Becoming a Lawyer in Banking & Finance: Core Information for those Considering a Law Training Contract
Banking & Finance is a popular sector, despite its long hours – lawyers specialising in this field, or working at firms who specialise in the field, can expect high pay and bonuses. It’s a huge sector too – it intersects with numerous industries and indeed with other areas of legal practice.
What do Lawyers Working in Banking & Finance Do?
Essentially, all lawyers working in this field will deal with the loaning and repayment of money, or managing financial liabilities. They will need to draft and negotiate documentation that sets out the relationship between borrower and lender. You should expect specific activities to include:
– Carrying out due diligence. This will involve assessing a borrower – be it a business, bank or HNWI – and deciding whether the information that they are relaying to the lenders is accurate. This will also be relevant if you are working with a company raising finance through equity, where you will need to assess the company’s profile and offering in much the same way.
– Negotiating with the other party’s lawyers to set the terms of a deal and record them appropriately. Expect a lender’s lawyers to produce documentation first, which will be negotiated by the borrower’s lawyers.
– Work with other parties to ensure that financial models and projections are suitable and accurate
– Ensure that all laws are being followed by the other party and its business model
– Bring all parties together to ensure that all aspects of the transaction are reviewed appropriately and that documentation is signed.