nothing at all. It is expected that you know nothing and you will be required to pick everything up when you start working. When I joined the transactions team at a T1 I had read a few books on private equity and M&A, but all of that is essentially very superficial knowledge. The work of a lawyer is in the minute details of documents, while most things you read online will tell you about things like structuring, tax considerations, negotiations etc, all of which happen at a senior level. To know about the work is one thing, but to actually do the work is something else, and reading will not prepare you for it; only doing the work will. So just listen to the instructions and put in the work.
1) Primarily, you will be staffed on very mind numbing due diligences - the kind which you cannot even prepare for since it will revolve around clearing the comments of the bankers/underwriters on the draft offer document. Start studying drafts from now itself, if you have the time.
2) Creating dockets and backup security options for the BRLMs to the issue; it involves bearing the grunt of understanding the issue process and underlying risks which may arise accring to default; owing to which you create security and backup options - involves a lot of back and forth (on calls) with IBs, most of which is too gibberish to understand as an AO. Thus, reading intricacies of ECM is very very very important.
3) Understanding CIBIL searches, Watchout Investor Searches and Requistion CList Formulations since the due diligence report will have an aspect of the same (discretionary as per the firm's call).
4) Creating key difference tables when master circulars pop in: this shall include the "old circular number, new circular number, previous position of precedent and new material changes, if any" in that order - this is kind of tricky since you have to know how to read one circular as against the other and figure out what has been changed in a MC which has a lotttt of circulars mentioned. You get one thing wrong and you fuck up the transaction and the nature of disclosures involved.
5) Comprehensive PPTs on investor decks, KPIs, risk analysis and business overview - mostly done by foreign counsels but being well versed with the same helps a lot during negotiations.
6) Understanding the nuances of each chapter on the ECM offer document; therefore, a firm grasp of the latest amendments to the ICDR and LODR will be your bread and butter.
7) Knowing shortcuts on Word and Excel is a must because you will be working with IBs and allied finance tycoons which operate solely on Excel and not knowing anything here or there will leave a bad impression on behalf of you & the firm. Do not act as if you know it all or else you'll get fucked.
8) Lastly, please let it sink that after choosing this menace of practice - long hours are common, bonuses are slightly stagnated as against your M&A/B&F peers & chances of switching to GC/M&A is very sleek. Best part is that the work is cyclical and you will have days when you can go and tailor your suit, get that bag/watch for your next listing ceremony that will make headlines.
9) Word of caution - know what you are getting into since that life is not easy. You might glorify folks like Manan Lahoty, Yash Ashar, Sandip Bhagat etc; but trust me it will take years to reach that kind of level. So take one step at a time, seek redress if needed and learn to find joy in discomfort.
10) Breakup of Indian ECM firms in my honest opinion:
T1 Firms - CAM, IndusLaw, S&R, SAM, KCO
T2 Firms - JSA, AZB, Trilegal, Saraf, L&L
T3 Firms - CrawfordB, Bharucha, Rajani, SNG, Juris Corp
My sincere apologies for this long message but I hope this helps.
2) Creating dockets and backup security options for the BRLMs to the issue; it involves bearing the grunt of understanding the issue process and underlying risks which may arise accring to default; owing to which you create security and backup options - involves a lot of back and forth (on calls) with IBs, most of which is too gibberish to understand as an AO. Thus, reading intricacies of ECM is very very very important.
3) Understanding CIBIL searches, Watchout Investor Searches and Requistion CList Formulations since the due diligence report will have an aspect of the same (discretionary as per the firm's call).
4) Creating key difference tables when master circulars pop in: this shall include the "old circular number, new circular number, previous position of precedent and new material changes, if any" in that order - this is kind of tricky since you have to know how to read one circular as against the other and figure out what has been changed in a MC which has a lotttt of circulars mentioned. You get one thing wrong and you fuck up the transaction and the nature of disclosures involved.
5) Comprehensive PPTs on investor decks, KPIs, risk analysis and business overview - mostly done by foreign counsels but being well versed with the same helps a lot during negotiations.
6) Understanding the nuances of each chapter on the ECM offer document; therefore, a firm grasp of the latest amendments to the ICDR and LODR will be your bread and butter.
7) Knowing shortcuts on Word and Excel is a must because you will be working with IBs and allied finance tycoons which operate solely on Excel and not knowing anything here or there will leave a bad impression on behalf of you & the firm. Do not act as if you know it all or else you'll get fucked.
8) Lastly, please let it sink that after choosing this menace of practice - long hours are common, bonuses are slightly stagnated as against your M&A/B&F peers & chances of switching to GC/M&A is very sleek. Best part is that the work is cyclical and you will have days when you can go and tailor your suit, get that bag/watch for your next listing ceremony that will make headlines.
9) Word of caution - know what you are getting into since that life is not easy. You might glorify folks like Manan Lahoty, Yash Ashar, Sandip Bhagat etc; but trust me it will take years to reach that kind of level. So take one step at a time, seek redress if needed and learn to find joy in discomfort.
10) Breakup of Indian ECM firms in my honest opinion:
T1 Firms - CAM, IndusLaw, S&R, SAM, KCO
T2 Firms - JSA, AZB, Trilegal, Saraf, L&L
T3 Firms - CrawfordB, Bharucha, Rajani, SNG, Juris Corp
My sincere apologies for this long message but I hope this helps.