Monday morning begins with a review of any non-urgent emails which came in over the weekend. On this basis, the UK tax team conducts a brief meeting to ensure that we can coordinate our respective workloads and thus effectively plan our schedules for the day. I am assigned the task of reviewing and providing first comments on a series of bond documents. This includes a subscription agreement, a paying agency agreement and a prospectus. I spend most of the day going through these documents before sending my comments to the Senior Associate for her review. We discuss the proposed comments in detail before then sending a revised set to opposing counsel.
First thing in the morning, the UK tax team has a call with opposing lawyers to discuss changes to a Scheme Circular. The call is largely collegial and friendly, though both sides’ lawyers still grapple intellectually with each other to attain the best outcome for our clients. After this, we then jump on to a long call with a barrister to discuss some knotty and complex (though still fascinating) points of tax law related to a proposed debt restructuring that one of our clients is undertaking. After these calls, I am tasked with writing attendance notes of them. It is a valuable opportunity to really take the time to understand the tax issues at play. After having completed these notes, I share them with the UK tax team.
There was training this morning on drafting loan agreements. One of the Partners shared his experiences, and gave us some useful training on what to watch out for when drafting these documents. Once the session is complete, my supervisor then assigns me the task of researching whether stamp duty will be payable on a particular transaction. The point is difficult, but once I take the time to understand the issue and then discuss it with my supervisor, I am able to propose a solution to the issue at hand. I draft an email to the client laying out this solution, which my supervisor then reviews with me. His feedback is deeply instructive, covering points related both to substance and the most effective methods by which to lay out a point. Once I have amended the email, I am given the opportunity to send it to the client.
Every Thursday, the UK tax team comes together for a tax training breakfast. Here, we debate and discuss a choice tax issue of the week (while also enjoying a bagel and coffee in the process!). It is a unique opportunity for a junior lawyer to learn from substantially more senior tax lawyers. This week, we discuss a VAT case. The head of the UK tax team is quite experienced in this field, and it is fascinating to hear his thoughts on the subject. Once this is complete, we return to work with a few items on my agenda. First, I amend a disclosure letter related to a private M&A that we are conducting. Then, I market-check some points the Senior Associate has raised with regard to some capital markets documents. Finally, in tandem with our New York and Frankfurt offices, I prepare packs of documents for a board meeting that will be held in our London offices the following morning. It is a late night, but people are helpful and supportive so all is well.
It is Friday morning, the day of the big board meeting. I come in early today to put the finishing touches on all the requisite materials. In this meeting, I have been given primary responsibility for ensuring all requisite documents are signed. Luckily, all goes smoothly and the meeting is completed before lunch. I have some lunch on the rooftop with colleagues before going back to my office to complete some post-meeting matters – sending executed documents to various parties, liaising with colleagues about post-meeting steps and filing away documents that the London office should keep. Once all that is complete, I start my weekend!