8.30am: I arrive at the office and check my mail for any pressing matters that need to be dealt with. I then make myself a cup of coffee to kickstart the day. This is the second day of our team being instructed on a private equity deal in which our client is funding the acquisition of a controlling stake in a national coffee shop chain. The night before I had drafted a conditions precedent (CP) checklist to use during this transaction (this is the document through which we actively monitor the progress of the deal as various finance documents are negotiated and agreed in the run up to completion). I discuss the CP checklist with my supervisor to ensure that it is correctly drafted and make any necessary corrections.
10.00am: I receive emails from the other side's solicitors attaching corporate documents such as board minutes, shareholder resolutions and directors certificates. I set about reviewing these documents and marking them up with amendments I see as being necessary to give effect to the transaction itself, as well as generic Companies Act requirements. After getting sign off on my comments, I send my amends to the other side to update.
1.00pm: While I await a response, I scan through and monitor the emails which are being sent between us and the other side to ensure I update the CP checklist correctly and efficiently. As a trainee, reviewing certain documents, negotiating the content and form of these documents with the other side and maintaining the CP checklist are my primary responsibilities in the transaction. It is a lot of responsibility in a high-pressured and fast-moving environment, but that, for me, is exhilarating. It also means that as a trainee you have a clear role in the team to fulfil and can see the result of your work.
1.30pm: I take a lunch break and catch up with a couple of the other trainees before returning to the office. I am asked to draft the agency fee letter, the security agent fee letter and the insurance broker's letter which will be signed at completion by our client and the other side. I check the first drafts with one of the partners, make any necessary amends, and then send the letters to our client to approve.
3.15pm: I receive feedback from the other side regarding the minutes, resolutions and certificates, which we discuss. At the same time, I receive further documents for review, such as stock transfer forms and share certificates. I review these documents, ensuring that the stock transfer forms correctly describe the shareholdings in the coffee shop chain (which is more complicated than it may first appear as there are a number of companies within the coffee shop group and a number of different types of shares which each company holds in others!). I reply to the other side with comments on some of the stock transfer forms and accepting the others as final versions to be produced at the completion meeting.
5.00pm: I am asked to do a discrete task distinct from the deal: to draft an amendment deed to update the terms of a subordination deed. I draft substantial parts of the amendment deed, including new definitions which will all be inserted into the subordination deed. I then leave a first draft on the partners desk to review in the morning.
6.00pm: I update the CP checklist to reflect further changes to the status of certain finance documents, including the documents I have reviewed and amended to arrive at final form versions.
6.45pm: I am told that in the run up to completion (which uncharacteristically is due for less than one week away!) we will be really busy, so I am told to go home and relax while I can. I oblige happily, knowing that the next few days will be manic.