Neil McDonald
Partner
London
In the interview, Neil reflects on navigating a multijurisdictional transaction under intense time pressure, the need for regulatory frameworks to keep pace with rapid innovation and why going the extra mile for clients remains central to building long term success.
The most challenging matter I've worked on
It's hard to pick just one; our practice sees a constant stream of complex, challenging transactions. Typically, however, it's the multijurisdictional merger and acquisition work that creates the greatest challenges. One standout example was acting for NeoGames SA on its acquisition by Aristocrat Leisure Ltd. This involved NeoGames' migration out of Luxembourg into the Cayman Islands, immediately followed by its merger with the acquisition vehicle. The legal choreography was intense, involving multiple jurisdictions, intricate corporate mechanics and a pressing timeline, as well as all the usual strategic challenges involved in executing a multijurisdictional M&A. In essence, however, each deal is its own puzzle and sometimes the pieces can be more challenging to put together, but that's the thrill of the job.Laws and regulations in need of reform
In such a fast-moving industry, there is an inherent challenge for each of our jurisdictions in ensuring that legislation, regulation and guidance keep pace with innovation, especially given its cross-border nature. Updated clear guidance on whether a given activity is subject to regulation is essential for clients, for example, when issuing a token, launching a stablecoin or operating a decentralised exchange. Certainty and a consistent approach to the regulation of such activity across jurisdictions would be welcomed by many.
Another area that would benefit from reform is the British Virgin Islands' electronic signatures legislation, which continues to create ambiguity around the use of e-signatures for the execution of certain documents, such as share transfer instruments and deeds. Some practitioners are insisting on wet ink signatures and others are prepared to accept e-signatures. Reform here, to bring clarity and consistency, would undoubtedly be appreciated by practitioners and clients alike.
Important developments and trends I'm tracking
The steady increase in regulation continues to shape the legal landscape in each of our jurisdictions, touching on everything from strategy and structuring to transactional and diligence matters, through to corporate governance and compliance. Our clients include banks, asset managers, broker-dealers, trading platforms, insurers, payment services and fintech companies, for whom regulatory compliance is an absolute imperative. In terms of the impact on my work, the M&A transactions we see increasingly come with a heavy dose of regulatory due diligence, with the regulatory aspects of the deal - such as a change of control application - very often the key part. It keeps us sharp and always learning.A lawyer I admire
That's a tough one to answer. The truth is we work with many exceptional lawyers across the industry - not just here in the U.K., but globally. However, I often think back to my formative years at Slaughter and May, where I was fortunate enough to train and work with many truly exceptional lawyers, such as Chris Saul, Steve Cooke, Robert Stern and Hywel Davies. Their commitment to excellence and generosity in sharing knowledge left a lasting impression on me, and these are values I've carried with me throughout my legal career. Ultimately, this profession provides me with a constant stream of opportunities to work with and learn from the very best every day - not just the excellent lawyers in my own firm, but from across the entire industry.My advice to junior lawyers
Five things have always served me well:
First, know the law and how to apply it. Clients rely on us for clear, confident and dependable advice, so mastery of your specialism is absolutely essential.
Second, ensure you are present, both literally and figuratively. Some of the most valuable lessons I learned as a junior lawyer came from simply being in the room, absorbing knowledge through osmosis.
Third, be sure to constantly build out your connections and relationships, not just with clients but within your own firm too – very often your colleagues will be your greatest sources of insight and opportunity.
Fourth, never forget this is a service industry. As a wise partner once told me, 'If the client needs their shoes doing up, you do their shoes up'. Responsiveness and an unflinching willingness to go the extra mile to assist clients in achieving their business objectives are what distinguish the most successful lawyers and firms. It’s not always glamorous, but it’s the essence of what we do.
Fifth and last, be patient, adaptable and retain a sense of humour – these characteristics will always serve you well, especially when the pressure’s on.
