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Sean: Associate and Former Trainee (London)

Sean Ruscitto
 Associate and Former Trainee, London

Monday morning usually involves catching up with emails and discussing deal progress with my supervisor and other senior lawyers on the team. I spend the rest of the morning drafting and editing certain parts of an amendment request relating to a common terms agreement for my supervisor. In the afternoon, I draft a legal opinion for a colleague in the New York office who is working on a liquefied natural gas project. The deal is due to close soon and requires an English law opinion in relation to certain agreements as a condition to closing. Following that, I attend the Project Development and Finance Group’s monthly meeting via videoconference with the New York office. These meetings involve presentations on recent and ongoing transactions in the Project Finance Group and are useful in gaining an understanding of the different deals that the Firm as a whole is working on.

I spend the morning dealing with various post-closing matters for a management equity plan that recently closed. I organise the original documents for delivery to the client and prepare closing set CD “bibles.” After lunch, I attend a meeting with my supervisor and one of our clients to discuss possible amendments to transaction documents. We arrive back at the office just in time to catch the cake trolley and I spend the rest of the afternoon eating cake and amending the transaction documents as discussed at the meeting.
I prepare a “know your client” checklist for a deal that I recently became involved in. The project finance providers require certain “know your client” information relating to one of the entities involved in the transaction, which I obtain from the client. After that, I attend a monthly practice lunch. These lunches involve all of the London lawyers getting together to discuss recent and current deals that the office has been involved in. They are a great way to keep up-to-date with the various matters that my colleagues have been working on and offer a good opportunity to learn how lawyers on various deals overcame specific problems or issues that they encountered. After lunch, I attend a weekly status update call for a gas pipeline project. Following the call, my supervisor asks me to undertake some research into the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits. The export credit agencies involved in the deal are proposing certain terms in relation to first payment dates, and we are curious as to whether the OECD Arrangement takes a similar approach.
I start off the day discussing a liquefied natural gas project with my supervisor. He explains the background to the deal and asks me to look into the transaction documents to find out the process for adding additional captive insurance affiliates. I spend the rest of the morning reading through the syndicated facilities agreement and the intercreditor agreement and report back to my supervisor with my findings. In the afternoon, I attend a conference call with the tax team regarding an upcoming panel presentation that they will be giving in Tokyo. I update the presentation after the call  and circulate the revised slides to the panel. After lunch, I undertake another research task for my supervisor relating to the English courts’ treatment of deliberate breaches of contract and whether it is possible for such breaches to be covered by exemption clauses in contracts. 

One of our clients has a U.S. medium term note programme that requires an English law legal opinion in relation of the capacity of the company to borrow funds and issue securities. I spend the morning preparing the opinion, completing a number of searches required for the opinion relating to the company, and liaising with various U.S. lawyers in the office who are required to prepare a similar opinion for the client. In the afternoon, one of the associates I’m working with asks me to prepare a first draft mark-up of a document sent by one of the lenders in a gas pipeline project. The document needs to be amended to align with the representations contained in the financing term sheet. The week concludes with some after-work drinks with colleagues at a nearby pub!

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