Banking and finance is one of the major corporate specialisations, the practice focused on financing, lending and the legal side of how money moves in the business world. If finance interests you, this can be a rewarding path. Let me give you an honest career guide to banking and finance practice.
Quick answer
Banking and finance practice is the corporate specialisation focused on the legal side of financing and lending transactions and arrangements, advising banks, lenders, borrowers and others on financing deals and related matters.
The work typically involves advising on and documenting financing and lending transactions and arrangements, drafting and negotiating financing documents, and handling the legal aspects of how businesses raise and use finance.
The path is typically entered by building a corporate foundation and then specialising in banking and finance, developing expertise and experience in finance work over time.
The skills it rewards include strong drafting, attention to detail, commercial and financial awareness, understanding finance and the commercial context, the ability to manage detailed, document-heavy transactional work, organisation, communication and teamwork.
Banking and finance suits lawyers interested in finance and financing, who are strong on detail and drafting, commercially and financially aware, and comfortable with transactional deal work. Like other transactional corporate practices, it can be busy and deadline-driven, especially around active deals, though this varies.
To build toward it: build a corporate foundation, develop banking-and-finance knowledge and skills, gain relevant experience, and specialise over time. The keys are to understand the work, the legal side of financing and lending; the path, corporate foundation then specialising; and the skills, drafting, detail, financial and commercial awareness, and managing transactional work, and build toward it deliberately. General overview; specifics and pay vary, so see the YLCC Salary Guide; no figures.
The work
Banking and finance practice focuses on the legal side of financing and lending. In general terms, the work involves advising on and documenting financing and lending transactions and arrangements, advising banks, lenders, borrowers and others, drafting and negotiating financing documents, and handling the legal aspects of how businesses raise and use finance.
So banking and finance lawyers are, broadly, the lawyers behind financing deals and arrangements.
The career path
Banking and finance is typically entered by building a corporate foundation and then specialising in it, developing expertise and experience in finance work over time, often moving from general corporate into banking and finance.
So the path is usually: build the corporate foundation, then develop and deepen banking-and-finance expertise and experience, specialising over time.
The skills it needs
Banking and finance rewards strong drafting, attention to detail, commercial and financial awareness, understanding finance and the commercial context, the ability to manage detailed, document-heavy transactional work, organisation, communication and teamwork.
Financial awareness, understanding how financing and the money side work, is especially valuable here, alongside the core corporate skills. Build these to thrive in the practice.
Who it suits and the realities
Banking and finance suits lawyers interested in finance and financing, who are strong on detail and drafting, commercially and financially aware, and comfortable with transactional deal work.
Like other transactional corporate practices, it can be busy and deadline-driven, especially around active deals, though this varies by firm, role and deal flow. If finance genuinely interests you and the transactional deal work appeals, banking and finance can be a rewarding specialisation.
YLCC ACTION STEP: If finance draws you, understand banking and finance practice: the work, the legal side of financing and lending, advising banks, lenders and borrowers, and documenting financing transactions; the path, build a corporate foundation, then specialise in banking and finance over time; and the skills, drafting, attention to detail, commercial and financial awareness, managing detailed transactional work, organisation, communication and teamwork. Build toward it deliberately, and note that, like other transactional practices, it can be busy around active deals, though this varies.
If this is you
If finance genuinely interests you: banking and finance may suit you, with its focus on the legal side of financing and lending. Build a corporate foundation and specialise over time.
If you are strong on detail and financially aware: these are exactly the strengths banking and finance rewards. Keep building your financial and commercial awareness.
If you enjoy transactional work: banking and finance is transactional deal work, which may appeal. Note that it can be busy around active deals, though this varies.
FAQs
- What is banking and finance practice? The corporate specialisation focused on the legal side of financing and lending, advising banks, lenders, borrowers and others, documenting financing transactions and arrangements, and handling how businesses raise and use finance.
- What’s the career path? Typically, build a corporate foundation, then specialise in banking and finance, developing expertise and experience in finance work over time.
- What skills does it need? Strong drafting, attention to detail, commercial and financial awareness, the ability to manage detailed transactional work, organisation, communication and teamwork.
- Who does it suit? Lawyers interested in finance and financing, strong on detail and drafting, commercially and financially aware, and comfortable with transactional deal work.
- What about pay and intensity? Pay varies, and like other transactional practices, banking and finance can be busy around active deals, though this varies by firm, role and deal flow.
