Having dealt with urgent emails whilst travelling to work, I get into the office at 09:00 to face the determining conundrum of the day: are there any bagels left, or will I have to settle for a crumpet? As any trainee will tell you, mornings in the office can be, quite literally, the Hunger Games!
I make my way to my desk to start my work for the day. I am working on a loan transaction, which must complete by the end of the week. I check my to-do list and begin work on drafts of the security documents for the transaction. I liaise with the other side and our client alongside my supervisor. Although initially daunting, being in an open-plan office makes responsibility easier to bear, as I can always ask someone for help. The fluidity between seat rotations means that I have been on this matter since conception and will see it all the way through to the end, so I understand as much as I possibly can. I take a call with the counterparty at 10:30 to deal with some of the negotiated points before amending the documents and sending it to the client in preparation for a call at 14:00.
In the meantime, I set about some legal research for our Head of Tax. We are currently advising a large international private equity fund on its restructuring, and I have been asked to confirm whether the proposed new carried interest arrangements will fall within the remit of the Disguised Investment Management Fee (“DIMF”) rules. After preparing my analysis, I head for lunch with my colleagues before returning to join a call with counsel and the Head of Tax regarding my findings on the applicability of the DIMF rules. We discuss my findings and agree on a fund structure which is proposed to the client.
I then sit down and familiarise myself with the loan transaction I worked on earlier. I prepare for a call at 14:00 by briefly brushing up on the more technical aspects of security documentation, so I am ready to answer questions when required.. The associate on the matter gives me the opportunity to take the lead and steps in only to answer questions outside of my knowledge. The client is happy with our work, and asks that I reiterate the salient points of our discussion to the counterparty in a follow up email.
At 15:00, we send our documentation to the other side and I am able to allocate some time to other matters. I assist the Head of Hedge Funds with establishing a new Cayman Islands fund. I shadow an associate on the file, and I also speak extensively with our Cayman expert, who explains the background and rationale behind the process and documentation for setting up the fund.
In order to understand the client’s needs even further, I speak to our Fund Management Solutions team who introduced this client to the law division. In doing so, I not only understand more about the client’s background, but also learn about MJ Hudson’s capabilities and offerings.
At 18:00 I am required to work on the facility agreement for the loan transaction. This is the main document. I compare my mark-ups against industry standard documentation, and prepare a list of questions to ask the parties regarding the particular circumstances and send to my supervisor for review.
In the evening, myself and fellow trainee Arooj head to a networking event on Oxford Street. It’s a great way to build up my networking skills and an opportunity to meet new people and make connections. As Trainees we are often invited to client and business development events.
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