National Transactional LawMeet®
The National Transactional LawMeet® is the premier "moot court" experience for students interested in a transactional practice. The National Transactional LawMeet® forms a part of the LawMeet® family of live, interactive, educational competitions designed to give law students a hands-on experience in developing and honing transactional lawyering skills.
2014 National Transactional LawMeet Topic
This year’s case focuses on what is often the most contentious provision of an acquisition agreement – indemnification. Teams will be representing the buyer or seller of a business involved in a dispute with a significant licensor. The dispute centers on the calculation of an ongoing royalty payment. The principals have agreed to close over the issue provided that mutually agreeable indemnification terms can be negotiated.
About the 2014 National Transactional LawMeet
This year's National Transactional LawMeet® begins on February 28, 2014 at seven Regional Meets hosted by:
- Western New England University School of Law in Springfield, MA (New England Region)
- Benjamin N. Cardozo School of Law at Yeshiva University in New York City, NY (Mid-Atlantic Region)
- University of Georgia School of Law in Athens, GA (Southeastern Region)
- University of Missouri-Kansas City School of Law in Kansas City, MO (Midwestern Region)
- Northwestern University Law School, in Chicago, IL (Midwestern Region)
- UCLA Law in Los Angeles, CA (Western Region).
- South Texas College of Law in Houston, TX (Southwestern Region).
The top team from each side of the negotiation at each Regional Meet will be invited to compete at the National Meet on Thursday and Friday, April 3 and 4, 2014. The National Meet will be held at Sullivan & Cromwell LLP’s New York office.
The primary goal of the National Transactional LawMeet® is to provide each participant a meaningful and engaging simulation of transactional practice. At both the National and Regional Meets, the Transactional LawMeet® involves three distinct phases. First, students work in teams and prepare a proposed draft agreement. Second, each team prepares mark-ups to draft agreements prepared by the teams they will encounter during the two Regional Rounds. Finally, opposing teams negotiate the contours of the deal. Each team will represent one of the two parties to the transaction.
At the National Meet, teams have the option of revising their original proposed draft agreement. Like at the Regional Meets, the teams will then mark-up opposing teams' agreements and subsequently meet those teams during the first two rounds of the National Meet to negotiate the contours of the deal. Although the Meet's specific agreement and transaction will vary from year to year, each Meet's agreement will present essential challenges in transactional problem solving - the very type that corporate departments at law firms or in-house counsel at corporations tackle on a daily basis.
Up to 84 teams will be invited to participate in the six Regional Meets. For a list of teams that have committed to participate in the Regional Meets, please view the Participants page. Generally, participating teams are selected by a faculty sponsor. Faculty members who are interested in sponsoring a team should email us at email@example.com. If you are a student and would like to know who the faculty sponsor is at your school or if you would like to field a team, please email us at firstname.lastname@example.org.
From the 84 teams participating at the Regional Meets, fourteen (14) will advance to the National Meet.
A panel of experts from transactional practice will evaluate each team's success in achieving their client's goals and the goals of the parties to the transaction. To determine the winning team, the Meet's panel of experts at both the regional and national levels will evaluate which team most adeptly combines its lawyering skills, drafting, marking-up and negotiating techniques with their knowledge of corporate and other facets of business law and business sense to develop innovative solutions to negotiate the draft agreement for a new chief executive officer.
Phase I: Drafting
On December 13, 2013, each participating team will be provided with 1) a statement of the context of the transaction; 2) facts specific to their client's situation, including a video recording of a meeting with the client to discuss the proposed transaction; and 3) a precedent form of agreement.
On January 24, 2014 each team will participate in a client conference call. Each team can ask their client 2 questions.
Before or on February 7, 2014, each team will prepare a draft agreement.
Phase II: Mark-Up
Shortly after February 7, 2014, each team will receive one opposing team's draft agreement. Each team will then prepare a mark-up of the opposing team's draft agreement. Like during the drafting stage, teams will have an opportunity to ask their client two questions during a conference call scheduled for February 14, 2014. Teams must submit their mark-up on or before February 21, 2014.
Phase III: Negotiations
On Friday, February 28th, 2014, all teams will gather at their respective host law school for the Regional Meet. Each team will participate in two preliminary rounds, encountering the team whose draft agreement they previously marked-up and the team who marked up their draft agreement. Based on the teams' performances during the preliminary rounds, two (2) teams will be selected to participate in the National Meet.
A panel discussion will immediately follow the final round of the Meet. The final round panel, the teams and the audience will discuss the transaction, the draft term sheets and the team performances.
Phase I: Drafting
Teams that advance to the National Meet have the option to revise their original proposed agreement. Revised agreements must be submitted on or before March 14, 2014. Teams choosing not to revise their agreements must still re-submit their original agreement by March 14, 2014. A client conference call with take place on March 7, 2014.
Phase II: Mark-Up
Shortly after March 14, 2014, the final two (2) teams from each Regional Meet will each receive one opposing team's draft agreement. Each team will then prepare a mark-up of the opposing team's draft agreement. Teams will have an opportunity to ask their client questions during the client conference call on March 21, 2014. Teams must submit their two mark-ups on or before March 28, 2014.
Phase III: Negotiations
On Thursday, April 3, 2014, fourteen (14) teams will gather at the National Meet at Sullivan & Cromwell LLP’s New York office. Each team will participate in two preliminary rounds where they will encounter the team whose draft agreement they previously marked-up and the team who marked up their draft agreement.
After the conclusion of Thursday's two preliminary rounds, there will be a reception for all teams, their coaches and the judges.
Based on the teams' performances during the preliminary rounds, four (4) teams will be selected to participate in the two final rounds to be held on the morning of Friday, April 4, 2014. Teams in the final rounds will compete for the 2013 National Transactional LawMeet® Championship title.
A panel discussion will follow the final rounds of the Meet. The final round panel, the teams and the audience will discuss the transaction, the draft agreements and the team performances. The results of the Meet will be announced at the conclusion of the panel discussion.
In addition to the National Championship title, additional awards will be presented at the conclusion of the panel discussion on Friday April 4, 2014.
Each team must pay a $450 non-refundable fee to secure their place at the Regional Meet. Regional finalists will be required to pay an additional $200 fee to participate in the National Meet. To register and pay for a team to participate in next year's Meet, follow this link. Teams must provide their own transportation and lodging for both the Regional Meet and the National Meet. The receptions as well as certain meals at both the Regional and National Meets will be provided. Details regarding hotel arrangements and local transportation can be found on the Travel Page.
For further information, please reach us at email@example.com.