personal friends ended up working in private equity, and I made new friends with junior principals at various funds while working in the trenches on transactions. All of that helped me forge close relationships with clients and learn more about their businesses.

Josh: I was initially drawn to debt finance by the people. My partner mentor when I was a summer associate was in the debt finance group, so I worked on a number of transactions with him and his team during the summer and then into my first year. I was staffed on a few mergers and acquisitions teams during my first year as well, which I found to be helpful. I gained a basic understanding of how those teams operate and the role that they play in the transaction as a whole, but ultimately found that I preferred the day-to-day and long-term prospects on the debt finance side.

What is a typical day like and/or what are some common tasks you perform?

Shubi: Private equity is a very dynamic industry, and it’s rare that two days are ever the same, which is why I find this practice very appealing. We have to stay on our toes and work closely with our clients every day so that our practice evolves in sync with the market and client needs. This does not go unnoticed, and our client relationships tend to be very sticky.

Josh: My schedule during the day is typically filled with internal meetings with my deal teams and calls with clients and opposing counsel. I fill in the gaps with drafting and reviewing transaction documents, including credit agreements, and working with junior associates to prepare closing deliverables. It is often easier to make progress on larger drafting projects later in the day when email traffic slows a bit.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Shubi: Our incoming associates come from a broad range of backgrounds, and I’ve always encouraged people to take classes in law school that truly interest them. Ultimately what differentiates a successful associate from others is the willingness to work hard and be diligent, a commercial approach toward problem solving, and the ability to think outside the box. That said, a basic understanding of business and accounting will definitely help those interested in private equity.

Josh: As a law student, taking a corporations/business organ-izations class is important. Secured transactions and bankruptcy can be helpful as well. I would also recommend seeking out transactional skills classes and clinic opportunities relating to corporate law. That said, as with most corporate practice areas, the vast majority of the training is on-the-job and very specific to particular clients, firms, and deal teams. Ultimately the most important attributes to cultivate are a strong work ethic, attention to detail, and a positive attitude.

What is the most challenging aspect of practicing in this area?

Shubi: Kirkland has a very deep, experienced bench, and given the breadth of our practice, we know the market extremely well. Our clients tend to be very sophisticated and call us to tackle complex problems on tight timelines. Rising to this challenge and being able to deliver what our clients require is what ultimately makes this practice very fulfilling and rewarding. I wouldn’t trade it for anything else.

What do you like best about your practice area?

Shubi: The teamwork, both within Kirkland and with our clients. As an example, a client called with a very complex transaction the very day I started at Kirkland, and within 30 minutes of that call, we had a deal team ready to speak with the client. That’s very much the Kirkland way, and people are always willing to help and understand that a rising tide lifts all boats. This has been one of the keys to the firm’s success. We are also fortunate to share this same team spirit and camaraderie with our clients. Clients are very appreciative of our help and take every opportunity to return the favor. A lot of business comes our way through client introductions and referrals. 

Josh: My favorite aspect of debt finance transactions is the complexity of the documentation. Each new deal is an opportunity to learn more about particular facets of credit agreements and how to best adapt them to fit the applicable industry and business operations of the company that my client is acquiring.

What is unique about this practice area at your firm?

Shubi: Kirkland invests an extraordinary amount of resources when it comes to knowledge management and client relationship-building. The firm is keenly aware that junior lawyers are more efficient and operate at a higher level when they have access to Kirkland’s cutting-edge continuing legal education and curated resources, such as deal surveys and precedent documents. Partners and senior associates are very intentional about fully equipping and rewarding associates who take full ownership of their work. Lawyers at all levels are also encouraged to interact with and build lasting relationships with clients.

How important is it to understand your client’s business, and how can junior attorneys gain this insight?

Josh: Understanding our clients’ businesses is critical. Learning the basics of private equity begins early on through experience, observation and asking questions of more senior attorneys on the team. Keeping up with industry publications and setting up news alerts can be helpful as well. In the private equity space, it is also important to understand the business of the companies that our clients are acquiring. Reviewing term sheets and background materials/memoranda is a great way to get a sense for how a target operates and how that will flow through the loan documents.

Shubi Arora, Partner—Private Equity, and Josh Peary, Associate—Debt Finance

Shubi Arora is a partner in Kirkland’s Houston and Dallas offices. His practice focuses on private equity investments and M&A transactions, with a particular focus on the energy sector. He has served in critical roles for private equity sponsors, their portfolio companies, and other public and private energy companies. He also often advises hedge funds in connection with their investments in the energy space. In addition to his law firm experience, Shubi has spent time in-house in Abu Dhabi, United Arab Emirates, advising a sovereign wealth fund on structuring, executing, and managing various investments and joint ventures. Shubi received his B.A. in Economics and Chemistry from Vanderbilt University and his J.D. from Vanderbilt Law School.

Josh Peary is a corporate associate in Kirkland’s Boston office. Josh advises private equity sponsors, their portfolio companies, and other corporate borrowers in a range of complex domestic and cross-border financing transactions, including leveraged buyouts and working capital credit facilities across a variety of business sectors like technology, health care, and consumer products. Josh earned his B.S. in Business Administration (Accounting & Finance) from Georgetown University and his J.D. from Cornell Law School.

Minh-Chau Le, Partner
Ropes & Gray LLP

Describe your practice area and what it entails.

I am a partner in our private equity transactions group, where I represent private equity firms and public and private companies in mergers and acquisitions, leveraged buyouts, and other investments. Our practice group advises large and middle-market clients in multiple industries on every aspect of these transactions. This includes structuring transactions, conducting due diligence on target companies, assisting target companies in sell-side transactions, and negotiating and documenting transactions. We provide advice to help our clients assess the overall value of the deal to them—including the risks and potential tradeoffs. We engage with opposing counsel to secure the deal on the terms our clients desire, and respond quickly to meet business demands.

What types of clients do you represent?

I represent leading private equity sponsors, including Altamont Capital Partners, Audax Group, Bain Capital, Genstar Capital, and TPG Capital.

What types of cases/deals do you work on?

I advise our clients on a huge range of M&A transactions, including buy-side and sell-side deals, new platforms and strategic add-ons, spinoffs, club deals, special situations, and domestic and international deals. An interesting deal from 2018 was Bain’s acquisition of Toshiba’s memory chip division, the largest leveraged buyout and private equity deal ever in Asia. I negotiated with a consortium of leading technology companies involved in the transaction. Additionally, I represent clients in other transactions like minority investments, PIPEs, and recapitalizations, as well as in general corporate governance matters.

How did you choose this practice area?

Right after college, I was an investment banking analyst for two years, where I learned to love deals (but not the investment banker’s role). When I started at Ropes & Gray, I intentionally did a wide variety of deal work in areas such as tax, debt, benefits, securities, and private equity transactions. Though I really liked almost all of the aspects of deals I saw, partners with whom I worked consistently told me that my personality was best suited to private equity transactions, and I found myself drawn to the group.

What is a typical day like and/or what are some common tasks you perform?

A typical day is hard to describe because it all depends on so many factors, none more important than where you are in the life of a deal. Generally, a junior attorney will only be staffed on one very busy deal at a time. Your day will involve calls, meetings, and emails with the private equity transactions team and the wider team; substantive work such as performing diligence on the target, drafting ancillary documents, reviewing schedules, and researching specific issues; and process-driven work, including maintaining a signing or closing checklist, coordinating state filings, and managing the attorneys on your team. As you near signing or closing, you’ll be working more hours. When you’re between deals, you’ll have a much lighter schedule.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

You’ll learn a lot on the job because deals are naturally something best taught live. The most helpful law school classes to me were securities, tax, and some version of “accounting for lawyers.” From a practical standpoint, any job or role that helps you develop people skills and client-service skills is an asset. Lawyers are service providers, and in private equity transactions, a large part of our role is client facing. Learning to anticipate clients’ needs, to deliver great service under pressure, to work with difficult people and circumstances, and to stay graceful no matter what happens are all very important skills to develop.

What do you like best about your practice area?

I love the relationships we build, both internally and externally. Ropes & Gray is brimming with brilliant lawyers, and I get to work with a different roster on every deal, depending on what a client’s needs are. I’m constantly impressed by my colleagues’ skills and sophisticated understanding of the law, as well as by their generosity with their time and knowledge. I also really enjoy working with our clients. The nature of my practice means that I get to work with them repeatedly on multiple transactions, and I enjoy building our relationship, learning what matters most to them on deals, gaining their trust, and watching them succeed.

What misconceptions exist about your practice area?

Though there are two sides to a deal, one buying and one selling, transactions are not adversarial, zero-sum games. Deal lawyers do their best work when they can create value for all sides with creative structures or documents; thoughtful tax planning; and deliberate use of third-party vendors, products, and services.

What kinds of experience can summer associates gain in this practice area at your firm?

Summer associates at Ropes & Gray have the opportunity to join deal teams and get firsthand experience of what it’s like to be a deal lawyer and to understand how a team works with clients. They’ll see how associates and partners collaborate on a transaction, as well as how all deal participants work together to make a transaction happen.

How important is it to understand your client’s business, and how can junior attorneys gain this insight?

It’s very important to understand our clients’ businesses. Learning about our clients’ businesses helps us identify the issues that will probably matter to our clients and to do diligence, structure transactions, or draft documents most efficiently. Junior attorneys can gain this insight by talking to the senior associates or partners who work with a given client regularly and by listening in on calls with that client. They can also review a client’s website to see what type of financial sponsor the client is and what other investments it has made.

Minh-Chau Le, Partner—Private Equity

Minh-Chau Le is a partner in Ropes & Gray’s private equity group. She regularly represents private equity funds, other strategic investors, and public and private companies in mergers and acquisitions, divestitures, leveraged buyouts, other strategic transactions, and general corporate governance matters.

E. Anna Ha, Partner
Sidley Austin LLP

Describe your practice area and what it entails.

I advise private equity sponsors and companies on a variety of strategic transactions, including mergers & acquisitions, divestitures, joint ventures, buy-outs, and recapitalizations. I help my clients buy and sell companies/assets, obtain capital for ongoing businesses, and enter into other transactions aligned with my clients’ specific business goals. I help clients think through structuring issues, analyze and propose solutions to potential legal and business roadblocks, and prepare and negotiate the terms of the various agreements and documents necessary to evidence these types of transactions. In addition, I often advise on corporate governance matters related to these transactions.

What types of clients do you represent?

My clients are private equity funds that acquire and sell companies or businesses for investment, as well as public and private companies engaged in M&A and other strategic transactions. My clients represent multiple industries, including energy, consumer-branded products, consumer services, and airlines. Representative clients include TSG Consumer Partners, Kimmeridge Energy, United Airlines, Rockland Capital, and HomeServe USA.

What types of cases/deals do you work on?

I work on a wide range of transactional and corporate matters, including public and private mergers, equity and asset acquisitions and dispositions, and joint ventures. I helped TSG Consumer Partner acquire luxury haircare and skincare companies and eventually sell those same portfolio companies to strategics like L’Oreal or other private equity funds. I also advise energy private equity clients on acquiring and divesting energy assets up and down the energy supply chain (upstream, midstream, and downstream). I recently worked on a matter for United that involved a multi-jurisdictional, three-party commercial joint venture with Avianca (a Colombian airline), and Copa (a Panamanian airline). The transaction also involved a term loan from United to the controlling shareholder of Avianca.

How did you choose this practice area?

I started law school thinking I was going to be a litigator. I had a general understanding of what litigators did and little-to-no idea what a transactional lawyer at a big law firm looked like, especially that it included certain specialty practices, like employee benefits/ERISA and antitrust/competition. After my first summer working at a big law firm and being exposed to litigation, I began to rethink my career path. During the summer after my 2L year, I was able to rotate through various transactional practices within the law firms at which I clerked and got a sense of what transactional lawyers did. When I made my final decision, I chose the firm and its people rather than a particular practice area, trusting that I would get good experience and training with those lawyers. The transactional practice in the Houston office of the firm I chose happened to be predominantly M&A and private equity, which laid the foundation for the practice I have today. I still represent some of the same clients I started representing as a first-year lawyer.

What is a typical day like and/or what are some common tasks you perform?

One of the most exciting, and also one of the most frustrating, aspects of a private equity/M&A practice is that each day is never the same. I often start a day with a to-do list that includes documents to review, phone calls to make, and emails to send out. A client may call or email regarding an urgent issue that requires me to clear my schedule for calls and meetings to help resolve the issue. A lot of my time is spent on the phone with my clients discussing the issue du jour or writing emails to my clients, to the counterparty’s legal counsel, or any number of other parties involved on a transaction, summarizing or explaining issues. I also spend a considerable amount of time reviewing and revising agreements and various other documents prepared in connection with a transaction. Despite the unpredictability of this practice generally, I maintain some amount of routine in the mornings by having breakfast with my family and taking my two young sons to school.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

I used to tell law students that the best training for a transactional practice is “on the job,” and while I still think that is true, many law schools have expanded their curricula to include courses that are geared specifically for a transactional practice. In addition to basic business courses, students who have no business background (like me) should consider taking any classes—if offered by their law schools—on private equity, M&A, venture capital, or similar subjects. These classes are often taught by practicing lawyers and can provide the foundation from which students can build their knowledge about the practice. I would also recommend taking classes on corporate tax and securities laws.

Learning how to be a private equity or M&A lawyer will come from working on multiple deals and with multiple practitioners. However, in order to make the most of the training that is available on any given deal and to create opportunities for more training, first-year associates should be ready to ask questions and really try to understand the larger context of the transaction, as well as the goals and concerns of the client. This also means checking in regularly with the supervising attorney, volunteering for additional work, asking what else can be done (because there is always something else to be done, especially if you are in the middle of signing or closing a deal), and staying abreast of relevant industry news and events. Having a naturally curious nature and a zeal for problem solving surely helps as well—and some would say are necessary. Our clients hire us to help them get from Point A to Point B—whether that is in the context of a merger or entering into a strategic partnership or bringing in additional investors to raise capital for their business. There are always obstacles that stand in the way of getting to the finish line, so our clients rely on us to identify and anticipate those obstacles and to help come up with practical and creative (but legally sound) solutions to get over those hurdles.

What is the most challenging aspect of your practice area?

One of the most challenging aspects of my practice is the unpredictability. My clients make multiple business decisions each day, particularly when working on a transaction, and it is not unusual for deals to stall, accelerate, and do everything in between because of various business pressures that our clients are facing. Also, many times, a deal that might start out to be very straightforward can evolve very quickly into a complex structure. It is our job to be able to anticipate our clients’ needs—to be nimble and pivot quickly to provide a solution for when these types of curveballs get thrown.

What do you like best about your practice area?

One of the best aspects of my practice is the unpredictability. No two transactions and no two clients are exactly alike, so there is always something new to learn or a new problem to solve. I love to hear from partners who have been practicing for decades that they are still learning in their practices. Sometimes the speed and intensity with which the learning has to occur can be extremely challenging, but overcoming that challenge and coming out the other side a better lawyer and advisor to my clients is always rewarding. Another part of my practice that I enjoy immensely is the collaborative nature of the work that we do with other Sidley lawyers, our clients, the counterparties, and their counsel. While each of our approaches may be from different angles, we are all ultimately working towards the same goal, and it is always gratifying to work with very smart, capable, and motivated people to achieve a mutually satisfactory result.

What misconceptions exist about your practice area?

A lot of students tell me in interviews that they are drawn to transactional work because they do not want to be “adversarial” or make oral arguments like litigators. As a transactional lawyer, there are plenty of times that we absolutely do need to advocate vigorously on behalf of our clients, and sometimes these discussions can get very tense. Negotiations also require a lot of thinking on your feet because you never know how a counterparty (or even your own client) may respond to your proposals or arguments.

What kinds of experience can summer associates gain in this practice area at your firm?

We generally try to give our summer associates a true reflection of the type of work they would be doing as first-year associates. They are typically assigned to deal teams working on existing transactions so that they can observe a private equity transaction, wherever it may be in its lifecycle during the relatively short period of a summer clerkship. If a deal is in the beginning stages, a summer associate may help with drafting and/or negotiating a confidentiality agreement with a counterparty or assist with the preparation of a term sheet. If a deal has already kicked off, a summer associate may assist with conducting due diligence, preparing disclosure schedules, or drafting deal documents. And if a deal is in the end stages, a summer associate may help with the flurry of activity surrounding a signing or a closing. All of this work occurs under the close supervision of more senior lawyers, but it is common for proven summer associates to be given greater responsibilities. In addition, summer associates are usually encouraged to sit in on conference calls, strategy sessions, and in-person meetings and negotiations to listen directly to client concerns, observe how more senior attorneys respond to such clients, and gain a better understanding of the overall transaction in order to put relevant context around their work.

E. Anna Ha, Partner—Private Equity

Anna Ha is a partner in Sidley’s Houston office where she practices in the areas of private equity, mergers and acquisitions and general corporate, securities, and corporate governance matters. She works with private equity firms and companies in the retail consumer, airline, and energy industries that are both public and private, helping them with their acquisitions, divestitures, mergers, restructurings, joint ventures, and other strategic alliances.

Anna enjoys the recruiting and development of new associates. She was instrumental in implementing the internal committee that helps assign and manage work for junior associates in Sidley’s Houston office. She also serves as a member of the board of directors of the Texas Law Review Association.

Diversity and inclusion is also important to Anna. She was named a 2017 Leadership Council on Legal Diversity Fellow—a program designed to build relationships and leadership skills among high-potential attorneys from diverse backgrounds. She was also a member of the 2016-2017 class of LeadershipSBOT, which focuses on diverse leadership participation within local legal communities and the State Bar of Texas. She is a member of the board of directors for the Korean American Association and Community Center of Houston, the Corporate Partner Advisory Board of the Women’s Energy Network, and Sidley’s national Diversity Committee.

Ray Bogenrief, Partner
White & Case LLP

Describe your practice area and what it entails.

I am a Corporate/M&A partner specializing in mergers and acquisitions with the global law firm of White & Case LLP. The majority of my practice entails the representation of private equity funds in all or a portion of the life cycle of their various investments. I work with funds as they identify and do diligence on potential investment targets; I then negotiate, structure, and draft the legal documentation relating to such acquisition and facilitate the closing of such investment. I thereafter provide counsel to the private equity fund and its portfolio company with respect to its day-to-day legal issues over the course of such investment. In the final stage of an investment life cycle, I assist the company preparing for sale and structure and negotiate the terms of such divestiture.

What types of clients do you represent?

I represent a diverse spectrum of corporate clients in a multitude of matters but most often in mergers and acquisitions. My typical clients are large private equity funds in a variety of industries, including technology, consumer products, and industrials. In the past year, I’ve had the opportunity to represent each of Vista Equity Partners, Blackstone, and Clearlake Capital, among other premier private equity firms.

What types of cases/deals do you work on?

Lately, the majority of my transactions have involved large, competitive auctions whereby a number of strategic and financial bidders seek to purchase a particular business. In those transactions, there is an interesting analysis for sellers in determining the “best” bid by virtue of purchase price, certainty to close, and post-closing exposure and obligations, among other legal terms. The highest purchase price does not always “win” an auction.

How did you choose this practice area?

I have always been interested in the intersection of business and law and find it exhilarating to be in the middle of some of the most important transactions in the life of a company. I was also drawn to the collaborative nature of transactions insofar as both sides of a deal can benefit.

What is a typical day like and/or what are some common tasks you perform?

One of the most satisfying aspects of my job is there is no typical day. I am often engaged in a number of different transactions, in different stages in such transactions, and in different industries. Accordingly, interesting challenges that require creative solutions arise in understanding a business and its operations, structuring, negotiating, and/or documenting a deal and facilitating a closing of such deal. An attorney must be cognizant of how all parts of the transaction fit together and affect other facets of the deal.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

I’ve always been told the difference between a good corporate attorney and a great corporate attorney is an understanding of tax and structuring. While tax specialists will very likely be staffed on a deal to handle complex tax issues, it is an invaluable skill set for corporate attorneys to have a primary understanding of such matters. Another extremely important skill to develop is the ability to truly understand what issues and terms are important for your client in the context of a transaction. Most attorneys can spot the typical M&A/private equity issues, but clients deeply appreciate attorneys that can focus their attention and energy in the deal on points that are most likely to affect the client.

What is the most challenging aspect of practicing in this area?

Understanding the most favorable legal position for your client may not be the best position for your client to assert. It is incumbent on M&A attorneys to understand the commercial importance (or lack thereof) of various provisions in the context of a transaction. In certain instances, you must put your ego aside and “give” on a customary position in order to achieve the best commercial and practical outcome for your client. Understand the legal terms of a deal are important, but your ultimate objective is to achieve the best result for your client (and not necessarily negotiate the best contract from a purely legal perspective).

What do you like best about your practice area?

I’ve always been drawn to the intensity and high stakes of M&A. Working with top people in their respective fields on high-value and well-publicized transactions is truly an intellectually challenging and invigorating experience. I also enjoy the team aspect of transactions whereby corporate attorneys coordinate the expertise of extremely talented specialists in the pursuit of providing exemplary services.

What misconceptions exist about your practice area?

That private equity attorneys simply change the party names on precedent documents for each new transaction. In sophisticated M&A transactions, a multitude of unique issues arise that require creative problem-solving and negotiation strategy. At White & Case, our deals are not cookie cutter. We provide real value by anticipating, identifying, and solving problems. It is a comprehensive team effort to do so—from senior partner to junior associate.

What are some typical tasks that a junior lawyer would perform in this practice area?

Our goal is to include junior attorneys in every facet of a transaction. They typically play a primary role in the firm’s initial market research and legal due diligence relating to target companies. They also often have an opportunity to negotiate and draft certain principal and ancillary transaction documents. Finally, they play a principal role in coordinating and facilitating the process to closing. The ability to interact with clients on a day-to-day basis is important.

Ray Bogenrief, Partner—Corporate

Ray is a partner in White & Case’s global M&A practice, based in Chicago. Ray focuses his practice on complex business transactions, including the negotiation and structuring of acquisitions and divestitures, mergers and acquisitions, venture capital investments, equity and debt financings, recapitalizations and restructurings, and executive compensation and incentive equity matters, as well as advising on general corporate governance and compliance. He has represented some of the largest names in private equity in transactions ranging in size from several million dollars to more than US$5 billion. His practice covers a variety of industries, including technology, consumer products, and industrials.

Ray is the general counsel and a member of the board of directors of the USO of Illinois. He is also a member of UNICEF’s Midwest Regional Board of Directors.

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