If you can - check what university the employers went to. They will probably favour that uni cause they went there and know next to nothing about the other unis. Knowing what school they went to may help as well.
Mergers and Acquisitions is one tough field to get into. I can speak from experience and from what I hear from close mates at uni, without equipping yourself with a law degree you are putting yourself into an disadvantageous position. You'll find that many of your competition are always either 1) Bcom/BLaws UNSW 2) Bcomm/BLaws Usyd or 3) Macq and UTS... And basically if you're from macq and UTS you would need close to a perfect GPA and previous experience in a bulge bracket or a smaller firm in a related field.
As to whether a Law degree is beneficial in the actual work of M and A, I'm not sure.. But the feeling is if you have a law degree its sorta of a teller as to whether you have smarts.
How does UTS compare to USyd..? I'm gonna mimic what the other guy said and say that Usyd's commerce degree is on the decline, trust me on that one. My dad speaks to deloitte partners and from what the deloitte guys say that UNSW is preferred with UTS and Macq following.. Haha as to whether UTS people are more 'practical' than other candidates.. I seriously doubt it man. Everyone knows they hand Distinctions like candy over there.. so maybe its better you go to uts for a prettier transcript.
Hope this helps man. If you're serious about M&A follow the Law path..and you'll find your pathway there to be alot easier.
EDIT: Oh yeah, just read you came from Shore.. another major bonus. I find that alot of these dudes have private school backgrounds.. So chances are youll run into old alumni!