White & Case collaborates with Jack Adachi on the international framework of global financial and life law in relation to the agreement
“I’ve always thought that I would be successful in an international environment,” says Jack Adachi, a member of White & Case’s large markets group. It’s not hard to see why. Growing up through the cultures of Australia and Japan, his global outlook carried over into his legal career, and White & Case’s global reach has proven to match his ambitions.
During his training contract, he focused his attention on financial markets, attracted by the international nature of the work and frequent interactions with national currencies and cross-border laws. He remembers: When the plague hit, many participants were left to spend moments outside their bedrooms, but Adachi was lucky enough to get to Paris in person.
After graduating, Adachi practiced capital markets practices in London, specializing in credit markets and working on major financial deals around the world. He says: “The international aspect is definitely a very important aspect of what I do now. Most of his daily tasks include arranging bonds, large loans from governments or banks. “It is like a loan, but it is sold to many investors,” explains Adachi. “Unlike a simple bank loan from one person, a bond is held by many institutional investors, that is why the deal is each requiring heavy documentation: every potential customer needs to know exactly what he is signing.”
White & Case’s client list includes not only well-known businesses and large banks but also independent countries. Adachi talks about working for Handelsbanken in Sweden and the governments of Kenya, Nigeria, Angola and Zambia. Because every donation requires a full legal disclosure, drafting the donation documents is a major undertaking. “It’s like a 200-300 page document,” he says, recalling the size of the documents. “Treaties are often cross-jurisdictional. A bond may be governed by English law when the borrower is an African government, for example.
Another remarkable feature of these expectations is the mandatory “risk factor” section, where lawyers must list everything that could go wrong. Think elections, political crises, economic crises – the lot. “If it’s a certain country, there might be an election coming up, or a war going on right now in the Middle East,” Adachi explains. “That’s a risk factor for many retailers.” Basically, this means flagging anything political or economic that could damage the borrower’s finances. For example, if a country is heavily dependent on imported fuel, an increase in the price of oil can damage its budget. “Lenders don’t need to know about that,” he says.
But capital markets law is not all paper. Adachi says one of the best parts of the job is the opportunity to travel and meet clients in person. He says: “Recently I was in Kenya and Zambia, meeting with clients. Since most of the arrangements are done over the phone or email, getting to the venue is a real treat. Face-to-face meetings allow lawyers to develop personal relationships that no contract can take. “Those are the best parts.
When asked what qualities make junior and trainee lawyers stand out, Adachi highlights two. The first is to be willing to ask questions. He says: “Asking questions is a very good thing, and even if it sounds scary, he encourages trainees to overcome that hesitation. He is quick to emphasize that this does not mean going directly to a partner. He says: “Look at the people around you in all situations, especially your classmates. “There are other participants in the group who are in different positions, maybe second or third seats, and they will have more experience when it comes to the main tasks.”
The second, and perhaps the most important, feature is functionality. “I think that being active is the most important thing,” says Adachi, who himself has been a security guard for a year and a half. “I’m always willing to give people more responsibility if they’re willing to take it.”
Towards the end of our discussion, we look at applications. Adachi is clear about how competitive the process has been. “I know it’s very competitive, and it continues to be competitive,” he says, adding that he has sympathy for anyone going through it now. However, his advice is clear. Quality over quantity. Instead of firing off the same application at multiple firms, he suggests focusing on a small number and investing real time in each one. “If you spend more time and focus on fewer firms,” he says, the effort will show. That means reading the company’s culture, following legal documents and approaching the people who work there to hear what sets them apart. He says: “Try to understand what makes the firm different, because I think that will help a lot when it comes to applications. And for those who feel discouraged, he offers some encouragement.”
He says: “There’s always some light at the end of the tunnel, and sometimes it’s just finding ways to stand out. That doesn’t mean legal experience: “Every life/work experience makes a difference.”
Legal Cheek, in partnership with White & Case, is hosting a virtual student event called ‘Discovering Debt Capital Markets’ on the afternoon of Tuesday 14 April. Secure your site.
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