They’ve Got Next: The 40 Under 40 - Dotun Obadina of Jones Day

Please describe two of your most substantial, recent wins in practice.
In 2020, I had the privilege of representing Cleveland-Cliffs Inc. in two transactions, involving Cliffs’ acquisition of two prominent steel companies in the United States, that transformed Cliffs into a vertically integrated producer of value-added iron ore and steel products. In March 2020, I represented Cliffs in its merger with AK Steel Holding Corporation pursuant to which Cliffs acquired all of the issued and outstanding shares of AK Steel common stock, for an implied aggregate consideration to AK Steel shareholders of approximately $1.1 billion and a total enterprise value for AK Steel of approximately $3 billion. Also, in December 2020, I represented Cliffs in its acquisition of substantially all of the operations of ArcelorMittal USA for approximately $1.4 billion.

What is the most important lesson you learned as a first-year attorney and how does it inform your practice today?
The most important lesson I learned as a first-year attorney was a lesson on our role as lawyers. The legal industry is a client-service industry: it is about the client and the client’s objectives. Starting out as a new lawyer, I had these ideas about what it means to be a lawyer and how to be successful. I thought that the goal of any successful lawyer should be to “win,” and in the transactional context, to me, that meant to win all the points you can.

As a young associate, I quickly understood that “winning” was not the job, at all. In my first year, I was taught that, as lawyers, our job was to understand our client’s objectives in each matter and to assist our clients in meeting those objectives. It is a much more involved experience than I had anticipated, and those objectives are not always winning every point in a merger agreement.

This realization informs every aspect of my practice today (and every project on which I work). Understanding the client’s objectives allows me to provide the best possible client service. (It also makes the project much more enjoyable.)

How do you define success in your practice?
Starting law school, I had no idea what it really meant to be a lawyer. I did not know any attorneys growing up; I knew only that (1) I was fascinated by the subject matter and the significance of the law in modern society and (2) after engaging in a childhood’s worth of parent-son negotiations and arguments, my family thought I would be pretty good at it.

After nearly 10 years of practice, I have a clearer sense of what a successful practice means to me. It means a practice in which I am regularly a trusted strategic advisor to large international corporations on their most important matters, and I am doing so with an incredibly talented team of diverse lawyers who work collaboratively to support one another in order to meet the needs of the client. This is what I am working towards, alongside my colleagues at Jones Day.

What are you most proud of as a lawyer?
I have been a part of numerous achievements over my legal career of which I can be proud, but the achievement that brings me the most pride is being a part of an amazing team that is building out Jones Day’s Minneapolis office. Opening with just five lawyers in June of 2016, the Minneapolis office has experienced rapid growth, expanding to nearly 50 lawyers today.

From recruiting, to professional development, to business development, to advising clients, the work has been challenging, but tremendously rewarding. We have spent a significant amount of energy and focus in establishing a cohesive culture in the office, and we have worked tirelessly to engage with our clients and prospective clients (in some cases, introducing them to Jones Day for the first time).

As an office, we have also established ourselves as leaders in the Twin Cities community. With Jones Day’s Constitutional Police Reform initiative, Jones Day has led discussions over the reformation of the Minneapolis Police Department coordinating, alongside Minneapolis business and community leaders, and has been engaged (pro bono) by the City of Minneapolis to assist with negotiations over the police union contract, in police disciplinary cases, and in drafting police reform legislation.

Who is your greatest mentor in the law and what have they taught you?
I have been blessed with a lot of great mentors in my legal career. Two of my greatest mentors have been Peter Kalis and James Dougherty.

At K&L Gates, I was appointed to the global associates committee, which was a committee of 12 associates firmwide that regularly met with Peter Kalis (then-chairman and global managing partner of K&L Gates) and the executive committee of the firm. It was through these interactions (and my other interactions with Peter) that I learned the demands facing, and the business of, global law firms. Those lessons have been invaluable.

Since the moment I arrived at Jones Day, James Dougherty, the M&A Practice Leader, has been a mentor and critical to my development as an M&A practitioner. While always available to provide support, feedback and encouragement, James has provided me the opportunities and encouraged me to find my voice as an M&A advisor.

Just for fun, tell us your two favorite songs on your summer music playlist
“Let’s Stay Together” by Al Green. In my humble opinion, the 1970s is the best decade for music (regardless of genre) in modern history. This song is a great example of the soul music scene at that time. Al Green’s voice is incredible, and the lyrics poignant and sweet. (It’s also fun to sing along to this song—when no one’s around, of course!) “Hold On, We’re Going Home” by Drake. It’s summertime! This song is a fun, light one to dance along to.