Hi there,
So asides from article interviews I only ever prepared for M&A case studies.
@Jessica Booker has duly noted that not all case studies are M&A case studies so please do remember that this advice is catered to M&A.
1. Start reading commercial news for ten minutes a day and be consistent. Strong candidates will support their points in case study interviews with real-life examples. so, if you recognise a competition concern in a case study you might want to reference something like the failed Sainsburys/Asda merger to substantiate and strengthen a point.
2. Look at the departments in law firms and understand what each of them does. This will allow you to go into the case study with a framework through which to think. If you remember about IP departments in law firms then your mind will trigger you to think about branding concerns or patents in a case study even if it is not explicit or obvious - this will show the interviewer you can think more broadly and beyond the scope of what is written if required. If you remember about disputes, then you might be better attuned if you read something which might subtly hint at a litigious claim.
3. Try to read thought leadership pieces and listen to podcasts about the trends and themes in certain departments: for competition you might want to explore the increasingly interventionist nature of competition authorities and think about the impact this can have - by mentioning these topical issues you can make yourself stand out. For M&A, you might want to look at shareholder activism and the impact of this too. There are many other issues and trends you can research which might give you helpful information which can be leveraged at the interview.
4. Look at share vs asset purchases.
5. Look at debt vs equity financing and understand the pros and cons of each and when they might be most appropriate
6. Look up the following and know what they are:
- warranties, indemnities and representations
- restrictive covenants i.e. non-compete and non-solicit clauses
- Look up what a non-disclosure agreement is and what heads of terms are.
- Look up a balance sheet and just try to become more comfortable with what this is and what it shows.
7. Practise writing out diagrams which explain an M&A deal - try to have an understanding of the different parties, who they are, their motives and what type of transaction it is (i.e. share or asset) and how the transaction is being funded.
8. On the above, always consider what the motives are of each party - this is really important to show your understanding
9. keep your client's interests in mind - you will no doubt need to make a decision on this proposed deal - whether to advise for or against. Always remember you are acting in the interests of your client so try to balance the opportunity with risk and offer solutions. So many candidates can issue spot, but really strong candidates are those who can recognise issues and risks and advise the client as to how these might be mitigated.
10. Look up SWOT and PESTLE as these can offer you some more frameworks in which to structure your analysis and opinion whether the case study is written or presented. Always leave 7-10 mins to consider your structure and to make sure you have an opinion as this is crucial.
11. Don't forget to look at the price and any financials - they won't be too tricky but just try your best to weigh up whether you think the price seems reasonable/fair or not and whether there are any financial imbalances/issues you can spot.
I really hope this helps and sorry these points aren't especially well or logically structured but I just tried to write everything I can remember preparing for case studies.
As a note, I would also caution against listening to the experiences of others too much when it comes to case studies. The key to being a standout candidate in these interviews is being able to spot the original points and nuances which others might miss or which might be easily overlooked. Going in with prior knowledge can potentially blind-side you to these issues