Legal counsel is typically identified before a transaction is formally underway. Before a company is acquired, capital is deployed, and terms are finalized, counsel is evaluated based on prior transactions, existing relationships, and familiarity with counterparties. This applies across private equity acquisitions, venture financings, search fund transactions, and founder-led deals. The structures vary, but the selection logic remains consistent. Where Legal Counsel Is Chosen Legal counsel is selected by the parties responsible for execution, including capital providers leading the transaction, operators on either side of the deal, and lenders structuring financing. Each group narrows its set of potential firms based

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