Barbara Lano Rummel, Ballard Spahr LLP

Partner / Co-Leader Mergers & Acquisitions, Ballard Spahr LLP

What are the biggest challenges you currently see in the M&A world?

For the past two years, there has been a lot of uncertainty with interest rates, geopolitical tensions, and the U.S. presidential election. This uncertainty has disrupted dealmaking. It remains to be seen whether 2025 will provide any greater clarity to open the flood gates for deals. While there is reportedly a huge amount of dry powder available for deals and macroeconomics are relatively strong, public M&A targets are expensive as a result of the strength of the stock market run. We remain hopeful that 2025 will be a strong year for deals.

Without revealing the names of a client, what is the most interesting transaction you’ve worked on lately?

The formation of a joint venture to provide up to $500 million of financing for the construction and rehabilitation of affordable multifamily housing properties across the United States. There is a tremendous shortage of affordable housing, and I am hopeful that this project will move the needle to provide necessary funding.

How do you manage work/life balance?

My kids are grown and thriving on their own. I schedule as much outdoor time and activity as possible to counteract all the screen and teleconference time that comes along with this job. I believe that fresh air and exercise are critical to my mental and physical health.

What is one thing you would change about Minnesota if you could?

I would love to see more people eager to return to work in Downtown Minneapolis. I am in the office 5 days a week and am encouraged by the crowds mid-week. I think it is good for people to connect with other people and to feel like they are part of a team and a thriving city.

What’s something most people don’t know about you?

Not much — I am a talker. However, people may not realize that I have never been on Facebook and I don’t intend to start. I am good with LinkedIn.