Dealmaker: Calvin Walker
Bakers' new projects partner explains the merits of speaking Russian and tips his hat to his namesake...
January 13, 2010 at 07:46 PM
4 minute read
Bakers' new projects partner explains the merits of speaking Russian and tips his hat to his namesake
What's the closest you have come to doing something other than law? Seeing my father set up his own business in his 40s, sell it, then set up another in his 60s, I have always wondered if I could achieve something similar. Who knows?
Who has been the biggest influence on your career? John Hopkins, former director of studies in law at Downing College, Cambridge and Graham Vinter, former head of project finance at Allen & Overy.
What's your proudest professional moment? Taking over as head of A&O's Moscow office and addressing the staff in Russian for the first time.
…and worst day on the job? Having to make some Moscow staff redundant in the aftermath of the 1998 financial crisis in Russia.
Aside from your clients, which business figure do you most admire and why? Ross Brawn. I can't pretend to know much about motor racing, but his purchase of Honda F1 looks to have been an inspired move. Moreover, it saved over 200 jobs and demonstrated the strength of British engineering and technical talent on a major international stage.
What's the best business book you've read? The House of Morgan by Ron Chernow.
What's the worst character trait of the archetype commercial lawyer? Self-importance and over-lawyering. Some lawyers seem to lose sight of the fact that the client's greater commercial interest is usually best served by clear and concise negotiations and documentation.
Has the recession changed the face of the legal profession? I don't think it looks very different from the outside (yet), but it has certainly presented law firm management with a few challenges, not least in terms of maintaining profitability. Anyone can cut costs; it is growing the business that differentiates good management from bad.
To what extent do you think the legal profession needs to change over the next 20 years? The shift of economic power towards China and other emerging markets is set to continue over the next 20 years. For truly global law firms, it will be important to have strong local coverage in those 'new' markets and there will be a gradual move by the UK global firms away from the London-centric model (in terms of management and weight of lawyer numbers) to a more decentralised structure.
What most annoys you about the banking profession? The fact that it has stolen the limelight from lawyers in the jokes market.
What's your motto? I have always liked this quote from my namesake, Calvin Coolidge (former US president): "Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent."
Most memorable deal you ever have worked on and why? Acting for the bank arrangers on a significant financing for a bidder in the auction of assets of Yukos, the Russian oil company. The documentation was about to be signed and funds transferred into Russia when we heard that Yukos had become subject to Chapter 11 proceedings in Texas and the banks were injuncted from proceeding with the financing. Memorable not only for the high-profile and high financial and political stakes, but also for the excellent camaraderie among the lawyer-client team on our side.
What is the daftest bit of corporate jargon you've heard (and did you smirk)? "Low-hanging fruit." Nice while it lasted.
What's your favourite cheese? Cambozola.
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