Biglaw Deal Sheet Guide: How to Compile and Present Your Transaction List

For transactional associates applying to lateral positions at AM 100 firms, V100 firms, or Am Law 200 practices, your Deal Sheet (also called a Transaction List or Representative Matters list) is often more important than your résumé. It's the document that proves your experience, demonstrates the sophistication of your work, and shows partners exactly what you've done and what you can do for their clients.

What is a Deal Sheet?

A Deal Sheet is a comprehensive list of transactions, deals, or matters you've worked on during your legal career. It provides detailed information about each matter, including deal size, transaction type, your role, and key responsibilities. For lateral associates, it's the primary tool partners use to evaluate your experience and determine whether you can handle the type and scale of work their firm handles.

Why Deal Sheets Matter for Lateral Moves

Partners evaluating lateral associates need to quickly assess:

Experience level: Have you worked on deals of similar size and complexity?
Practice area fit: Do your transactions align with the firm's practice?
Sophistication: Can you handle the type of work their clients need?
Client base: What types of clients have you represented?
Role and responsibility: Were you a key contributor or just on the periphery?

Your Deal Sheet answers all these questions more effectively than a résumé ever could.

Deal Sheet vs. Representative Matters List

Deal Sheet: Typically used by corporate/transactional associates. Focuses on M&A, securities offerings, financings, and other business transactions. Emphasizes deal values, transaction structures, and deal types.

Representative Matters List: More commonly used by litigators, but transactional associates sometimes use this term. Can include both deals and other matters. May be less deal-value focused and more responsibility-focused.

For purposes of this guide, we'll use "Deal Sheet" to refer to both, as the principles are largely the same.

What to Include in Your Deal Sheet

Essential Information for Each Deal

1. Transaction Type

M&A (mergers, acquisitions, divestitures)
Securities offerings (IPOs, follow-ons, debt offerings)
Private equity transactions
Venture capital financings
Joint ventures
Restructurings and bankruptcies
Real estate transactions
Other corporate transactions

2. Deal Size/Value

Include deal values when publicly disclosed or when you can share (with client permission)
Use ranges if exact values are confidential (e.g., "$500M - $1B")
For smaller deals, you can note "mid-market" or "lower middle market"
For very large deals, you can note "multi-billion dollar" or "billion-dollar"

3. Your Role

Be specific: "Lead associate," "Primary associate," "Key associate," "Supporting associate"
Avoid vague terms like "involved" or "participated"
If you had a specific title or designation, include it

4. Key Responsibilities

Drafting specific documents (purchase agreements, merger agreements, disclosure documents)
Managing due diligence
Coordinating with other parties (counsel, advisors, regulators)
Client communication and counseling
Regulatory filings
Closing coordination

5. Client Information

Client type (public company, private equity firm, startup, etc.)
Industry sector (technology, healthcare, financial services, etc.)
Geographic focus (if relevant)
Avoid specific client names unless the deal is public

6. Deal Status

Closed/completed
Pending
Announced but not yet closed
Terminated (if relevant to show experience)

7. Notable Features

Cross-border elements
Regulatory complexity
Novel structures
High-profile or precedent-setting aspects
Tight timelines or challenging circumstances

Deal Sheet Format and Structure

Chronological vs. Categorical Organization

Chronological (Most Recent First)

Best for: Associates with consistent practice areas
Pros: Shows career progression and recent experience
Cons: Can be harder to find specific deal types

By Transaction Type

Best for: Associates with diverse experience
Pros: Easy to find relevant deals for specific positions
Cons: May obscure career progression

By Deal Size

Best for: Associates emphasizing large-deal experience
Pros: Highlights sophistication and scale
Cons: May de-emphasize valuable smaller deals

Hybrid Approach (Recommended)

Group by transaction type
Within each category, list chronologically (most recent first)
This combines the benefits of both approaches

Formatting Guidelines

Length: 2-4 pages is typical for mid-level associates. Senior associates may have longer lists, but quality matters more than quantity.

Consistency: Use consistent formatting throughout. Partners notice inconsistencies.

Readability: Use clear headings, bullet points, and white space. Make it easy to scan.

Professional Appearance: Match the formatting style of your résumé and cover letter for a cohesive application package.

Deal Sheet Template

Here's a template structure you can adapt:

[YOUR NAME]
DEAL SHEET / REPRESENTATIVE MATTERS

[Optional: Brief introductory paragraph if needed to provide context]

MERGERS & ACQUISITIONS

[Deal Name/Description] | [Year]
[Client Type]: [Brief description]
Deal Size: $[X] billion / [Range] / [Description]
Role: [Your specific role]
• [Key responsibility 1]
• [Key responsibility 2]
• [Key responsibility 3]
[Notable features, if any]

[Next deal...]

SECURITIES OFFERINGS

[Deal Name/Description] | [Year]
[Client Type]: [Brief description]
Deal Size: $[X] million / [Range]
Role: [Your specific role]
• [Key responsibility 1]
• [Key responsibility 2]
• [Key responsibility 3]

[Continue for other categories...]

PRIVATE EQUITY / VENTURE CAPITAL

[Deal Name/Description] | [Year]
[Client Type]: [Brief description]
Deal Size: $[X] million
Role: [Your specific role]
• [Key responsibility 1]
• [Key responsibility 2]

OTHER TRANSACTIONS

[Deal Name/Description] | [Year]
[Client Type]: [Brief description]
Role: [Your specific role]
• [Key responsibility 1]
• [Key responsibility 2]

Detailed Example Entry

Here's how a strong entry might look:

Acquisition of Technology Company by Private Equity Firm | 2024
Client: Private equity sponsor
Deal Size: $750 million
Role: Lead associate representing the buyer
• Drafted and negotiated the purchase agreement, including complex earnout provisions and working capital adjustments
• Managed due diligence process across multiple jurisdictions, coordinating with local counsel in three countries
• Advised client on regulatory considerations, including CFIUS implications and antitrust analysis
• Coordinated closing mechanics and post-closing integration matters
Notable: Cross-border transaction with regulatory complexity; closed in 60 days

What to Include: Quality Over Quantity

Include:

Deals where you had meaningful responsibility
Transactions that demonstrate sophistication
Matters relevant to the type of work you want to do
Deals that show progression in responsibility
Recent transactions (last 3-5 years are most relevant)

Consider Including:

Smaller deals if they show unique experience or responsibility
Deals in your target practice area, even if smaller
Pro bono transactions if they demonstrate relevant skills

Generally Exclude:

Deals where you had minimal involvement
Very old transactions (unless highly relevant or impressive)
Matters completely unrelated to your target practice
Deals you can't discuss due to confidentiality (unless you can describe them generically)

Confidentiality Considerations

Public Deals: You can include full details, deal names, client names (if public), and specific values.

Confidential Deals: You have options:

Generic Description: Describe the deal type and your role without identifying details
Client Permission: Ask clients if you can include the deal (many will allow it)
Range Values: Use deal size ranges instead of exact values
Sector Focus: Describe by industry sector rather than specific client

Best Practice: When in doubt, err on the side of caution. It's better to have a slightly less detailed Deal Sheet than to violate confidentiality obligations.

Common Mistakes to Avoid

1. Exaggerating Your Role

Partners can often verify your role through their networks. Be honest about your level of responsibility. "Supporting associate" on a $2B deal is still impressive.

2. Including Too Many Deals

Quality matters more than quantity. 10-15 strong deals are better than 30 weak ones. Partners will focus on the deals that matter most anyway.

3. Vague Descriptions

"Worked on M&A transaction" tells partners nothing. Be specific about what you did and what you learned.

4. Inconsistent Formatting

Inconsistent formatting signals poor attention to detail—a red flag for transactional work.

5. Outdated Information

Keep your Deal Sheet current. Remove very old deals unless they're highly relevant or impressive.

6. Missing Deal Values

When you can include deal values, do so. Partners want to know the scale of deals you've handled.

7. Not Matching Your Résumé

Your Deal Sheet should align with your résumé. If your résumé says you worked on "complex M&A transactions," your Deal Sheet should show specific examples.

Tailoring Your Deal Sheet for Specific Applications

For Practice Area Fit:

Emphasize deals in the target practice area
Place relevant deals at the top of each category
Include more detail for relevant transactions

For Firm Size/Type:

Large firms: Emphasize large deals and sophisticated structures
Boutique firms: May value diverse experience and client interaction
Industry-focused firms: Emphasize deals in that industry

For Geographic Focus:

Emphasize deals in the target market
Highlight cross-border experience if relevant
Note any geographic specialization

Frequently Asked Questions

Q: How many deals should I include on my Deal Sheet?

A: There's no magic number, but 10-20 strong deals is typical for mid-level associates. Focus on quality and relevance rather than quantity. Senior associates may have 20-40 deals, but even then, quality matters more than quantity.

Q: Can I include deals from my current firm?

A: Yes, but be mindful of confidentiality. Many firms allow associates to include deals on their Deal Sheets for job applications, but check your firm's policy. When in doubt, use generic descriptions.

Q: What if I don't have many large deals?

A: Include smaller deals that show meaningful responsibility and sophisticated work. A $50M deal where you were the lead associate is more impressive than a $500M deal where you had minimal involvement. Also, emphasize unique aspects, complexity, or learning opportunities.

Q: Should I include deals that didn't close?

A: Generally yes, if you had meaningful involvement and the deal demonstrates relevant experience. You can note "announced but not yet closed" or "terminated" if relevant. However, prioritize closed deals.

Q: How do I handle deals I can't discuss due to confidentiality?

A: You have several options:

Use generic descriptions (e.g., "M&A transaction in technology sector")
Ask client permission (many will grant it)
Describe by deal type and your role without identifying details
Focus on other deals where you have more flexibility

Q: Should my Deal Sheet match my résumé exactly?

A: They should be consistent, but your Deal Sheet will have more detail. Your résumé might say "Represented private equity clients in M&A transactions," while your Deal Sheet shows specific examples.

Q: Can I include deals from law school or clerkships?

A: Generally no, unless they're highly relevant and impressive. Focus on your practice experience. However, if you had meaningful transactional experience during a clerkship (e.g., bankruptcy court), you might include it.

Q: How do I present my Deal Sheet in my application?

A: Typically as a separate PDF document, formatted consistently with your résumé and cover letter. Some firms request it as part of the initial application; others request it later in the process. Always have it ready.

The Bottom Line

Your Deal Sheet is your proof of experience. It shows partners exactly what you've done, the sophistication of your work, and what you can do for their clients. Invest time in creating a clear, well-organized, and accurate Deal Sheet that highlights your strongest and most relevant experience. A strong Deal Sheet can be the difference between getting an interview and being passed over.