Building client relationships is probably the single most important aspect of developing a successful banking and finance practice.
Banking and finance is about borrowing and lending money; a lawyer’s job is to facilitate this process. Typically, transactions involve acting for borrowers or lenders. In a large global firm you will usually work on several large transactions simultaneously, along with a few smaller matters.
Clients and commercial factors set transaction timetables (rather than courts or regulators). Deal timetables range from a few weeks to several months, depending on the type of work.
The work is generally office based, although client meeting at key points during the transaction are common. The closing of deals generally happens by email and phone these days.
What is working life like in this area of law?
Team sizes depend on the size and complexity of a transaction. Usually a deal is led by a partner, with a senior associate fronting the core documents and a junior associate and/or trainee handling the ancillary documentation.
There is a certain level of unpredictability in terms of work/life balance due to banking and finance practices being transactional. The hours depend on the transaction you are working on; if your deals are busy, you will be too. However, we do try to spread the load and to make sure it’s rewarding. What’s more, new technologies (such as document automation and deal progress tracking) have come onto the scene, which help significantly with a good number of our everyday tasks.
During quieter moments you will be able to focus on know-how and business development. Building client relationships is probably the single most important aspect of developing a successful banking and finance practice; you will be given a chance to (and expected to) look for opportunities to socialise and engage with clients.
The worst thing about being a banking lawyer is getting ‘that call’ from a client late on a Friday afternoon; the best thing is seeing your deal featured in a major international news outlet, and the feeling of having worked hard with a great cross practice (and often multi-jurisdiction) team to conclude a complex transaction successfully and on schedule.
What trainee solicitors experience in banking & finance seats
Trainees are central to our practice. They are involved in a wide range of activities, including:
- drafting security documents
- drafting ancillary documents (eg board minutes and officer’s certificates)
- registering and discharging security
- liaising with local counsel in other jurisdictions involved in a deal
- coordinating the conditions precedent process
- coordinating signing/closing logistics
- assisting with business development
- assisting with know-how
- attending client events.
Trainees should have a good understanding of the basic functioning of the financial markets in the City of London, as well as a wider sense of commercial awareness.
What particular skills do you need to be a successful banking and finance solicitor?
- Teamwork skills.
- Drafting and analytical reasoning skills.
- Commercial acumen.
- Sound ‘black letter law’.
- The ability to deal with clients (sometimes in challenging and time-pressured situations).
The types of law banking & finance solicitors use in their job
ANTHONY WARNER is a senior associate in the banking and finance group at BAKER MCKENZIE. He graduated from the University of St Andres with a masters in international relations.