Growing up in the Dallas area, Ajay Mago ’04 faithfully tuned into Saturday morning cartoons, but it wasn’t the animated adventures that most captured his attention. It was the fine print setting expectations and warning of potential hazards after toy commercials: “Each sold separately. Batteries not included. Some assembly required. Vehicles shown not included. Ask a parent before ordering. Keep away from flame. Dino does not actually shoot lasers.”
Even then, he was fascinated by the rules that shape how people interact, and the quiet power of setting the terms of engagement.
He carried this curiosity to The University of Texas at Austin, where he studied information systems and took a formative class on the social forces and processes shaping entrepreneurial activity: Entrepreneurship & Innovation with now-Professor Emeritus John Sibley Butler. After earning a master’s in technology commercialization and working as a senior consultant at KPMG, and then at software company Marketfirst Software Inc., Mago came to Texas Law to explore how technology, business, and law could intersect in a fulfilling career.
Now, his legal career spans 25 years across technology, entrepreneurship, and corporate law. He co-founded EM3 Law in 2017, guiding complex domestic and cross-board transactions in areas including technology, corporate, and finance. Under his leadership, it has grown into one of the largest Indian-owned firms in the country, with 30 attorneys and offices in Atlanta, Chicago, Dallas, Ft. Lauderdale, and New York City.
In 2023, to scratch his entrepreneurial itch, Mago co-founded Twelvefold, a Dallas- and Austin-based artificial intelligence-focused venture fund and studio that launches generative AI companies. We recently caught up with him.
Since you’ve been thinking about the law since childhood, when you arrived at Texas Law, did you already know the type of work you wanted to do post-graduation?
I was really looking to marry tech and business and build that into something that I could do in law. I had some ideas. I looked at intellectual property quite a bit, and bankruptcy. But I wanted to take the time to immerse myself and figure out what the best path would be. A lot of law school is about evaluating issues from various angles—there are so many factors to consider. The education really helps you hone in on the important aspects and separate the signal from the noise: You have a rule, you apply it, and you figure out where something lies—on one side or the other. Law school taught me how to find the right framework and evaluate it. It was such a great experience.
Law school taught me how to find the right framework and evaluate it — separating the signal from the noise.
That’s terrific to hear. What faculty or experiences at Texas Law shaped your career path?
There were so many great professors who were influential, including David Anderson, my torts professor, and Professor Jay Westbrook, who teaches secured credit and bankruptcy. I was trending toward the transactional side of law, and took Professor Westbook’s Secured Credit and Bankruptcy classes. He convinced me to get out of my comfort zone and join the bankruptcy moot court team he coached. Those were memorable moments, in addition to the friendships you make in school. As the first in my family to go to law school, I also spent a lot of time in the Career Services Office understanding the opportunities and taking every chance I got to meet with prospective employers. Through Career Services, I got a summer internship at Mayer Brown in New York and a federal clerkship with Judge Sam Lindsay ’77 in the Northern District of Texas. I felt I wasn’t getting into litigation long-term, but I wanted the opportunity to enhance my writing. After that, I joined Mayer Brown in New York.
How did your early experiences at global law firm Mayer Brown influence your approach to law and business?
The job gave me incredible exposure and latitude to explore and expand my training. When I joined full time in 2005, a lot of major bankruptcies were coming to a close and there was a lull in the bankruptcy world. So I started working with the finance group focused on emerging markets—Brazil, Peru, Russia, Turkey, Kazakhstan, and others. I expressed interest in also working on transactions involving India—my family is of Indian descent, and I went there quite a bit growing up. The firm supported that. Being a part of that economy’s growth story is something I really cherish. I continued with my emerging markets work, but added mergers and acquisitions and technology transactions involving India and other parts of Asia. That experience helped inform what I do now—strategically investing in tech companies through our fund and representing clients through our firm in their strategic transactions.
Speaking of what you do now, can you describe your work at EM3 Law and what makes it so meaningful?
My practice goes back to my roots from my early days at Mayer Brown and Jones Day—it’s mostly corporate, tech, and finance. I help entrepreneurs who’ve built something and they’re now ready to sell their company or acquire another company. The work entails figuring out how that happens, and making sure you’re negotiating a deal that works for the acquirer and the company, while also taking care of employees. The most impactful part is helping to navigate hurdles and hairy deal points so that everyone can open the next chapter, which creates more opportunities and jobs. The challenge is figuring out the balance: both getting the most out of it while also ensuring a fair deal. It really requires you to get to know your clients and their motivations well, and to understand what success means for them.
You also co-manage Twelvefold, a venture fund and studio. How does it differ from an accelerator or incubator, and what excites you most about it?
It’s more hands-on than an accelerator or incubator—it’s like co-founding the company. At Twelvefold, we have both a venture studio and venture fund. The studio contributes sweat equity, while the fund invests cash. Alongside non-technical founders, we co-found generative AI companies with tech that enhances people’s lives. We help build the tech identity, the go-to-market strategy, sales, marketing, and support them through investment rounds. I serve on the investment committee and help navigate deal terms. Our entrepreneurs are doing so many great things.
Can you share a little about the companies you’ve helped to co-found?
The Attri.ai platform helps people take an idea and build it into working software. For example, if I wanted to build a client intake system, normally I’d find a tech consultant, go on Upwork, meet developers, scope it out, get an estimate—maybe it’s too high—and then I’m back to square one. It’s weeks and weeks without progress. With Attri, you start by talking to the system. As it gathers your requirements, it prompts you with questions you hadn’t thought of. Then it produces your product requirements document. You approve it, it passes to a user experience designer agent, and within hours you have designs. It then moves to system integration. There’s an engineering team to get you to version one and support you beyond that. It really puts software development into the hands of users. It’s enhancing businesses and allowing people to turn something they’re passionate about into a side hustle, earning extra income and, for already established companies, it’s helping them unlock deeper customer value. Another company, Locaitionmatters is in location intelligence, talking to a map with AI. For example, “I want to open a new panini shop in Tarrytown—help me find the right corner.” It filters available retail space and helps banks with underwriting. I really like investing in opportunities in which technology can enhance people’s lives.
You keep busy! So, how do you balance your work as a lawyer with your involvement in AI ventures?
Honestly, I haven’t figured out the perfect balance. But, every time I look at a deal as an investor, it makes me a better lawyer when negotiating for someone else because I see it practically and understand it. On the flip side, when representing a client, that entrepreneurial perspective informs the work. I feel like I’m working 100% of the time on both. But, this is me living my dream, doing everything that I want to be doing. There’s always something on my to-do list, but the work is extremely rewarding.
With all the buzz around AI, what do you see changing in business and law?
My joke is, “The only technology people didn’t genuinely fear was a fax machine.” But, with every other sort of iteration of technology, there’s always been that worry of, “What does this mean for my job?” The way people are using AI in practical business terms is such an enhancement, and one that doesn’t remove people from the equation, but makes their capabilities and leverage ten times what it was. With technology changes, I think we’re going to start to see greater reach. So, good, competent lawyers will be able to help more and more people. I don’t see it as a zero-sum game at all. I firmly believe we’re all going to come out much better than we are right now.
Meanwhile, since you’re based in Chicago, how do you stay connected to the Texas Law community?
There are Longhorns everywhere. I’ve built strong friendships in Chicago over the years. One of our of-counsel attorneys, Michelle (Mimi) Marks, is a 2006 Texas Law grad. I watch all the football and some basketball games, and I love getting back to Austin as much as possible. I went to my first Texas–University of Oklahoma game last year. Hook ’em!
With three young kids, I don’t get out nearly as much as I used to. But whenever I can slip away to catch a game, I try to join the Texas Exes at River Kitchen and Bar. Before that, my wife, Tanvi, and I would often watch games at Stanley’s Kitchen. One of my favorite moments was sitting next to Professor Mitch Berman—who taught at UT Law when I was there—by pure coincidence while watching a game at Stanley’s. In 2022, our firm also hosted Dean Chesney as part of his Texas Law on Tour. I also worked with the School of Law to host a joint event with the Moody College of Communication and McCombs School of Business in 2023.
You must have some downtime. So, how do you like to unwind when you’re off the clock?
I found tennis about two years ago, and I’m obsessed with it now. It’s such a great sport for longevity. I’m also on a mission to make traditional Romana Pilates popular among men.
It’s been life-changing in terms of feeling great and being ready to tackle the day. For me, the evidence is in my golf game improving, so Pilates is here to stay.