Like all first-year law students, now 2L Joseph Hillman took a Contracts course during his first semester of law school at the University of St. Thomas. He learned the principles behind how contracts are formed and interpreted. This summer, after his first year of law school, an internship with Norwest Equity Partners gave him the opportunity to see how those principles are put into practice as he worked alongside attorneys on agreements connected to potential investment transactions.
“I enjoyed seeing how much thought goes into what initially appeared to be relatively straightforward contracts,” Hillman said. “Every agreement involved balancing legal concerns with business objectives, and it was fascinating to watch attorneys, business professionals and counterparties’ counsel work together to reach practical solutions.”
Norwest Equity Partners is a Minneapolis-based company that manages $2.7 billion in assets and invests in middle-market companies primarily across the business services, consumer products and services, and industrial growth sectors. Hillman earned academic credit for his internship through St. Thomas Law’s Legal Externship Program.
“My primary responsibility was to review, revise and negotiate nondisclosure agreements or NDAs used in connection with potential acquisitions and other business transactions,” Hillman said. “Working closely with the legal team, I reviewed contract language, identified legal and business risks, suggested revisions and communicated with counterparties’ counsel regarding proposed changes. The experience showed me how attorneys support business decisions throughout the deal process.”
Though new to the world of private equity investment, Hillman has previous business and professional experience. He spent 14 years as a residential real estate appraiser in Duluth, Minnesota, before attending law school. Hillman says his previous career provided him with a unique perspective and practical experience that he can bring into a legal setting.
“Private equity and transactional legal work were new to me, so there was definitely a learning curve, but that was also one of the most rewarding parts of the experience,” Hillman said about his externship. “The biggest surprise was realizing just how nuanced contract review can be. Even documents that appear straightforward often involve subtle judgments about risk allocation, business priorities and negotiation strategy.”
While he is still unsure what area of the law he will ultimately practice, Hillman says his experience at Norwest Equity Partners, which has asked him to stay on beyond the summer, has helped him better understand his career options.
"The internship gave me a much clearer picture of transactional practice and reinforced my interest in business and real estate law. I’ve really enjoyed working with the team at Norwest, and it has been a great place to learn and gain practical experience,” he said. “It has also given me a much greater appreciation for how much attorneys continue learning throughout their careers.”
