Dealmaker: Richard Papworth
Addleshaw Goddard banking chief Richard Papworth on Morley, Manchester United and moving back to the big smoke
July 02, 2008 at 10:33 PM
5 minute read
Addleshaws' banking chief Richard Papworth on Morley, Man U and moving back to the big smoke
Why did you become a lawyer?
Reading law at university was part of the plan from a very early age. Inspired by the sons of a couple of teachers at school who followed similar route and some teenage reading/TV. The pull of the City in the mid-to-late eighties was too much to resist.
Who has been the biggest influence on your career?
I would have to mention Nigel Campion-Smith. The first partner I was articled to – truly inspirational. A fantastic legal mind, huge energy and someone with a life outside the office.
Aside from your own firm, which lawyer do you most admire and why?
David Morley at Allen & Overy (A&O) stands out. In the early '90s when I was making my way as an ambitious banking associate in Leeds he was a consummate deal-doer, leader of people and client man, leading syndicated transactions when I was advising participants. I have followed his meteoric progress since.
What's your proudest professional moment?
Tough call between being asked to be divisional managing partner for our 37-partner finance and projects team and my team's elevation to top tier ranking in social housing finance by Legal 500 and Chambers.
… and worst day on the job?
Every day that I have to tell someone they are not going to make it with my team. Thankfully not that often. My first day at Booth & Co in Leeds 15 years ago also stands out, when I mistook the firm's senior partner (brown Hush Puppies and brown suit) for one of the general office guys and kept him waiting for 20 minutes while I chatted away on the phone to one of my friends about quite how different Booth & Co was to Travers Smith.
What's your strongest characteristic… and worst trait?
Those around me commend me for my openness and honesty. A good thing as this is one of AG's core values in our 'AG Way'. I have also been described as brutally open and honest. Brutality doesn't feature quite so prominently in our values!
What advice would you give to young deal lawyers starting out?
Gain as wide experience as possible. This becomes invaluable later in your career as the business adviser role becomes essential.
What's the best part of your job?
Seeing those I've trained, mentored and supported succeed. Sitting down to deliver partner appointment news to Amanda Gray and Lee Shankland (two of my team who had been my trainees some years earlier) stands out.
What most annoys you about the legal profession?
It would have to be the egos. Also the fact that our profession can still be misinterpreted as soulless.
If you could change one thing about the profession, what would it be?
Our apparent obsession with league tables.
What's the best bit of advice Mark Jones or Paul Lee have ever given you?
Each of them, delivered on successive days 18 months ago: "Move back to London and really build our City finance capability from the front." On a less serious note, Paul Lee on choice of ties!
What's the worst corporate event you've ever attended?
Every time I am invited to a Manchester United away game among home fans and feel obliged to suppress the rabid, loud-mouthed Stretford Ender fighting to get out!
Most memorable deal you ever have worked on and why?
Has to be my first significant lead leveraged deal for Security Pacific National Bank in the late '80s – let loose against the full might of A&O as a one-year qualified at Travers Smith. Daunting but fantastic. It was also the same deal where the completion bankers' draft ended up down the A&O waste chute. That's another story!
How depressed are you about the state of the deal markets?
No time to be depressed! It's a challenge, though, I have to admit. We've had a tail wind for some time.
What is the daftest bit of finance-related jargon you've heard (and did you smirk)?
Most notably reported by my new securitisation partner, Mark Thomas. He recently heard someone at one of the rating agencies talking about investors "juicing up their CCC (triple C) buckets". The mind boggles!
What's your favourite item of clothing?
Well it's not the sex catalogue item bought for me by my team for my 40th! Probably my 1999 Champions League winners shirt.
What would be your motto?
Do as you would like to be done by.
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