The competition recognized winners in two categories: buyer and seller. University of Southern California and Berkeley Law received the top award in the seller category and Northwestern Pritzer School of Law and University of Utah College of Law won the buyer side.
Charleston Law students represented the buyer in the transaction and were tasked with negotiating favorable terms focusing on:
- Structure of the purchase price
- Earn-out and benchmarks
- Composition of the earn-out between equity to cash
- Representation & warranty insurance/post-closing indemnification escrow
- Amounts of the basket and cap
- Composition of the new board of directors
- Non-compete provision
Charleston School of Law coach Professor Jean Steadman noted that “students were successful and achieved all their goals within the time limit in both rounds of the competition, securing key concessions from the seller side and were able to close the deal on their terms.”
Our students worked diligently for months on the drafting and negotiation prep and it showed in their professionalism, excellent negotiating skills, and thorough understanding of the issues presented. These students have set the bar high for future team members.
The feedback from our judges ranged from “It seems like you have been practicing law for some time” to “compliments on the level of your extraordinary preparedness”, and “you provided creative alternatives to the basket problem that even we, the judges, had not considered.”
The Transactional Law Team will take another team comprised of Lauren Tuffo, Mandi Cummings and Kaity Needs to Wayne State later this month. For more information on our student organizations at Charleston Law, visit charlestonlaw.edu.