Artificial intelligence is now embedded in every stage of the mergers and acquisitions process, from due diligence and document drafting to regulatory compliance monitoring. The shift was examined at a 2 June roundtable marking the launch of the Global Legal Post's Law Over Borders Global M&A Guide, hosted by Sullivan & Cromwell partners Frank Aquila and Jeremy Kutner alongside contributing authors from 29 countries.
"There is a tremendous amount of capital moving toward the AI business," Aquila said. "Whether it's AI M&A, AI infrastructure or AI disrupting businesses and therefore causing transactions to move forward at a certain pace, AI is something that will be in and around every transaction we look at." He pointed to billionaire Barry Diller's proposed $18bn takeover of MGM Resorts as an example of a deal involving real-world assets that, in Diller's words, "AI cannot easily replicate or disintermediate."
AI moves into everyday M&A practice
Participants agreed that AI has moved beyond experimentation. David Altunian of Loyens & Loeft said AI-powered due diligence tools are cutting the time needed to review documents and generate first drafts of reports and routine agreements. These tools, part of a broader shift toward AI for Legal applications, are now embedded in day-to-day transactional work. In Australia, lawyers noted that insurance companies often want to use AI for diligence, but firms advocate for human lawyers to perform the actual review.
Several lawyers raised concerns about how junior lawyers will develop judgement when technology takes over routine tasks. "One of the things we have to think about is how we train younger lawyers," Aquila observed. Vivek Chandy of Indian firm JSA said tools like Harvey and Legora are "making them more efficient," but not yet reducing headcount. Kevin West of SkyLaw in Toronto highlighted a growing trend of clients arriving with AI-generated analyses that lawyers must then review. "AI is adding a lot of work because things are often being over-lawyered," he said. "Judgement and experience are essential."
Regulators are also deploying AI to sift through enormous volumes of information, from Canadian enforcement authorities monitoring public disclosures to securities regulators spotting anomalies. Kutner summed it up: "Information is becoming commoditised. Judgement isn't."
Geopolitics and regulation reshape dealmaking
Geopolitical uncertainty is defining the M&A environment. Lawyers from India noted heightened governmental sensitivity to geopolitical developments, while Korean contributors cited economic effects of Middle East instability. European lawyers pointed to policy unpredictability and protectionist tendencies. A participant from Sweden said US tariffs are "making everyone wait to do deals," adding that "uncertainty is the biggest problem we have."
Regulation has become another central feature. Foreign direct investment screening, antitrust reviews, and national security considerations are extending deal timelines. "Ten years ago, people wouldn't focus that much on the regulatory," a participant from Ireland said. "Now, policy becomes another layer you have to take into account. Governments are almost stakeholders in transactions now." Multiple jurisdictional approvals can add months or years to completion timetables.
Sectors driving cautious optimism
Despite these headwinds, participants reported signs of renewed activity. Data centres, infrastructure, defence, energy, and mining were identified as areas of sustained opportunity. Roque Bustamante of Flor Bustamante Pizarro & Hurtado in Ecuador noted that traditional agricultural exports like shrimp, palm oil, bananas, and flowers are "having better value in the world, and that's going to bring a lot of M&A." Lawyers from Canada pointed to increased investment in natural resources, while those from Argentina and Ecuador highlighted favourable energy and mining policies.
Private equity activity may also rebound. Pawel Halwa of Schoenherr said PE investment is "back and also more visible in regulated industries like financial institutions and professional services like accounting, tax and even law firms" in Poland. Monica Moreno of Morgan & Morgan Legal in Panama suggested AI's cost efficiencies "might translate into more deals because this could be more appealing from a customer perspective."
Why this matters for legal professionals
AI will automate routine tasks and increase efficiency, but it cannot replicate the trust at the core of the lawyer-client relationship. Zoya Chaudary of Haidermota & Co. said lawyers' role is "to humanise transactions because the in-person cannot be replaced." Kutner agreed: "What we add is that we are trusted advisers to our clients. We help them create solutions to problems and bring them together." For legal professionals, the competitive edge lies in combining AI fluency with the judgement and personal trust that technology cannot supply.
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