"Let me take instructions on that": Lawyer performance in a corporate M&A transaction – a case study

Proverbs-Garbett, Thomas (2025). "Let me take instructions on that": Lawyer performance in a corporate M&A transaction – a case study. University of Birmingham. M.Jur.

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Abstract

This paper explores the role of performance in corporate transactions commonly known as mergers and acquisitions, or M&A, through the concept of performativity. It explores the role of ritual in an M&A transaction as a lens through which performance and its impact can be examined. It highlights the author’s professional background as a transactions lawyer and develops a case study of a complex, cross-border transaction through file reviews, interviews, and thematic content analysis. The study reveals how rituals in M&A transactions are performative, creating through repetition a shared understanding among legal professionals and clients. It also identifies instances where this ritual breaks down, such as, in this case, disputes over due diligence (the process of disclosing information about the business to be bought) and antitrust issues. In those instances, without the ritual in place, the study reveals that lawyer performance fills the gap. Counterintuitively, the study reveals that this performance is less about individual approach or aptitude – although that does have a role to play – but rather about the ability of the lawyers to work collaboratively, allowing the firm to be ’more than the sum of its parts’. The breach of ritual is also indicated to be part of the ritual, anticipated in each transaction. The study underscores the significance of open communication, the involvement of lawyers of all levels in discussion of process and approach, and the challenges of managing external stakeholders such as clients and overseas lawyers. Overall, the study
concludes that successful M&A transactions require a particular kind of performance from the lawyers involved, a combination of technical expertise, effective communication, adaptability, and a collaborative team effort, with reduced emphasis on direct client service.

Type of Work:

Thesis (Masters by Research > M.Jur.)

Award Type:

Masters by Research > M.Jur.

Supervisor(s):