February 27 - Portfolio.com Blog - Should M&A bankers be paid by the hour? William Cohan thinks so, on the grounds that they would then give more impartial advice, rather than being incentivized to close every deal.
I'm not at all convinced that corporate lawyers can or should be the people providing impartial advice about whether a certain deal makes strategic or fiduciary sense. Maybe if all corporate lawyers were Wachtell - but they're not. I'm also far from convinced that slowing down the process of getting to yes or no is necessarily a bad thing, in the context of a market where the overwhelming majority of acquisitions end up failing. Read More.
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