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About difficulty to become a partner, I think it's just as much as any other practice area, or maybe a little more because it's more difficult to stick around in CM. But since people keep leaving, if you get through 4-5 years, competition lessens. Sticking around for at least a decade should help you start your own books.
ICDR regulations, and now even the revised ones are minor changes. Drafting of IPO, QIP documents itself is a art, if AI can do it, why do clients approach firms. The work may seem mundane but it is very intersectional once you go up in the long run!