Taylor Wessing’s Emma Danks discusses the evolution of private equity, the firm’s ambitious culture, and her advice for aspiring solicitors
“There’s a huge amount of ambition here and no complacency,” says Emma Danks, head of the UK corporate group at Taylor Wessing, reflecting on what drew her to the firm 15 years ago. After over a decade at a Magic Circle firm, Danks joined Taylor Wessing in 2010 to help grow its then-burgeoning private equity practice. “It was very attractive to join a team that was growing and ambitious,” she recalls. Fifteen years on, she hasn’t looked back.
Qualifying in 2001, Danks cut her teeth amid the mid-2000s private equity boom, and later weathered the 2007-2008 global financial crisis that reshaped the market. The post-crisis landscape sparked her interest in the mid-market segment, making Taylor Wessing’s more entrepreneurial platform an appealing next step. Now a senior partner, she leads the firm’s corporate practice and advises on private equity transactions day-to-day. Danks acts for private equity sponsors on buyouts and private M&A deals, as well as for the management teams of PE-backed companies — a mix that gives her “a really nice view of the whole market,” she notes.
While Danks was initially drawn by Taylor Wessing’s growing private equity practice, it’s “the energy and the entrepreneurial spirit” which is keeping her at the firm 15 years later. The firm is full of “very bright lawyers who are driven to do the best job they can for their clients and to win more market share,” she tells me. This ambitious but collaborative ethos means there’s little room for egos. In short, it’s a “really high performance but friendly place to be.”
Early in her career, Danks found herself drawn to transactional work. “There is a particular inclination most lawyers have, either towards transactional, advisory or disputes work,” she says. For her, deals hold a special appeal because “you’re creating something” for the client rather than fighting an opponent in court. She enjoys digging into the commercial drivers behind a transaction — understanding what the business does and why a deal matters to a client — and collaborating with the other side to reach an agreement (while still “protecting your client’s position,” of course). Delivering a deal that is important to a client brings “a real sense of satisfaction and professional pride,” Danks says.
When Danks qualified as a private equity lawyer, the industry looked very different. “It’s a more sophisticated asset class today”, she notes, with deal structures far more complex than 25 years ago. “There is a wider range and number of private equity funds. So they’ve got different styles of investing,” Danks explains. “25 years ago, it might have been more of a classic ‘we will acquire a majority and hold it for three to five years and then we’ll sell it’ situation. Whereas now you have funds wanting a longer hold period or they might acquire just a minority, which then requires a different negotiating style.” Private equity has also entered the public consciousness as PE firms have acquired household-name brands, she adds, and its techniques have “influenced the broader M&A market in lots of different ways.”
This constant evolution is part of the appeal of private equity for Danks. “I never wanted to get to a stage in my career where I think, ‘I can do this in my sleep,’” she laughs. The ever-changing nature of the private equity space means she is always learning and adapting. That can be frustrating at times, she admits, but it suits lawyers who are “intellectually curious” and like to be challenged — and for her it’s “a really enjoyable part of the job.”
I ask Danks whether one deal in particular stands out in her memory. “I would say one of the standout career highs for me was a deal we did in 2019,” she responds. The Taylor Wessing team advised the private equity arm of Standard Chartered on its spin-out from the bank into a new independent fund. “We were working with brilliant clients. They were at the top of their game, really bright. It was personally very important to them as well because they were creating a whole new fund,” Danks recalls. Complex deals like this don’t get off the ground without some serious hard work, of course: “We were in the trenches all together,” Danks recalls, describing weeks of intense negotiations as lawyers from multiple firms hammered out the terms. A “real career highlight”, the deal landed Danks’ team “Private Equity Team of the Year” at that year’s British Legal Awards. It was also a roaring success for her clients: “They successfully spun out of the bank and have been a very successful private equity fund in their own right – I’ve actually just had the invitation through for their sixth anniversary celebration!” she tells me.
Today, the market presents new challenges. The past few years have been “turbulent,” as Danks puts it. A post-pandemic surge of mergers and acquisitions (M&A) activity in 2021 gave way to a slowdown as interest rates rose and political and economic uncertainty made many businesses cautious about making significant investments. “Markets like stability,” Danks says. “Changes of government around the world and US tariffs early this year have meant a lot of dealmakers have paused to let everything settle. However, although the volume of deals has dipped, I’ve found the deals which have happed have been more high value.” And there have been certain sectors bucking the trend. Tech and life sciences assets “have continued to be really competitive.” She shows particular excitement around artificial intelligence, where acquiring an AI-driven company can be a “fast-track” for traditional businesses — why spend years developing a new technology in-house “when you can buy a company that’s already done it”?
In this uncertain climate, lawyers have a crucial role in helping clients navigate deals. Danks sees her job as twofold: first, offering clients a broad perspective on market “commercials” gleaned from her experience across many transactions. Her team works on far more deals each year than any single client, so “they like us to give some market insights,” she explains. Second, a good lawyer will “future-proof” agreements to withstand whatever arises from the counterparty or the wider business environment in the months and years to come.
Before wrapping up, I ask Danks what career advice she would give to her younger self or a new trainee. She recommends gaining as broad experience as possible and being unafraid to question things. “Take time to get as much experience as you can,” she advises, “and always try to look into the corners of every issue — maintain an intellectual curiosity at all times.”
Emma Danks will be speaking on the panel at Legal Cheek’s upcoming virtual student event ‘Inside the global dynamics of M&A — with Taylor Wessing’, taking place virtually on Wednesday 24 September. Apply now to attend.
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