But even if this structural imbalance in M&A is obvious, it hasn’t been subjected to a rigorous empirical evaluation, unlike the gender gap in law firms or the question of women in the C-suite or on corporate boards.

Afsharipour is looking to change that with a new paper that uses a 700-transaction database to explore the paucity of women in lead roles in transactions, both in law firms and in the investment banking industry. In one damning snapshot, over a seven-year period, women made up just 10.5% of lead legal advisers on the buyer’s side. Afsharipour talked about her research with The American Lawyer.