We advised Shawbrook on its initial public offering. Jonathan Stocks was involved in the transaction when he was in his third seat in Corporate.  

At what stage did you become involved in the transaction?

I joined the Corporate team who were leading on the transaction at the start of my third seat. As preparation for the transaction was already well underway, with less than two months to go before launch, I was quickly brought up to speed, and it was exciting to suddenly be working at the centre of one of the firm’s (and indeed the City’s) most significant transactions of the year.

What kind of work were you doing? 

An initial public offering (IPO) offers a range of tasks for trainees to get involved in. One of the most significant tasks involved verifying the factual accuracy of material statements in key transaction documents, and proofreading these documents before their publication. I also helped to draft ancillary documents, such as board minutes and corporate authorities needed to implement the transaction. There were also a range of legal research tasks looking into particular technical points that arose along the way. Given the momentum of the transaction, it was clear to see how our research then fed into the approach and helped the matter to progress.

Trainees were able and encouraged to take ownership of particular workstreams. For example, I was particularly involved in the signing process, which involved preparing and issuing packs of documents to be signed, preparing and updating trackers, and ensuring documents were appropriately executed. Transaction management tasks of this kind are typical for a Corporate trainee, and it was exciting to have responsibility for an important element of the process.

How many lawyers worked on it, how was responsibility allocated?

The core Corporate team was led by two partners, who were supported by seven associates and six trainees. Beyond the Corporate team, the transaction was a truly collaborative effort across the firm, with almost one hundred lawyers and trainees becoming involved in some capacity over the course of the matter, including significant input from the Financing, Employment and Incentives, Tax and Financial Regulation teams. Whilst each team had responsibility for their particular workstreams, it was vital to understand how these all played into the transaction, and trainees were regularly in contact with more senior colleagues from across the firm to ensure our approach was joined up.

A transaction of this nature naturally produces some intense moments, particularly when approaching important deadlines in the defined IPO timeline. Whilst this required a number of late nights, the team worked collaboratively and ensured the workload was shared equally. This cemented a sense that we were all pulling together towards a common goal, which made it all the more rewarding when the IPO launched.

Trainees were able and encouraged to take ownership of particular workstreams. For example, I was particularly involved in the signing process, which involved preparing and issuing packs of documents to be signed, preparing and updating trackers, and ensuring documents were appropriately executed.

What did you find most interesting about the transaction?

During this transaction, I was sat with the lead partner on the matter, which provided a fascinating insight into key discussions held internally and with the client. Beyond my particular workstreams, this allowed me to understand the higher-level strategic decisions being made, and provided exposure to the client relationship.

What did you find most challenging about working on the transaction?

Given the large number of workstreams, I regularly had to juggle a number of tasks at any one time. When deadlines overlapped, this inevitably produced some high-pressure moments. However, these provided invaluable training, and I became increasingly adept at keeping on top of a large number of constantly evolving workstreams.

How did you feel when the transaction completed?

Given the level of public interest and the relative scarcity of London listings of this size in recent years, it was extremely rewarding to see the completion of the transaction. There was certainly a celebratory mood in the office, and it was particularly gratifying that trainees were recognised with our names being included in the firm’s announcement of the deal.

What was your favourite moment?

Helping to manage the signing process was a real highlight. It was fast-paced and genuinely exciting, requiring me to act quickly and maintain oversight over a large number of documents.