Projects/project finance

Whenever a large industrial or infrastructure project is conceived, built and operated, legal advice is key. A project might relate to the construction of a new hospital or wind farm, or a new gas pipeline or toll road. In other parts of the world, UK lawyers frequently work on the construction and financing of energy and transport projects, leveraging their expertise in English law (which is often the law of choice for a project's commercial and financial agreements). Large projects involve lawyers who specialise in finance, construction and corporate law, all of whom must work over long periods of time and to finely-tuned schedules. Some law firms work with the project companies and their shareholders who build projects; some the governments and organisations that commission projects; some focus on representing banks and other funding entities who lend money for projects; and some advise all of these.

Project finance is at the heart of some of the world’s most ambitious infrastructure and energy developments, working on the funding and development of infrastructure and energy projects across the globe. These transactions can cover anything from renewable power and energy storage to mining, transport and aviation. At White & Case LLP, this kind of work sits within the energy, infrastructure, project and asset finance (EIPAF) department in London, and is where newly qualified (NQ) solicitor Bethany Carter is helping shape the future of project finance through dynamic, cross-border legal work.

Bethany’s route into project finance began with an informed decision to pursue the solicitor path rather than the Bar. “I was never the most confident public speaker […] I thrived more working as part of a team,” she explains. After studying law at the University of York, she sought out a range of legal experience – from high-street firms to in-house work – and she found herself “naturally more drawn to the solicitor route”.   

She joined White & Case after completing a virtual vacation scheme in her second year of university and commenced her training contract with the firm in 2023. Bethany’s journey included a seat in the EIPAF team, where she ultimately qualified, alongside seats in non-contentious construction and real estate finance, before an unforgettable second EIPAF seat in New York, which is where the magic happened. “I was lucky enough to go to New York for six months, sit with the EIPAF team, work on New York law governed transactions and see the work our US colleagues do in the project and energy sector, which was fantastic.”

Prior in-house paralegal experience had already hinted that project finance was where Bethany wanted to build her career. However, the combination of her time in the EIPAF team in London and her final seat of the training contract with the EIPAF team in New York were the highlights that cemented the foundations for her future. Not only did she “build new connections in the team globally” and see life at the firm’s head office, but the secondment also brought her journey full circle and provided a rich range of experience in the practice area.  

Building tomorrow’s infrastructure today

The scale and diversity of the project finance work at White & Case is striking – and that’s what Bethany loves most about her job. As a junior still learning and gaining experience in different sectors, she says: “You're probably going to get involved in quite a large variety of work depending on the projects you're working on.”

That variety spans energy projects, infrastructure and asset finance across sectors such as renewables, power, mining, transport and aviation. With so much going on in the EIPAF team, clients benefit from a true “full-service experience”. Bethany explains: “Not only do we have individuals doing the financing work, but we also have people doing development work and more regulatory-based work.” This close collaboration between the sub-teams creates opportunities for juniors to get involved in a range of work, broadening their experience. For Bethany, this breadth was a big reason she wanted to qualify into the project finance team at White & Case.

A project finance solicitor’s role is shaped by the nature of the project (ie, financing or development), the sector and whether they’re acting for lenders or borrowers. Bethany explains: “Your day-to-day tasks can often look quite different. A lot of our time as project lawyers is spent on drafting, negotiating and reviewing documents.” From core finance documents that dictate how money moves, to security and corporate documents, managing conditions precedent checklists, liaising with clients and stakeholders, and working with local counsel, the role demands precision and collaboration at every stage.

When working on development matters, the documentation changes and the focus shifts. “You might not necessarily have finance documents involved; you’ll probably be working on a different suite of documentation and your day to day might look a little bit different.” Given the nature of these transactions, matters are often multi-jurisdictional, requiring careful project management across time zones and legal systems. With unexpected issues arising at any point, the work can sometimes be quite challenging –but as Bethany states, that’s what “makes the work really interesting”.  

What’s shaping project finance?

Bethany identifies three big forces shaping project finance over the next five years:

The first being economic pressures. Rising costs, interest rate uncertainty, inflation and geopolitical shifts are making both clients and law firms increasingly cost-conscious. This is reflected in “what our clients are looking to invest in and develop”, Bethany explains, “but also in how law firms compete and deliver value”. Policy changes and global instability only add to the challenge.

The second force is technology and AI. Rapid advances in tech are transforming case management, document production and review, creating significant opportunities for efficiency. However, they also raise concerns around cybersecurity, confidentiality and ethics. “There’s an obvious reason for law firms to balance innovation with client concerns,” Bethany says. “You can’t fully replace human lawyers with AI, so these developments will have to be watched quite closely.”

On the technology front, Bethany adds that White & Case has already made significant investments in AI tools, both developed in-house and sourced externally. “Initial document review can now be done with AI, flagging certain clauses in contracts and provisions of concern” she explains. The firm also has its own internal chatbot tailored for lawyer use, and members of the EIPAF team are encouraged to use tools and share feedback with the technology and business development teams on what’s most useful day to day. “Compared to when I started as a trainee two years ago, the amount of tech we use has really ramped up and I imagine we’ll see that being used more over the next few years.”

The third force on Bethany’s radar is energy transition. Net-zero commitments and the push for sustainability are changing the legal landscape. Bethany sees her work as a project finance solicitor diversifying and says, “there’s a need to help our clients navigate the net-zero transition”.

Finding comfort in the discomfort

Bethany emphasises that some of the most important qualities for a solicitor in project finance go beyond technical knowledge. “Having a real enthusiasm for what you’re doing, being very willing to learn, develop and listen to those around you are key,” she says. While legal and technical knowledge will grow with training, Bethany stresses that attitude matters most. “Your attitude and approach to work is everything. You should walk into a training contract knowing that how you tackle challenges day to day is the real skill.”

Step into the discomfort – it’s where future-ready lawyers are made. “You have to become very comfortable with being challenged day in and day out, and having to adapt,” she states. “It’s normal to feel overwhelmed at times; that shows you’re learning and developing. You’re not going to walk in day one as a trainee or NQ and know everything, and that’s okay.”

Bethany’s final message? If you’re looking for a practice area that challenges you, pushes you to grow and offers constant learning, project finance is the perfect fit.

This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.