Behind the deal: a day in the life of a corporate trainee

In this LCN Says, Cassidy Fan, a trainee solicitor at Charles Russell Speechlys LLP (CRS), takes us through a typical day in the corporate team, from due diligence and drafting to client calls and deal signings.

9:00am: My first task involves checking emails received overnight, a crucial step to identify any urgent matters and updates on ongoing projects. This process sets the tone for the day, allowing me to prioritise tasks effectively. I then turn to my to-do list, which I prepared the previous day, providing a structured overview of tasks and priorities for the day. This list is my roadmap.

9:30am: On Tuesday mornings I attend the weekly corporate capacity meeting. We share our current capacity, discuss the deals we’re working on and explore what’s in the pipeline. Our knowledge development lawyers update us on the latest training opportunities, ensuring we remain at the forefront of legal developments and continue to enhance our skills. For example, a recent case appears to inject a subjective element into a traditionally objective test regarding the director’s duty to act in good faith to promote the success of the company under the Companies Act 2006. I presented this case to the wider team and wrote an article on CRS’s website which was a great opportunity to contribute to the know-how of the corporate team.

10:00am: As part of the corporate team I’m involved in a wide variety of matters for a diverse range of clients, from corporate reorganisations to share and/or asset acquisitions to initial public offerings. One of the matters I assist with is the corporate reorganisation of a payment processor. As we approach the final stages of this reorganisation, a pre-signing team call is scheduled to discuss the arrangement of the signing. We use DocuSign, software that facilitates digital signature collection, streamlining the process and ensuring efficiency. As a trainee, I’m responsible for arranging and collecting the signatures, dating the documents upon completion and preparing the transaction bible. This bible will encompass all relevant deal documents, serving as a comprehensive record of the transaction.

11:00am: As a trainee with the corporate team, I often work on a number of different matters at the same time. Besides the corporate reorganisation above, I’m also involved in due diligence for a business sale, acting on behalf of the buyer. Due diligence ensures our clients are fully aware of what they’re acquiring. In this particular deal, my responsibilities span both the corporate elements and the commercial section in accordance with a pre-agreed scope. Having drafted a due diligence report the previous week, my task now is to review the in-scope documents in the data room and report on my findings. This is an excellent opportunity to add value to the deal by identifying and flagging any issues that could potentially impact the transaction. The process is both challenging and rewarding, as it requires keen attention to detail and an analytical mindset.

1:00pm: Lunch break. I usually go to Charlie’s on the eighth floor for lunch and to catch up with other trainees. There’s a balcony offering a great view and we often eat outside on sunny days.

2:00pm: The afternoon begins with a video conference call with a barrister regarding the amendment of a public company’s articles. As a trainee, my role involves taking detailed notes during the call and preparing a conference note to be settled by counsel. This task not only enhances my understanding of legal points but also offers the opportunity to engage in discussions with counsel and other fee earners.

3:00pm: I focus on a pro bono case involving a client who’s been denied Personal Independence Payment (PIP). My role involves preparing draft written submissions that detail the client's circumstances and articulate why they’re entitled to PIP. This task requires a significant amount of legal drafting and a thorough understanding of the law surrounding PIP payments. The team comprises fee earners from various departments, providing a unique opportunity to collaborate with colleagues with whom I don't usually work, which makes it a fun and enriching experience. Engaging in pro bono work is rewarding and provides an opportunity to apply legal skills to assist those in need.

4:00pm: Later in the afternoon, I participate in a call with a client concerning the incorporation of a foreign subsidiary. Although this matter is assigned to another trainee, I volunteered to cover it while they’re on leave – it’s a collaborative atmosphere at the firm so it’s common to support each other in this way.

4:30pm: I begin drafting a share purchase agreement (SPA) for another corporate reorganisation. This task requires a solid understanding of the deal specifics and the various mechanisms involved in an SPA. As a trainee, this is an excellent learning opportunity to delve into the intricacies of contract drafting.

6:45pm: Towards the end of the day, I prepare the to-do list for the next day, ensuring a smooth transition into tomorrow’s tasks. Additionally, I close my day by meticulously recording the time spent on each task and submitting it to the time recording system.

7:00pm: I conclude the workday and depart from the office. Occasionally, I participate in social events, which provide opportunities for networking and team engagement. For example, I recently participated in a table football tournament held at an accounting firm’s office alongside other corporate team members. These events provide a delightful way to unwind and connect with colleagues, fostering a sense of camaraderie and collaboration that enhances our work environment.

Cassidy Fan is a trainee solicitor at Charles Russell Speechlys LLP.