Duke Wins MAC Cup II M&A Negotiation Competition

“The M&A Committee started the MAC Cup to give law students opportunities to learn about and apply M&A negotiation skills,” said Rita-Anne O’Neill of Sullivan & Cromwell, chair of the M&A Committee. “The students get to advocate on behalf of a buyer or a seller while seeking a mutually agreeable deal.”

Students Jimmy Scoville and Kiran Singh from Duke Law School, who were self-coached, achieved first place; and students Liz Eastlund and Austin Siener from Missouri Law School, coached by Aaron Pawlitz (Lewis Rice) came in second. In the final negotiation round, Duke represented the seller’s counsel and Missouri represented the buyer’s counsel.

An Opportunity to Learn Negotiation Strategies

“The students’ performance was inspiring. Many judges noted the students’ ability to engage in constructive discussions on complex issues, and their evident preparation and thoughtfulness,” said Mike O’Bryan of Morrison Foerster, immediate past chair of the M&A Committee.

The MAC Cup is a mock M&A negotiation tournament; students are given a fact pattern and assigned to be buyer’s or seller’s counsel. They then prepare and negotiate with their counterpart counsel team the issues they deem most significant and a mark-up of a draft acquisition agreement.

According to O’Bryan, students learn about negotiating strategies and how to get to a deal, as well as substantive M&A issues. They receive access to professional M&A learning resources.

“Many teams have coaches from the M&A Committee, and others work with other practicing lawyers or professors. Students also get opportunities to network with M&A Committee members and other students interested in M&A issues,” said O’Bryan. “And, of course, the opportunity to be recognized for writing and negotiating skills and to compete for prizes including travel to Laguna and scholarships.”

Students Undaunted by Fierce Competition

“Beyond the basic research on sample provisions and legal issues, we spent a lot of time developing questions to guide each negotiation,” said Jimmy Scoville of Duke. “We would also prepare various ‘creative solutions’ that we could integrate or modify as we learned more about what our opponents cared about.”

According to Scoville, he and his colleagues found the competition helpful because of the exposure to so many different methods of negotiating.

“I appreciated all of the time the judges took to give individualized feedback and really enjoyed seeing myself progress in the competition as I applied their advice,’ said Scoville. “That was really satisfying. I also enjoyed getting to know our competitors in the semifinal and final rounds. All of the competitors were fantastic and incredibly smart people.”

And what qualities enabled Duke to come out on top?

“The Duke team showcased great poise in all of their matches and were one of the best teams that were able to not only present their arguments in a thoughtful fashion but also listen and adjust to their counterparties,” said Thaddeus Chase of McDermott Will & Emery. “They were collegial in all their matches and seemingly had a great mastery of the materials (even with the curveball for the Final).”

In addition to the MAC Cup trophy for the winning team, the winning and runner-up teams receive scholarship awards. 

The Path to MAC Cup III

The success of MAC Cup II has already created enthusiasm for next year’s competition among students, law schools, and the M&A Committee.

Wilson Chu of McDermott Will & Emery, who was chair of the M&A Committee from 2018 to 2021, was instrumental in building the competition from the ground up and has witnessed its enhanced reputation.

“We wanted to build a more robust pipeline of future business lawyers by flipping the law school experience to encourage students with a taste of real-world M&A,” said Chu. “MAC Cup II was more successful than planned with almost one hundred applicant teams from around fifty schools, with sixty-four teams competing in the main draw. Law schools are buzzing about MAC Cup III, especially the oversized, gaudy champions’ belt!”

The competition also benefits the M&A Committee’s leadership and members.

“The competition enables our members to give back to their alma maters and have a hand in guiding the next generation of M&A practitioners,” said Chase. “It also allows current members to see that young associates have the ability to grasp complex matters and actually negotiate.”

The recognition received by the student teams and the law schools also has strengthened the M&A Committee’s reputation as experts in negotiation who possess the practical knowledge required of M&A legal professionals.

“We’re already gearing up for MAC Cup III,” said O’Bryan. “Students can sign up for information at our MAC Cup website. With the resources and support that the MAC Cup offers, even students who haven’t taken an M&A course or worked for an M&A law firm can compete effectively.”