Fernando Ruiz

M&A attorney. Writing about the business of law, dealmaking, and the trends reshaping both.

[Fernando Ruiz @fer_ruiz20]

For a long time corporate law lived in a pretty stable world.
Deals followed familiar patterns. Clients behaved predictably. Firms ran on the same economics for years.
Change used to happen slowly and quietly.
It’s here now. And I’m writing about it.👇
https://t.co/fTycKFiqex

[Fernando Ruiz @fer_ruiz20]

@R44D M&A

[Fernando Ruiz @fer_ruiz20]

A few thoughts on Anthropic’s recent labor market study and what it might mean for the legal industry.

https://t.co/AJaE4Ot2sJ

[Fernando Ruiz @fer_ruiz20]

The scope of diligence often tells you more about a buyer than what they negotiate.
When real resources are deployed, the deal starts to take on gravity.
Here, we look at how leverage in private M&A shifts the moment walking away becomes expensive.👇
https://t.co/mmcS3Fhbsw

[Fernando Ruiz @fer_ruiz20]

Weekly roundup of M&A, private equity, and market moves.͏👇

https://t.co/9Fr5mXnMO0

[Fernando Ruiz @fer_ruiz20]

A few thoughts on how private M&A is being priced.

More of the valuation discussion is now happening through deal mechanics rather than headline multiples. Instead of forcing a clean reset on price, the market has shifted risk into structure. 👇

https://t.co/HGV70maI0c

[Fernando Ruiz @fer_ruiz20]

Why does private equity keep moving into sports despite limited control, thin margins, and aggressive valuations?

Because a major sports franchise isn’t really an operating company. It’s a long-term media asset embedded inside a regulated system. 👇

https://t.co/1mhPUv7rUH

[Fernando Ruiz @fer_ruiz20]

I’ve resisted the “AI will replace lawyers” narrative for years.

But with the latest models, structured reasoning is getting cheaper. Fast.

We need to get honest about where the real value of human legal advice lies.
https://t.co/JpCzfcfgsR

[Fernando Ruiz @fer_ruiz20]

Deal Analysis: Diamondback Energy and the Applicable Margin Election

A new way to handle outside date risk in acquisition financing deals has emerged
https://t.co/ex6uwoCiJ1

[Fernando Ruiz @fer_ruiz20]

Working on a weekly Friday snapshot of M&A and private equity activity, deals in progress, and notable law firm moves.
Curious to see if people find this useful.
https://t.co/HuQLtAe8QE

[Fernando Ruiz @fer_ruiz20]

What is AI doing to junior lawyers?
It definitely makes them look faster and more impressive.
But how much of the job are they actually learning along the way?
Wrote a few thoughts on that. 👇
https://t.co/D35qZJfLnv

[Fernando Ruiz @fer_ruiz20]

Some thoughts on Blackstone’s latest quarter results.

Feels like private markets are moving again. Exits, deployment, and fundraising finally starting to line up after a long stretch of working against each other.
https://t.co/c1qI5bGLd0

[Fernando Ruiz @fer_ruiz20]

Law firm mergers are hard to ignore right now. The ones that closed in 2025 and those already lining up for 2026.

We hear the reasons: Scale, reach, technology.

We hear much less about how they actually work.👇

https://t.co/4wchAOKU5b

[Fernando Ruiz @fer_ruiz20]

Private M&A has spent the last decade chasing “clean exits.”

Insurance, capped indemnities, shrinking escrows.

On paper, it looks like risk disappears. In practice, it’s only redistributed. Here’s why 👇

https://t.co/RYxJI19l8v

[Fernando Ruiz @fer_ruiz20]

One thing that stands out in modern M&A drafting: MAE clauses just keep getting longer. Not because they do more work, but because they do less.

They’ve slowly turned into a list of reasons you can’t walk away.👇
https://t.co/mlepyFNcyB

[Fernando Ruiz @fer_ruiz20]

Big Law margins once lived in labor arbitrage.
Junior hours funded training, growth, and profits. As work becomes systematized, those margins move. With PE entering law, the question isn’t whether automation cuts hours. It’s who owns what replaces them.

https://t.co/wqqT3Mx9Dz

[Fernando Ruiz @fer_ruiz20]

Private equity isn’t buying into law firms for “efficiency” gains. That’s the pitch.

The real play is control.

Who owns the systems that determine how legal work is produced, priced, and delivered.

Margins don’t live in the back office. 👇

https://t.co/wqqT3Mx9Dz

[Fernando Ruiz @fer_ruiz20]

@holmisthename CPA

[Fernando Ruiz @fer_ruiz20]

@Aazarshad Ads

[Fernando Ruiz @fer_ruiz20]

@holmisthename Doc