Dealmaker: HSF's Mike Flockhart on sleeping under the desk and partnership challenges
Herbert Smith Freehills partner Mike Flockhart, who is advising Polyus Gold on its takeover bid, is this week's Dealmaker
October 01, 2015 at 08:46 AM
4 minute read
Herbert Smith Freehills' corporate partner Mike Flockhart, who is advising Polyus Gold on its takeover bid, is this week's Dealmaker
You're advising Russia's Polyus Gold – a new client for the firm – in relation to its unsolicited $9bn takeover bid by Sacturino – what's unusual about the deal?
By deal value alone it's one of the biggest UK public M&A deals of the last few years. And it's an unsolicited offer by a major shareholder so it is part of a broader trend of deals that have attracted a lot of attention in recent years.
Why did you become a lawyer?
Originally, because I thought I would love Crown Court advocacy. I went to university to study law without the slightest idea that firms like ours existed.
What have been the defining deals you've worked on and what have they taught you?
In terms of winning work, I'd highlight the sale of Longview Partners and the sale of a majority interest in Veritas Asset Management. Both were good-sized M&A deals and came to me through intermediary contacts who recommended me for those clients. You have to build up one or more specialisms to develop business effectively. My main strategy is just to be pretty relentless in making contacts and staying in touch with people – to create a good impression on clients and intermediaries who can refer work.
What advice do you have for younger lawyers who want to become M&A partners?
Prioritise client service and really think at every opportunity, 'what could I be doing today to build up my relationship with a client?' – whether that's an update on a legal development or a social occasion.
What's been your worst day on the job?
Being woken up by a cleaner hoovering around my body at 6am after I chanced a half hour nap under my desk during the Lonmin rights issue in 2009. It was a dark moment. I'll admit I did look at the job pages that day.
You made partner in 2013, what impact has the recession and the slowdown in the M&A market had on your generation and the next generation of corporate lawyers? How do you go about building up that experience gap?
As a senior associate at the time it obviously meant there were fewer deals around – there were more recapitalisation issues than big-ticket M&A transactions. Lawyers who went on to become partners would have remained reasonably busy so I don't think those people developed that experience gap – more broadly there was an issue in the sense that there was a generation of associates who did not get as much deal experience as a whole.
What are the challenges of making it as a corporate partner today?
The first obstacle is going from being a star senior associate to having to stand on your own feet and win work as a partner. Maybe two months into partnership I wondered whether I could achieve that but then the first instruction came in. I haven't had that crisis of confidence since but I've been a partner during reasonably strong markets – the acid test is whether you can bring in good work when markets are good and bad.
What's your strongest characteristic…and worst trait?
I am not afraid to give my views… and perhaps a bit too ready to do so.
What most annoys you about the legal profession?
Over-reliance on model forms and precedents and an associated reluctance to think about what might be appropriate or acceptable in any given situation.
What's your favourite box set?
Scandal. It's just amazing. My wife and I are in awe of Olivia Pope. But I have some catching up to do – I've never watched the West Wing, 24, the Wire or Mad Men.
Strangest request from a client?
To prove I have the longest arms in the world. Generally I try to keep my party trick within the firm, but every now and then someone blabs.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllDavis Polk Veterans Launch M&A, Private Equity Boutique in France & Italy
2 minute readDentons and Eversheds Advise on Billion-Dollar Gulf Infrastructure Projects
3 minute readTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5A RICO Surge Is Underway: Here's How the Allstate Push Might Play Out
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250