My fourth, and last, seat is in Leveraged Finance and Restructuring. I arrive at the office around 9.30 and spend the morning going through my emails and preparing my to-do for the day. I get staffed on a few interesting deals. Due to the Firm’s “general practice” approach, I also continue to work on some of the matters from my previous seat in M&A. In the afternoon I meet with a partner to get me up to speed on a project finance transaction I will be involved in. I then spend the rest of the day reading background materials so that I can properly understand the deal.
An associate asks me to help draft security perfection notices for a restructuring deal we are working on. The transaction is run by our NY team but the London office is responsible for the European collateral workstream. I spend most of the day working on this. As usual, I meet up with the other trainees and go downstairs to our canteen for lunch. As the weather is nice, I convince the others to go upstairs and have a coffee on the rooftop terrace before heading back to my office to finish my work.
Our UK General Practice training lunch is scheduled for today. This time, we are learning about best practices for signing and closing a transaction. These training sessions are very useful for junior associates and trainees and you can always learn something interesting or exchange useful tips with other juniors. We receive useful materials on the topic, which I read later in my own time. We also get some sandwiches and cookies from Pret, which makes the session even more popular.
Today we have an important call with a client to discuss status of the conditions precedent. I am asked to lead the call, as I am in charge of updating the condition precedent checklist. After the call, the partner asks me to have a first go at drafting an intercreditor agreement based on the precedent he just sent me. At the end of the day, I update my time entries and head to the gym.
In the morning, I briefly discuss yesterday’s work with the partner. I review his comments and make some changes to the draft of the intercreditor agreement and prepare a final version to send to the other party. The day goes by relatively quickly and in the afternoon, I join my colleagues at a nearby pub for weekly Friday drinks before heading home.