Freshfields India chair on advising the Treasury post-Brexit, masala bonds and Irish whiskey
City corporate partner Pratap Amin on opening doors to India and unusual client demands
September 28, 2016 at 05:34 AM
5 minute read
Freshfields Bruckhaus Deringer India chair and City corporate partner Pratap Amin is this week's Dealmaker, having advised on the world's first masala bond last month, issued by India's mortgage lender Housing Development Finance Corporate, as well as its second masala bond series this month. Post-Brexit, Amin has also been called up by the UK government for advice on relations with India, particularly on ways to boost UK investment flows into the country.
Why did you become a lawyer?
It was an act of rebellion against the many talented doctors and economists in my family. I was also initially very interested in human rights… but ended up, for reasons I still do not fully comprehend, as a corporate and finance lawyer in a City firm.
The UK government recently requested your advice on relations with India. What does this involve?
Post-Brexit, there has been a tremendous renewal of interest within the UK government in India. HM Treasury and the Foreign and Commonwealth Office contacted me as they wanted to get my clients' feedback on matters relating to India.
The Chancellor of the Exchequer is going to have a discussion with India's finance minister at the next economic and financial dialogue meeting, which is expected to be in the first quarter of 2017. I am one of the professional advisers the UK Government has contacted for advice on ways to remove barriers and facilitate UK investment into India.
What were the key highlights of advising on the world's first masala bond?
Apart from the interesting legal work, the highlight was the 'ringing the bell' function arranged by the London Stock Exchange at 7am to celebrate the landmark transaction. In the presence of senior Indian and UK government figures, there was an inspiring speech by the chairman of HDFC Bank on the potential for UK-India relations in the post-Brexit world.
Who has been the biggest influence on your career?
Jonathan Haw (recently deceased), who was a partner at Slaughter and May. He was not only a very fine lawyer and mentor but also a thoroughly decent, principled and generous human being – with a great sense of humour. He will be sorely missed.
What's your proudest professional moment?
A difficult one. But probably it was when, as a junior lawyer in Hong Kong, I represented an individual who was facing ruination in a dispute against one of the large and powerful business groups. I managed to get a very good result and the lawyer for the business group then offered me a job (which I declined!).
What's been your worst day on the job?
Many years ago, while negotiating a transaction on the last working day before Christmas, the counterparty's adviser had a heart attack at the table. I was badly shaken and found it difficult to get back to normal work for quite a while.
Aside from your own firm, which lawyer do you most admire and why?
Apart from Jonathan Haw, I respect [City projects partner] Patrick Wallace at Simmons & Simmons for his excellent legal skills, his ability to be a team player and his very dry sense of humour.
What's your strongest characteristic… and worst trait?
My worst trait (as those who know me well will confirm) is that I get very bored with administrative work and tend to avoid doing it if I can. My strongest characteristic is that, while being proud of my Indian (and Gujarati) heritage, I understand and respect different cultures and enjoy befriending people from different backgrounds.
What advice would you give to young deal lawyers starting out?
It is important to be decent, honourable and generous towards colleagues. If you are not trusted, you miss out on a lot.
What most annoys you about the legal profession?
It is difficult to generalise because I only see the large City firms in action. But institutional arrogance (as opposed to self-confidence) and self-deception is an irritation.
What's the most unusual/shocking request you've ever had from a client?
Many years ago, we were scheduled to sign a major deal for a major US corporate early on a Sunday morning. On the Saturday night, I received a phonecall from a senior director of the client asking if he could come to my home and stay the night, as all the hotels in London were full. My (generally hospitable) wife thought this was perhaps taking the concept of the 'full-service law firm' just a little bit too far…
Most memorable deal you have ever worked on and why?
In the 1980s, I was involved in the hostile bid for Irish Distillers. It was one of the longest running takeover battles, which was made subject to an interim order by the European Commission and ended up in the courts both in England and Ireland. I learned an enormous amount about hostile takeover tactics, and also about Irish whiskey!
What is the daftest bit of corporate jargon you have heard? (and did you smirk?)
I hear so much corporate jargon on a daily basis that I no longer differentiate it from ordinary conversation.
Do you see yourself having a career outside law?
Yes. I am waiting for an offer!
It's midnight and you're in the office for the night, where's your takeaway from?
Masala Zone, in Covent Garden or Soho. And, if at all possible, I like lining up food from Chutney Mary in St James.
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