Dealmaker: Freshfields' Charles Hayes on making partner, rare breed cattle and texting legal advice
Private equity partner Hayes reflects on deal highlights, his first day as a partner and a second life as a farmer
January 22, 2018 at 06:51 AM
5 minute read
Freshfields Bruckhaus Deringer private equity partner Charles Hayes is this week's dealmaker. Hayes closed out a strong 2017 with roles on a number of deals, including acting for private equity firm PCP Capital Partners on its pursuit of Newcastle United Football Club and acting for CVC on its ultimately unsuccessful bid for Unilever's spreads division.
Why did you become a lawyer? I thought it would be a shortcut into investment banking – cutting out the analyst years – but when I was honest with myself I realised I loved being a lawyer, and stuck with it for all of its challenges; I found the intellectual aspects of it particularly rewarding.
Who has been the biggest influence on your career? Without a doubt, Chris Bown (formerly Freshfields, now CVC). Not only is he a phenomenal practitioner whom I learned a lot from as an associate (and continue to as a partner) but he has also had a huge impact on my view of what the practice of law should look like.
What's your proudest professional moment? It was in 2016. I remember the exact day because it was the first day of my partnership at Freshfields. A senior corporate partner had very kindly taken me out to lunch, and I got the call from CVC on the way back from the office to kick off the sale process for Formula One in earnest.
…and worst day on the job? As a junior associate, I served a statutory winding-up order on a company's registered office. But I didn't realise until after it had been served that I made out the order to the company's trading address. There followed a few sweaty days wondering if they would try to challenge the order's validity – happily for me, they paid up.
Aside from your own firm, which lawyer do you most admire and why? Living – It would be Jamie Maples at Weil Gotshal & Manges. He takes his phenomenally successful commercial disputes practice in his stride. Historical – Thomas Cromwell. A creative lawyer and a great client man…
What's your strongest characteristic…and worst trait? Tenacity. For both…
What advice would you give to young deal lawyers starting out? Stick with it and find the opportunities in everything you do. At its best, the law is a fabulous career that gives you the ultimate backstage pass to some of the most exciting developments in the business world.
What's the best part of your job? There are so many moving parts to a deal and often many people involved. I love being able to conduct that orchestra and leading the team to achieve things that we never thought possible.
What most annoys you about the legal profession? The propensity in a (very) few to self-importance, verbosity and introspection.
What's the most unusual/shocking request you've ever had from a client? I was once asked to provide Freshfields' considered legal opinion, reflecting international best practice, on the minority shareholder's listing considerations on a $12bn IPO. Via text message…
Most memorable deal you ever have worked on and why? It would have to be the sale of Formula One to Liberty Media for its sheer complexity, public profile and twists and turns. We did the deal as a two-stage transaction so that Liberty could come on board as a minority shareholder immediately, and then proceed with the control transaction if and when the regulatory approvals came through. It was a deal that was incredibly exciting both on a legal technical level and also in the context of the broader sport, media and business worlds.
What is the daftest bit of corporate jargon you've heard (and did you smirk)? 'Hardwired flexibility' and 'contractual mechanisation'. I did, and now I catch myself using them…
Do you see yourself having a career outside law? I think in another life I would be a farmer, maybe managing a small herd of rare breed cattle in South Wales where I grew up. Or I would go back to university to do an engineering or architecture degree.
What's your favourite item of clothing? The tie my wife gave me for my partnership interviews. It has a tiger motif running through it and references my favourite passage from Henry V, which I shan't quote…
It's midnight and you're in the office for the night, where's your takeaway from? Having spent much of my life in one institution or another, my sweetspot is the Freshfields canteen.
What are your desert island discs?
- Walking On Broken Glass by Annie Lennox
- So Far Away by Dire Straits
- Bach's Fantasia and Fugue in G minor (The Great)
- The "Pour mon âme" aria from Donizetti's La fille du régiment
- You've Got The Love by Florence + The Machine
- Human by The Killers
- Hubert Parry's setting of I was Glad
- Saint-Saëns' Symphony No. 3
Favourite boxset? Yes, Minister – seasons 1, 2 and 3.
What's your favourite cheese? For sheer indulgence, it's got to be a baked Mont D'Or.
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