Banking and finance is a global industry that attracts high-fliers dealing in major transactions and disputes covering multi-jurisdictional issues. Increasing internationalisation and a wide variety of financial products mean that modern banking is becoming ever more complex.

One result of this complexity is that the scope for banking litigation is increasing. Disputes may involve insolvency proceedings and the enforcement of rights under financing agreements and money-laundering regulations, as well as criminal prosecutions and Department for Business, Enterprise and Regulatory Reform
inquiries.

Liam Terry is a solicitor at Pinsent Masons, a full-service international law firm. Liam studied law at the University of Nottingham, followed by a year out coaching football. Then it was back to the legal coalface and the LPC at Nottingham Law School.

Liam describes his training contract experience at Pinsents: “It was my first proper office job, and it was interesting trying to adjust to the rigours of what can’t be described as a nine-to-five job! There are ups and downs, as any trainee will tell you, but it’s generally very exciting to be doing transactional law. My first seat was in corporate (private equity), followed by general litigation, banking and finance, and projects. I was interested in the mechanics of how debt finance works, how banks raise money, how it’s controlled and the different types of finance. I was exposed to a broad mix of transactions, most of which involved acquisitions and leveraged finance. You only really get a flavour as a trainee, but I definitely got a sense that it was something I was interested in.”

Qualifying into the banking and finance department, Liam discusses the work he does now: “I now work on leveraged and acquisition finance deals at a mid-market level. I have also worked on several property finance deals and recently was involved in a corporate jet financing. I act for a mix of both bank and borrower clients. Each day includes liaison with clients, which might mean getting the initial instructions on a transaction and producing (or commenting on) the finance or security documents. There will also be other non-banking aspects of a deal that crop up when corporates borrow money (for example, corporate, IP issues) that need input from my colleagues. There can be quite a lot of cross-departmental coordination and, as a junior lawyer, you’re often the one doing the coordinating.”

Private equity is an aspect of Liam’s work that he finds particularly interesting: “With it being such a hot topic, I’ve probably most enjoyed working on private equity backed transactions. It’s often very exciting, usually with a short time period and interesting parties involved. It’s interesting looking at how these companies operate – they’re possibly not as bad as the press would have you believe!”

Liam is currently on secondment to a major clearing bank, sitting with its corporate leveraged finance team and working on mid-market transactions. He discusses his experiences so far: “The advantage is that this is a business secondment, so I’m really getting under the skin of what the finance team does. A lot of transactions begin well before lawyers start documenting them, so it’s interesting to get to see how these deals originate, the credit process, and the ways that banks make decisions on what they can lend and what structure to use. Undoubtedly, this will be helpful when I go back to the firm. Lawyers can get very bogged down in the legal details, but sometimes there are important commercial drivers and it’s crucial to find those out and give them due consideration in conjunction with the legal details.”

Liam enjoys the fact that clients rely on his professional knowledge: “People often come to you with the idea of what they want to achieve and you have to think about how to put that into practice – it’s a challenge, but it’s very satisfying. There is a lot of effort in working out how to do things, but it’s exciting to be adding value, seeing it all come to fruition and using your brain to get there.” The long hours are less enjoyable, says Liam, but no surprise if you’ve gone into the job with your eyes open. Equally, it can be difficult when “parties are pulling in different directions and you’re trying to get everyone on the same page”.

As ever, the importance of commercial awareness looms large. Liam explains why this, and other skills, are so important: “I know all the brochures say the same thing, but commercial awareness really is vital! It’s crucial to have an understanding of the business markets and not just focus on the law. You also have to be adaptable, so that you’re confident in what you think is right but can also listen to the thoughts of others. In a big firm, there are lots of different personalities and ways of working, so you need to be able to work within that. You have to have a willingness to learn and not get too stressed under pressure. And don’t forget to have something outside of work – you will hear a lot about a work-life balance!”

Finally, Liam suggests the best approach to securing a training contract. He says: “Summer work placements are a chance to get to know the firm, and for both you and the firm to take a more measured decision than one based solely on an interview. General work experience is good too – for example, banks offer internships which can give a flavour of how international finance organisations work. You should talk to lawyers to get an idea of what it’s actually like – it’s not a John Grisham novel! But you don’t have to decide exactly what you want to be early on. It’s better to have an inkling of an idea. For example, you’re not going to apply to a corporate focused City firm if it’s a discipline such as criminal law that they may not do you’re interested in. It is important to do your research, go to law fairs and talk to trainees. The more information you have, the better your decision-making will be!”