Dealmaker: Paul Dolman
Travers private equity partner Paul Dolman feels the warranty rage before cooling off with a damp towel...
May 06, 2010 at 06:40 AM
4 minute read
Travers private equity partner Paul Dolman feels the warranty rage before cooling off with a damp towel
What's the closest you have come to doing something other than law? I spent one summer holiday working in a pork pie factory. However, the novelty of being in charge of the jelly gun soon wore off.
What's your proudest professional moment? Making partnership. The culmination of seven years' hard work and three very tiring BVCA ski trips.
…and worst day on the job? Getting locked in the toilets of our office when I was running late for an important conference call. I eventually had to make the call on my mobile in the toilet while waiting for a locksmith to release me.
Who has been the biggest influence on your career? It would have to be Charles Barter, who I sat with for five years as an assistant (and who is now at Bridgepoint Capital). You will struggle to find a more charming individual. He has a sixth sense for potential stumbling blocks and he would always treat everyone with the utmost respect.
Aside from your clients, which business figure do you most admire and why? Richard Branson – tremendous energy and always open to new ideas.
What's the best business book you've read? Screw It, Let's Do It, by Richard Branson. The LPC manual on corporate law runs a close second. As a trainee who somehow managed to miss all of the corporate lectures at both University and Law School, it was a saviour on more than one occasion.
To what extent do you think the legal profession needs to change over the next 20 years? One of its big challenges is continuing to attract and keep the best talent our schools and universities have to offer. The concept of a 'job for life' is increasingly outdated. Keeping people motivated, challenged and incentivised, while maintaining a sensible work-life balance, is a huge challenge for the profession. That change needs to start now, though, not in 20 years.
What's your motto? Those that work with me would probably say 'form over substance', but I would prefer 'do not lose sight of the bigger picture'.
Most memorable deal you have worked on and why? Memorable in a good way? That would be the sale of Weststar Caravan Parks in 2007, where I was acting for Phoenix Private Equity and Deborah Meaden. Dragon's Den was already big news at the time and Deborah was a non-executive director and minority shareholder. The behind-the-scenes stories certainly made the lull before signing more interesting than usual and I even managed to drag everyone (including Deborah) to a nightclub on the King's Road after the completion celebrations.
What most annoys you about the legal profession? Lawyers who are unnecessarily confrontational. It rarely helps their client. One recent example was a junior assistant at a well-known firm. He was acting for the buyer of a UK company and I was acting for the sellers. He had sent me a draft SPA with no warranty limitations (not one, I might add). When I enquired as to the reasons for this, he said it was the market norm. When pushed on the point, he informed me that he had asked around internally and "partners with a lot more experience than me" had confirmed it was the norm. He didn't win many concessions after that…
What is the daftest bit of corporate jargon you've heard (and did you smirk)? I still don't really know what people want when they ask me to 'cold towel the document'.
What's your favourite cheese? Cornish Cruncher.
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