The Real Deal. What lawyers really do, and what it s really like to be a lawyer at Mayer Brown

The Real Deal What lawyers really do, and what it’s really like to be a lawyer at Mayer Brown. The Real Deal How do law firms fit into the busines...
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The Real Deal

What lawyers really do, and what it’s really like to be a lawyer at Mayer Brown.

The Real Deal

How do law firms fit into the business world? What do lawyers really do? How do trainees contribute to the work of a firm like Mayer Brown, and what happens to them once training is over? Getting under the skin of life at a firm like ours is best done by coming along and being part of it yourself. Our work is diverse and choosing a single example to show you was tough, but this guide is about one of our finance litigation cases. We can’t tell you the name of our client (confidentiality is a big part of life inside a law firm), but we can let you hear from the team who worked hard on their behalf. This is just one story among thousands, but as an insight into a career at Mayer Brown, it’s the real deal.

The case

When it comes to taking something apart, it helps to know how it was put together. Structured Investment Vehicles, or SIVs, are some of the most complex financial products. They made money from borrowing funds in the short-term markets and investing them in longer term debt assets that paid a higher return. At their peak SIVs held more than US$400bn of assets and were an important part of the global financial system. However, as the credit crunch hit in 2007, the short-term funding that SIVs relied upon all but dried up completely and, as a result, SIVs came under increasing strain. Some benefitted from the support of bank sponsors or were restructured but many ultimately entered enforcement. As one of the market leaders in complex structured finance transactions, we have advised on the majority of the SIV restructurings.

The team

When Sigma, the largest SIV, went into receivership, we were the first port of call for one of its major creditors. We quickly assembled a team of expert Finance and Litigation lawyers all sharply focused on the interpretation of a particular clause in the SIV’s Security Trust Deed, a contract designed to protect investors.

Stephen Day is a Finance partner and joined

As one of the few law firms who have experience of setting up SIVs, we were prepared for the technicalities of the case but the speed at which proceedings advanced presented an additional challenge.

Jeremy Snead is an associate in the Litigation practice.

Mayer Brown in 2002.

Simon Willis is a partner in our Litigation practice; he qualified in 1995 and has been at Mayer Brown since 2008.

He qualified in 2007.

Ruth Porter trained at the firm and is an associate in the Finance practice.

The team’s first task was to assimilate a great deal of information and to research and analyse the issues, all at the fast pace of this demanding case. What was it like working on a prominent case like this? We asked five members of the team to tell us more.

Jake Lindsay is a Mayer Brown trainee looking forward to qualifying later this year.

The partners’ views

Stephen We have real strength in structured finance and complex financial litigation and our Finance, Restructuring and Litigation practices have been collaborating since the global economic crisis began. This made forming the most effective team straightforward and we could hit the ground running. Communication among a team is key, and I believe everyone should have the opportunity to speak up and be encouraged to contribute; all insights are valuable. Working with the Restructuring and Litigation practices during this period of market disruption has been an interesting learning curve, and this case was no exception. It highlights how each day provides an opportunity to learn something new. As a trainee, you can choose to just do whatever you’re asked to do, or you can decide to dig deeper, ask yourself ‘Why?’ and understand the wider context.

The partners’ views

Stephen’s case highlight

Simon

Seeing Lord Justice Lloyd in action in the Court of Appeal.

Our work on this case was very much a collaborative effort. I was in constant communication with everyone on the team, receiving briefings on the analysis and research, and meeting regularly with the whole team to discuss the emerging issues.

Words of advice

Take the time to understand and never be afraid to ask questions or express an opinion. My view is that the more you invest the more you gain.

While Stephen and I took the lead, a case like this requires real teamwork. The associates and trainees made a critical contribution, not just in providing much of the raw material on which our case was built but also making valuable contributions to the debate about key issues and how best to present our argument. Anyone who decides to train with us can expect to be treated as a fully paid-up team member who is encouraged to offer a view on whatever is being discussed.

Simon’s case highlight

The attitude of the team. Getting everything done to the highest standards in a short space of time was tough, but the enthusiasm and commitment shown by everyone involved made it enjoyable. Words of advice

Don’t be afraid to voice your opinion. We spend a lot of time and money recruiting and training bright, creative people, and it would be a complete waste if we didn’t take full advantage of their talents.

The associates’ perspectives

Jeremy As associates, it’s our job to critically review the documentation and get to grips with the law and precedents. A case like this will be presented in court by a QC, but it’s our job to brief them, giving them a grounding in the case and the product of our research on similar cases. As ever, we work really closely with the partners, but they can’t check everything we do – trust is really important, and you have to earn it. I work in the Litigation team, but this case involved us working together across departments. As a trainee and then an associate, you’re constantly building your own networks within the firm, and it’s those that help you get things done most effectively at times like these. Cases like this are great opportunities to use your networks and get the best out of them.

The associates’ perspectives

Jeremy’s case highlight

Ruth

It has to be the breakneck speed of the whole thing.

As a Finance lawyer, it was my job to carefully study the main security documentation – for example, the trust deed and other core programme documents – everything could hang on the interpretation of just one short sentence. Jeremy and I met regularly to combine our personal perspectives as well as amalgamate documentation, looking at the case in different but complementary ways before briefing the partners and Counsel.

Words of advice

Keep your mind open about every task; even the repetitive tasks make an important contribution to the success of the case.

The partners helped us to keenly focus our work. They would give us their take, their individual interpretation, but it’s definitely fine to speak up if you don’t agree. This is an environment where everyone can have an opinion, and there’s a real expectation that you’ll take part. The same goes for trainees – it’s our job to guide them – everyone’s voice is heard.

Ruth’s case highlight

This was one of the last cases heard in the House of Lords, and experiencing the trial was a great opportunity. Words of advice

Be yourself. There’s room to be an individual here, not a clone.

The trainee’s insight

Jake The trainee’s role can be less structured than the other members of a team and demands a lot of initiative. Essentially I was the project manager – keeping everything moving, making sure that everyone had what they needed, getting the research together and helping to join all the pieces of the puzzle together. It’s a brilliant way to get an insight into what everyone else does and see how it all works – visiting the Court of Appeal and hearing the case being argued really helped me put the mountain of paperwork I’d trawled through into context. Of course, there’s a lot of repetitive detail to be dealt with, but you need to knuckle down and learn how to get it done. Everything you do is on show as a trainee and every detail matters and makes a difference. Anyone training at Mayer Brown needs to be prepared to use their initiative and offer an opinion when a partner asks for one.

Deal or no deal?

Jake’s case highlight

Going to court and seeing the pieces of the puzzle come together. Words of advice

Don’t have any preconceived notions and be prepared to adapt – expect the unexpected.

This is just one example of our work at Mayer Brown. Our practices include Corporate; Finance; Litigation and Dispute Resolution; Real Estate; Intellectual Property; Insurance and Reinsurance; Restructuring, Bankruptcy and Insolvency; Pensions; Employment; Environment; Construction; Competition – and all offer challenging and rewarding careers for trainee lawyers. You can find out more about training to be a lawyer at Mayer Brown by taking a look at the other guides in this series. The Inside Track details our application process, the timetable and the opportunities we offer to get to know each other better before embarking on a training contract. The Lowdown is an opportunity to hear first hand some important facts about our firm, our areas of expertise and our clients. Copies of these are available on our website, please visit www.mayerbrown.com/careers/gradrec

You can also contact a member of the graduate recruitment team in London on T +44 (0)20 3130 8524 E [email protected]

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www.mayerbrown.com © Copyright 2011. Mayer Brown LLP, Mayer Brown International LLP, Mayer Brown JSM and/or Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved. Mayer Brown is a global legal services organisation comprising legal practices that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International LLP, a limited liability partnership (regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown JSM, a Hong Kong partnership, and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. “Mayer Brown” and the Mayer Brown logo are the trademarks of the individual Mayer Brown Practices in their respective jurisdictions.