The impact of technology. It has added to the complexity of documentation and the speed at which decisions can be turned around. One advantage is that international deals can be done with greater ease.
An unexpected result of technological advances is that advisers are having fewer face to face meetings on transactions. That presents a challenge to those coming through the profession, who may not get as much experience of face to face negotiation.
It is likely that the technology will allow us to move towards full online deal rooms with a resulting increase in the automation of the transaction process.
A simplification of tax laws would be hugely beneficial to business owners. The tax laws are a bit like a house that has been regularly extended over time, so that they bear little resemblance to what was originally intended. The system requires an overhaul.
I had driven down to London for a client event, safe in the knowledge that a transaction I was working on did not require any immediate work. Later that evening I was in a taxi travelling back from the event when I received a call to say the deal would complete over the forthcoming weekend. I got up at 4am the following morning and drove up the M1 to arrive at my desk in Leeds at 9am. I didn’t return home until early the following week. It was a complex deal but having a fantastic team around me allowed us to get the work done in time. It was intense and challenging but I wouldn’t want to do that too many times!
I don’t want to embarrass an individual by picking them out but I have the utmost respect for the people I work with at Lupton Fawcett each day. They work incredibly hard and they do things the right way.
Have an open mind about what area of law you want to focus on. Don’t have any pre-determined ideas or assumptions about what the job will be like.
Qualify into an area of law that you enjoy and always keep learning. Embrace change.
Please note this information is provided by way of example and may not be complete and is certainly not intended to constitute legal advice. You should take bespoke advice for your circumstances.