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Dealmaker: Penny Angell

Published: 17/04/2008 02:59

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Penny Angell is one of the leading lawyers in Lovells’ leveraged finance team

Why did you become a lawyer?

A combination of watching Perry Mason as a child and not wanting to do any of my A-level subjects at degree level. At university I quickly concluded that neither a barrister’s life (too isolated) nor criminal law (too depressing) were right for me.

Who has been the biggest influence on your career?

John Penson, who was one of the first lawyers to combine a huge intellect with a commercial approach; and Matthew Cottis, a great lawyer and mentor, who has supported me throughout my career.

What is your proudest professional moment?

Being elected a partner at Lovells. It is a great firm and I am lucky to be part of such a fantastic team.

…and worst day on the job?

A few weeks after I was elected as partner, I had just arrived back in the UK on the late afternoon flight following a holiday, when I picked up a message on my mobile saying that the team was rather busy and a facilities agreement was being biked to my home, which I needed to review that evening ready for an 8am negotiation meeting the next day. I did wonder what I had let myself in for!

Aside from your own firm, which lawyer do you most admire and why?

Rupert Bondy. Rupert was one of my supervisors while I was a trainee at Lovells and is now a personal friend. He left part-way through my seat to join SmithKline Beecham as was and went on to become general counsel of GlaxoSmithKline. He has just taken up the role of general counsel at BP. How such a world-conquering lawyer can remain so sane and down-to-earth beats me.

What’s your strongest characteristic… and worst trait?

They are probably one and the same: I am a perfectionist.

What advice would you give to young deal lawyers starting out?

Choose a firm that has a genuine open-door policy, which fosters a culture where you are encouraged to ask questions when you don’t know the answer. Also, take any opportunity for unpaid leave both before and after you start work, as this job can be a hard slog.

Most memorable deal you have ever worked on and why?

The refinancing of Ranks Hovis McDougall, partly because splitting the business into two divisions was so complex, but also because of the free cakes we were sent on completion.

What’s the worst corporate event you’ve ever attended?

I took clients to the England v Australia football ‘friendly’ a few years back, thinking that an England win would be assured. As many will remember it was a miserable night for English football — although Wayne Rooney won his first cap, we lost 3-1. And one of our party was Australian. Grim.

What’s your best Lovells-related anecdote?

Sadly I am sworn to secrecy about most of the best ones! However, one of the partners (a fanatical Arsenal fan) paid rather a lot of money to a reputable supplier for a ticket to the Arsenal v Barcelona Champions League Final in Paris in 2006, only to be greeted at the turnstiles by the police (because the ticket was apparently not entirely above board) and escorted to the police station in the bowels of the stadium for questioning. He was released in time for a lingering look at the pitch as he was thrown out of the ground - and just made it back to his hotel room in time for the second half. He’s a litigator, so suitable vengeance was extracted from the supplier the following day…

What’s the toughest ethical/moral dilemma your job has ever presented you with?

Having to explain to my two-year-old son why I had to go back to work following my second maternity leave. However, he quickly agreed that earning money to buy sausages was a good reason.

What most annoys you about the legal profession?

Ridiculous timetables, especially when those are made worse by lawyers arguing unnecessary points during negotiations.

What’s your strongest card — technical wizardry or smooth client skills? (You can only pick one.)

According to some of my so-called friends, I was somewhat of a girlie swot at school, so technical wizardry I guess!

What’s it like to be a woman in the boy’s club of leveraged finance?

Mostly fun. You can guarantee to make your presence felt amid the sea of grey in meetings just by wearing a bright pink jacket! It helps that I’m a big footie fan.

What will be the most significant market trend in terms of your practice area over the next 12 months?

All eyes will be on the ‘new era’ leveraged deals about to be syndicated - for example, Emap and Biffa. These deals will test the extent to which banks and possibly even funds have an appetite for buying primary debt rather than the comparative bargains that are currently available in secondary. If those deals struggle, the leveraged finance market is likely to continue to be weak.

What is the daftest bit of finance-related jargon you’ve heard (and did you smirk)?

“It is time to decide if we are going to get pregnant together”, which took me aback as I was actually pregnant at the time.

What’s your favourite item of clothing?

Surely you mean my favourite shoes?! (In which case it’s my Jimmy Choo sandals.) But if you really insist on clothing, then my 7 For All Mankind jeans.

What’s your favourite cheese?

Anything that is running off the cheese board.

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