Update:
Thanks
@nkem for giving me the nudge to write another post!
Dominican Republic
As mentioned in my previous post, I headed to the Dominican Republic post-SQE. It was a very long journey as I was living in the middle of a rainforest next to a beach in the middle of nowhere. I learnt how to ride a scooter, live like a local, and (most importantly) relax. I made friends with my neighbours in the small village I lived in, found my favourite beach bar in the world ('Mosquito'), and did things I didn't think I could do. I could write a whole post just on my time there, but let me focus on the law.
Whilst I was in the Dominican Republic, I had a job as a corporate paralegal for a UK firm working remotely. My boss was amazing and allowed me to work normal Dominican hours instead of waking up very early. I learnt so much! It was just my boss and me, so I got a lot of responsibility and was able to run smaller deals by myself. This prepared me very well for my TC as I had to get over my fear of emailing and phoning clients pretty quickly. The other thing I learnt was that I don't really enjoy corporate law that much. Perhaps it would be different in a bigger law firm but my brain did not feel excited whilst I was at work. On the bright side, it means I'm not that fussed if I don't sit in a corporate seat during my TC.
NRF Induction and Training
Now on to the part I have been dreaming about and waiting years for: THE START OF MY TC!!
I was very well rested by the time I got to the induction as I had spent so long away. My TC cohort, however, looked dead behind the eyes as they had finished SQE2 just a few days before. It made me so glad that I had been able to relax for a few months. The induction was very thorough and the highlight for me was getting all the new tech (laptop, mobile, headphones) and my key card. We learnt a lot about
NRF as a business, as well as being prepped to be successful trainees.
Training continued well into our seats and it was very comprehensive. I felt like it gave me enough knowledge to get my footing in the team without mollycoddling us. It also meant that expectations of us were much higher. The knowledge lawyers run a lot of the sessions and I absolutely love the knowledge lawyers in my team!
The TC Begins
So which seat did I get? I got BT10 (aka Asset Finance) - my top choice! The team mainly focuses on shipping and aviation, but whilst I've sat in this seat I've also worked on cars, IT equipment, FPSOs (floating oil rigs), and deep-sea cables. One of my partner supervisors also historically helped to fund the pizza ovens at Wetherspoons.
I've found that one of my top areas of value for the team is running signings. Our Newcastle Office is fantastic at supporting with DocuSign signings, but it is the trainee's responsibility to:
- Draft signing instructions;
- Collect all signatures and chase up if needed'
- Compile documents digitally (being aware that deeds and agreements are treated very differently);
- Collect any hardcopy originals;
- Date documents; and
- Compile hardcopy originals and send out compiled copies.
Another area of value has been for me to proofread, which I've realised I'm quite good at. I print off the document in question (with apologies to the environment) and go through it line by line with a pencil and tabs for a first run-through. I then use some of the tools and AI the firm has to mop up anything that might have slipped through the cracks. As well as helping associates, this gives me the chance to literally read documents start to finish and understand a deal better which is very valuable to me.
Shipping v Aviation
As mentioned above, my team mainly works in shipping and aviation and are ranked Band 1 for both, so this really is the bread and butter. They are similar in a lot of ways, but also completely different.
Aviation is very fast-paced and has some odd quirks such as only being able to complete a deal when the aircraft is in the correct airspace. This has led to some interesting closings where we have had to try and close three times on the same day because the funds had not arrived by the time the aircraft had left the right airspace. This also means that a Refund Letter is a very important document to have drafted and signed.
NRF works on deals with the likes of EasyJet, Air India, LATAM, SAS, and the IAG (BA, Iberia, Aer Lingus). More often than not, we work on the lender side, but we do also act for a few airline operators as well. One of the most interesting things I have worked on is a JOLCO (Japanese Operating Lease with Call Option). If you're interested in this, I highly recommend looking it up but in essence, it's a lease where the borrower can achieve 90-100% LTV (loan-to-value) due to the Japanese tax system. It's quite a lot more complicated than that, but this is journal of my TC journey, not a law lesson.
Shipping is also great and you will also see some JOLCOs here. So far, I've worked on lighthouse ships, cruise ships, and yachts from newbuilding to refinancing. I've been able to work with shipyards, lendors, and borrowers. I would say that shipping is much slower-paced than aviation, with a lot more variety. It also has some interesting oddities such as 'flagging' a ship. This is essentially where the ship is registered. Popular Flag States include the Marshall Islands, Liberia, the British Virgin Islands, and the Cayman Islands to name a few. These will all have their own rules for registration, so you will end up working with local counsel pretty closely.
Workload
The workload for asset finance varies greatly due to the transactional nature of the seat. It means I have had some very late nights as well as days where I literally didn't do any billable work. This may be difficult for someone who like consistency. On average, I would say that I leave between 6:40 and 7:30pm.
NRF has got a great flexible working policy and the members of BT10 really utilise that, so sometimes if I know it's going to be a late night and I have a lull in work, I go home earlier and work from there. I have heard that the winter months are lot more consistently busy, but the summer months are a bit more up and down. Trump's tarriff announcements also didn't help work come through!
Culture
As I've mentioned in other posts, I really thrive in the culture at
NRF. My trainee cohort is amazing and I love the other trainees I've met at the firm. BT10 is also such a great team! We have drinks in the office every Thursday paid for by the partners, and we have regular social/client events which it is great to attend.
So far, my favourite event has been our Aviation Away Day. This is where most of the partners and senior associates working in aviation from around
NRF's offices congregated in the London office for two days. There were sessions giving updates on applicable laws and trends in aviation, interactive sessions helping to improve interactions with clients, and plenty of time to socialise. I felt so lucky that trainees were invited to attend. I got on really well with some of the partners from New York, an associate from Tokyo, some associates from Warsaw and some associates from Munich. It was such a great opportunity to network with other people from across the globe at the firm and was a real testament to why our team works so seamlessly together. One of the best bits of the Aviation Away Day were the short videos each office made giving an insight into their office, their people, and what they want the other offices to know about them. It felt like a productive way to tell each other how we can work better together.
Next Seat
We are almost at that time to start choosing our next seat choices again. I'd quite like to do an international secondment, but I'm not sure what's on offer yet. My plan is the following:
- International secondment (Project finance in Singapore if possible)
- International secondment (Project finance elsewhere, or a different Singapore seat)
- Project finance (Banking Seat)
- Aviation and Shipping Disputes (Dispute Seat)
Overall Feeling
I have to be honest, when I went into the TC I was expecting it to be really hard because that's what everyone told me it would be like. I was prepared for monster hours, feeling tired all the time, feeling useless, and struggling with feedback. I am pleased to say that my experience so far has not been like that at all!
I think, perhaps, my previous experiences have really set me up for success here. The hours I did when balancing rowing, studying, and work were so much worse than what I do now. Leaving the office at 7:30pm feels dreamy, especially when I know nothing more is expected of me when I go home. I am surprisingly comfortable with getting things wrong because I'm only just starting, so I want to learn more. That follows into how I receive feedback. I
know I'm going to get things wrong, so when people tell me I'm wrong, I just try to learn from it. I definitely learnt that from rowing where the feedback from well-meaning coaches could often be quite cruel. This feedback is tame in comparison and much easier to take.
The other thing I've found is that I really don't have imposter syndrome at all. I feel almost arrogant saying that as it's something I just expected I would feel, but I don't. I worked hard to get where I am and I deserve to be here. That's not to say there wasn't some luck involved - there was. There are other people who also deserve to be here but due to bad luck, they're not. That doesn't mean I don't deserve to be here, though. I do. It also doesn't mean that I'll suddenly get complacent. I will continue to work hard and be deserving of my place here, I just won't allow any doubt to creep in that I shouldn't be here. Most importantly, I will keep reaching a hand down the ladder to help other people get a role they deserve.
My brain is excited by the work I'm doing, and I love coming to work every day. I'm really living my best life at the moment and I hope it continues.
Thank you for following my journey!