Gender, Credentials, and M&A

Authors

Tracey E. George, Vanderbilt University Law School
G. Mitu Gulati, Professor of Law, University of Virginia
Albert H. Yoon, Chair in Law & Economics, University of Toronto

Document Type

Article

Publication Title

Brigham Young University Law Review

Publication Date

Summer 2023

ISSN

2162-8572

Page Number

723

Keywords

credentials, gender gap, power, M&A practice

Disciplines

Law | Law and Gender

Abstract

For the past several decades, women have made up roughly half of law school classes and the ranks of entering law firm associates. Attrition between entry to law firms and partnership results in women comprising 20% to 25% of partners. But is there yet more attrition to the top of the partnership pyramid? Analyzing the past decade of data on publicly filed M&A deals and detailed biographical information of M&A lawyers, we find that women make up fewer than 10% of deal leaders. When we look at the factors that determine who becomes a deal leader, we find that credentials—both educational and professional—matter. But they matter more for women. And one credential—attending a top law school—seems to matter a lot. Using conversations with senior lawyers, we try to get answers for why.

Recommended Citation

Tracey E. George, G. Mitu Gulati, and Albert H. Yoon, Gender, Credentials, and M&A, 48 Brigham Young University Law Review. 723 (2023)
Available at: https://scholarship.law.vanderbilt.edu/faculty-publications/1620