Sir what should we read apart from Case Laws and Precedents to be good Commercial Lawyer? I often get this question during ConversationswithNitinPotdar.
So here is the answer, especially for those keen on Corporate and M&A practice. Please read the business news that appeared in ET on Tata Consumer Products and Danone. I do not wish to comment on the merits of the deal. That’s not the point I am trying to make.
The point is that this is exactly the kind of business news budding M&A Law Student must read, follow, and think about.
- Why were the Tatas interested in Danone’s consumer products portfolio?
- What strategic gap were they trying to fill, nutrition, wellness, protein, demographics, distribution, brands?
- How does this fit into a long-term growth story?
These are not legal questions. They are business questions. And unless you understand these, you cannot become a good M&A lawyer.
Corporate M&A Is Not About Drafting Alone
It’s not about:
- Share Purchase Agreements
- Shareholders’ Agreements
- Conditions precedent or Closing mechanics
The Business Understanding Shapes M&A Clauses
(a) Strategic intent informs representations and warranties such as brand ownership, supply chains, regulatory compliance, nutrition and labeling norms.
(b) Identified risks drive indemnities and escrow or holdback structures.
(c) Growth assumptions influence earn-outs, non-competes, and exclusivity covenants.
(d) Operational sensitivities shape conditions precedent, material adverse change clauses, and termination rights.
(e) Control and integration concerns determine governance, affirmative votes, and reserved matters.
In short, business issues translate directly into legal covenants.
If you miss the business, you will miss the clause.
Why I Keep Insisting on Reading Business News
This is why I repeatedly tell students aspiring for Corporate and M&A practice:
- Read business newspapers.
- Track strategic acquisitions.
- Follow sector trends, FMCG, tech, pharma, infrastructure, energy.
- Observe how Promoters, Founders and Boards think.
Your legal advice will only be as good as your business understanding.
Not Just for Law Students, Even SMEs and MSMEs Should Read This
This habit isn’t only for big-firm lawyers.
Even Startup Founders and Business Leaders of SMEs and MSMEs should read such news to understand how large corporates plan growth, how they enter new segments, and how strategy drives acquisitions. It sharpens decision-making, legal and commercial.
If you want to pursue Corporate M&A, please don’t limit yourself to bare acts and precedents. Build the habit of reading business news with a lawyer’s lens.
Because good M&A lawyers don’t just draft documents.