In the fall of 2012, the Yale Law and Business Society hosted its first Transactional Law Competition, designed to introduce YLS students to the practice of transactional law and to help them polish their drafting and negotiation skills. In teams of two, the participants played the role of either a sponsor counsel or a bank counsel for a hypothetical leveraged buyout financing, and over the course of the semester, they drafted and marked up a financing commitment letter for the transaction. At the final session held on December 5, the participants negotiated over the financing commitment letter before a panel of judges comprised of transactional law practitioners. Tyler Rosenbaum '14 and Kwon-Yong Jin '15 won the 2012 Transactional Law Competition for their performance in drafting and negotiation, and all participants received constructive feedback from judges. YLBS thanks Latham & Watkins LLP, Sullivan & Cromwell LLP, and Wachtell, Lipton, Rosen & Katz LLP for their support of the YLBS Transactional Law Competition.