Freshfields insolvency head Ken Baird reflects on naval dreams and winding up two banks in a week

What's the closest you have come to doing something other than law? Until the age of 30, I only ever wanted to be in the Royal Navy (a bad back kept me out). I spent a few years in the Naval Reserves and was on standby to go to the Gulf in 1990. The partner who I was working for said: "You can't go…we're too busy." I had to explain that that's not how things work in the forces – you go to war or you go to jail! The end of the Cold War was bad for reservists – I became a victim of defence cuts in 1993.

Who has been the biggest influence on your career? My dad. He taught me the meaning of taking pride in what you do and never pushed me into anything. He let me find my own way. They are good principles to get you through life.

What's your proudest professional moment? Becoming a partner at Freshfields is the easy answer, but a very close second is seeing my first trainee become a partner. The present is but a passing moment; the future needs constant attention.

…and worst day on the job? The day as a young associate I wrote a letter before action to a major client (not knowing it was a client) and was only saved by the little birdie on my shoulder saying: "Are you sure…are you really, really sure?" I decided to check and took the letter into the partner who was (nominally) supervising the job. After he fell off his chair and stopped having a heart attack, we had 'a little chat', tore up the letter into a million bits and instructed another firm on the litigation. Checking before sending saved my career.

Aside from your clients, which business figure do you most admire and why? Clive Chapman of Lotus Cars. His motto was 'speed through lightness' and he managed to create a car company that not only made the best sports cars in the world but proved it by winning the F1 title year after year.

Has the recession changed the face of the legal profession? Yes. The age of certainty was replaced with an age of volatility. You must have a nose for where the work is coming from to survive – no one will feed you. The world now has fewer lawyers with a greater hunger to do the job.

To what extent do you think the legal profession needs to change over the next 20 years? The profession needs to find a way to respond to the myriad of ways that clients will find to procure most of what we do more cheaply elsewhere. Thankfully, you can't outsource creativity and the ability to respond to a fast-moving situation and find solutions. Lawyers will have to concentrate on this aspect of the job – which is the most interesting bit anyway!

Most memorable deal you ever have worked on? The administration of the Icelandic banks, Kaupthing and Heritable. You don't see a bank go into administration every day of the week and these happened on two consecutive days. Quite an experience to have to unravel all of the issues that such a business has when it gets stopped in its tracks.

What most annoys you about the banking profession? They won't lend any money. The pressure on banks to de-leverage is only just beginning to be felt.

What is the daftest bit of corporate jargon you've heard (and did you smirk)? "Little one in the whole", which apparently is an American drafting expression for '(i)'. I had never heard of it and when it started to be used randomly in a drafting meeting, I was very confused until it dawned on me.

Who's your favourite fictional representation of a lawyer? The head of the firm in The Practice (Boston-based law drama) – that's how it should be, even though it never is.

What's your favourite cheese? The one in cheese and onion crisps.