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Josh Stevens
Trainee Solicitor, London

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My final week in the seat – restructuring – does not mean everything slows down.  Indeed, it means that in addition to the work I must make preparations for a smooth transition when I hand over the various matters I have been neck-deep in for six months.  Monday begins with preparing a summary of a due diligence call with a company we are helping to restructure, detailing the various next steps we agreed we would both take.  Once this goes to an associate on the deal to check, before being sent along to our counterparts, much of the rest of the day is spent progressing the various actions we have identified in carrying out due diligence of the company to ensure it can function properly after the restructuring.  In between, I find time to do begin a first draft of a power of attorney allowing us to sign certain documents on behalf of a client whose deal is closing in the next week.

I get in early to join a senior associate on a couple of early calls with lawyers in Australia.  The rest of the morning is spent finishing the first draft of the power of attorney from the day before, which I send along to a senior associate for review.  Given the early start I am famished by lunch time and grateful to pop down to the cafeteria.  The afternoon is largely spent on another restructuring deal, assisting a senior associate in the negotiation and preparation of nondisclosure agreements in preparation for a meeting between our client and a number of their creditors.  I also take some time to chase local counsel involved with a couple of corporate transactions related to the same restructuring.  There is an important call with lenders’ counsel on one of these tomorrow, so I take time to coordinate with our local counsel and review the issues to be discussed.

I join the senior associates I am on the deal with for the important call with lenders’ counsel which we have been preparing for.  We make good progress despite the arcane intricacies of the foreign law in question.  Following the call I get together and send to lenders’ counsel some of the transaction documents we have been preparing along with local counsel (in several different jurisdiction) for a similar but different transaction – being careful to not get the two muddled up!  I also learn that I am to be sent the following week on my first business trip – to Birmingham to help facilitate a rare same-day stamping.  I attend a call with the clients to get up to speed on the deal and the closing mechanics.

A good portion of the day is spent following up on various to-do items that came out of yesterday’s calls.  I also learn about how “cleansing” disclosures work for publicly traded companies and have the opportunity to review precedents and try my hand at some first drafts.  The other major task of the day is organising and communicating all of the due diligence I have been doing on another deal so that it can be seamlessly handed over to the new lawyers coming onto the deal.  Together we work on an “issues tracker” to keep track of all of the various live issues: due diligence can be a bit like spinning plates, making it important to keep an eye on lots of things at once.

Much of the day is spent, with a tinge of reluctance, preparing to handover a lot of the matters I’ve been working on for the last six months before I start my next seat on Monday.  I also take some time to make sure I am on top of everything for the much-anticipated trip to Birmingham next week.  In the afternoon, I attend a fascinating call on the tax implications of the one of the deals I have been working on.  Somehow, I find time in between everything to pack my boxes for the impending move upstairs.  I leave in good time and catch the train home to see my family.

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