Patronising partners, embarrassing emails and Peaky Blinders: a Travers Dealmaker Q&A
Private equity partner recalls reply-all 'unreasonable chain-yanking jokers' email mishap
January 18, 2019 at 03:00 AM
5 minute read
Travers Smith private equity partner James Renahan was one of the most prolific UK M&A advisers of 2018, based on Mergermarket analysis of deal roles during the year.
Some of his key mandates included advising the management team of Times Educational Supplement parent TES Global Group on its acquisition by Providence Equity Partners, while he also acted for Phoenix Equity Partners on the sale of marketing platform Travel Chapter to ECI Partners.
Why did you become a lawyer? It was an accident. I fell out of school into a law degree, as I had no idea what I wanted to do as career and it felt like a degree that kept my options open. More than 20 years later, I'm still keeping my options open…
Who has been the biggest influence on your career? There are many that have influenced my career, but as a very junior lawyer I found myself negotiating against a partner at another firm (who is still practising so shall remain nameless). They attempted to patronise, cajole and confuse me in a very overbearing way. Since that day, I have tried not to be that kind of lawyer and to treat everyone I come across in an even-handed and fair way.
What has been the standout deal you've worked on in 2018 and why? 2018 was a very busy year for the Travers Smith private equity team and I was lucky enough to lead on a range of deals for clients such as Equistone, Livingbridge and Phoenix. What I hope will be the standout transaction is ongoing and confidential – fingers crossed it gets done…
What's your proudest professional moment? I am overwhelmingly proud of my team and my colleagues every time we close out a demanding deal for a sponsor client on a ridiculously short timetable… I am hugely proud of all of them when we get over the line together.
I sent an email to a client describing the other side as 'unreasonable chain-yanking jokers'. Unfortunately I copied in all parties
…and worst day on the job? As an associate, I sent an email to a sponsor client on a transaction describing the other side as 'unreasonable chain-yanking jokers'. Unfortunately, I copied in all parties, which immediately led to several grovelling phone calls by me (an all-time low point) but fortunately the email was received in the spirit it was sent… although the meetings/conference calls for the rest of that deal were a somewhat uncomfortable experience for me.
Aside from your own firm, which lawyer do you most admire and why? There are a lot of amazingly talented and resilient characters in our profession, particularly overseas in legal systems and societies with different challenges to our own. Zia Mody, one of the founding partners of AZB & Partners in India, is a standout example.
What's your strongest characteristic… and worst trait? I suspect it's the same trait, which is that I am extremely loyal to those that I work with.
What advice would you give to young deal lawyers starting out? Keep it all in perspective. It's only a job and you will fare better for longer in your career if you realise there's more to life than M&A transactions.
What's the best part of your job? I know it's a cliché, but the people that I work with.
What most annoys you about the legal profession? We have to use technical and precise language when we're drafting documents, but this is not really the way to communicate with real people face to face. The best of our profession tend to remember that.
What is the daftest bit of corporate jargon you've heard (and did you smirk)? We hear a lot of it, most of which makes me smile/wince as it's rarely used ironically…. the newest one I've heard is what was once called a 'fireside chat' (which is bad enough) referred to as an 'experimental personal chemistry get-together'.
Do you see yourself having a career outside law? Yes, it's a very long professional life and it would be rather dull to be a lawyer for all of that time.
What's your favourite item of clothing? My skiing trousers – warm, comfortable and only worn a long way from the office.
It's midnight and you're in the office for the night, where's your takeaway from? I can't lie… it's hard to beat pizza.
What are your desert island discs? Any live recordings by Bruce Springsteen. I suspect I'll live to regret missing his recent run on Broadway.
Favourite boxset(s)? It's hard to beat Peaky Blinders (not least for the soundtrack).
What's your favourite cheese? Something that reminds me of skiing in the Alps… reblochon or a good tartiflette?
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