Legal Business

Life During Law – Penny Angell

In my second year studying law at university, I fell in love twice. Not only did I meet my future husband, but I also did a vacation scheme at pre-merger Lovells and realised I had also found my career soulmate. Last year was quite special, as I celebrated my 30th anniversary at Hogan Lovells and my 25th wedding anniversary.

The short, sharp timelines of deals really appealed to my personality and work type, and that’s definitely proved to be the case. As a trainee, I enjoyed my banking seat and realised I have quite a short attention span and couldn’t see myself working on something that could span several years. The variety I get, both on a day-to-day basis and deal by deal, suits me better and I’m more conciliatory than adversarial.

A highlight deal for me was an Icelandic restructuring that turned out to be far more complex than expected. It started innocuously with a referral from a local lawyer asking for quick advice on whether a notice of default needed to be served under a loan agreement. Three years later, it had evolved into a massive restructuring involving multiple layers of debt, a high-stakes shareholders meeting where the CEO and major shareholder were accused of fraud and banned from Iceland, and a summary judgment in the High Court. The unexpected complexity and different elements made it an exciting experience to be part of.

When you’ve gone down a particular path, it’s fine to go back and adapt when circumstances change. That’s not necessarily a sign of weakness, it can be a strength.

Another memorable deal had me choosing beer over shoes –totally against my natural preference! I worked with SABMiller on the acquisition of Australian beer group Foster’s, which was a fun, high-profile deal. However, it was bittersweet because I’d already started working on that when the opportunity came in to act on the financing for the acquisition of Jimmy Choo shoes, but they were on collision timetables. That was the only time I’ve ever picked beer over shoes!

At my core, I love deals. I love negotiating and I’m very solutions-focused. I find it really satisfying to come out with an option that everyone is happy with. Working towards the same goal is what I like, rather than everyone having opposing views and someone feeling beaten up at the end of it.

I was nervous about taking up a role in management because I wasn’t sure how I would do the role alongside my client practice. But I think I’ve grown into it and having that insight into all the different elements required to run a business has kept things interesting for me. I love the variety that comes with both aspects of deals and management.

My mother had the most incredible gift for putting people at ease and that’s what I try to bring. She did it in a genuine way that never felt forced.

My management style has adapted as I’ve gone on. I’m happy making decisions, but I try to consult and listen to different views to make sure that I’ve taken all perspectives into account to make an informed decision. But I’ve realised that even when you’ve made a decision and gone down a particular path, it’s fine to go back and adapt that when circumstances change. That’s not necessarily a sign of weakness, it can be a strength.

Instinctively I’m quite a private person, but I’ve learnt that sharing a bit more is good. Being open about what’s happening in your life helps build stronger relationships and aligns with the supportive culture we have at the firm. When you’re trying to juggle lots of things, it’s important to be kind to yourself, and the more we can talk about that, the better the working environment will be. That inspires loyalty, which strengthens working relationships, which in turn leads to better results for both the business and our clients.

If I hadn’t chosen law, maybe I would have chosen to work at the Foreign Office. Again, it’s the people focus and finding mutually acceptable solutions, rather than being adversarial and confrontational.

When I was a junior lawyer, I lost my shoe between the platform and the train, delaying my team on the way to a closing meeting. It was back when we had physical completion meetings, and we were heading to Bristol with briefcases full of documents. As we were boarding, my shoe fell off and delayed the entire train while station staff retrieved my heel, causing us to arrive late to the meeting. I didn’t carry flats with me as I do now, so I would have been barefoot if they hadn’t helped. It was mortifying and led to lots of teasing from my clients and team.

I work hard and have high standards, but I always try to have balance. Client work frequently demands a lot of hard work and commitment, but people have other lives and things going on. It’s important to view work as part of that and strive to find that balance.

My advice to anyone starting their career is to keep an open mind about your options. Be prepared to step outside of your comfort zone.

My biggest inspiration in the law is [former Hogan Lovells partner] Matthew Cottis who is now retired. He’s incredibly wise and intelligent, yet humble and down-to-earth. I learned a lot from him about developing my own style, both in negotiating deals and in management. He has been a great supporter and a massive champion for diversity from way back when he started off in the early 1990s.

My mother had the most incredible gift for putting people at ease and that’s what I try to bring. She did it in a genuine way that never felt forced, and I’ve tried to incorporate that approach into all my relationships, both personally and professionally. It’s about being considerate and making every interaction a positive experience. I don’t think I can anywhere near emulate how she could do it, but she is my role model and inspiration.

My advice to anyone starting their career is to keep an open mind about your options. Banking was not high on my list, but after my acquisition finance seat, I discovered I loved it. Don’t limit yourself to what you initially planned or what you’ve always wanted to do. Be prepared to step outside of your comfort zone because you learn more and grow when you do.

If I could give my younger self one piece of advice it would be to not assume that everyone is as confident as they might appear. Some people are very good at putting on a front but underneath, lots of people have imposter syndrome. I recall my first year of qualification as the most terrifying time of my career. It’s important to realise that these feelings are common and you’re not alone in experiencing them.

I take August off each year to spend time with my family, and this year was really fun. I have two children; my daughter is nearly 18 and my son is already at university. Instead of returning to our usual hotel in Crete, we decided to do something different. We went on a safari in South Africa, then visited Malaysia and Singapore. Shortly after our return we headed to Paris for the Paralympics, where we saw some incredible events. My son is a wheelchair user, and I remember seeing him so fired up and motivated after we took him to the 2012 London Paralympics to watch wheelchair basketball. It’s so fast-paced and skillful, and watching that event again in Paris was a real highlight.

My favourite movie is Pretty Woman. I can recite every line. One of my favourites is, ‘That would make you a lawyer… you have the sharp, useless look about you.’ Vivian [played by Julia Roberts] is so mesmerising and beautiful and comes across as really fun and genuine.

Tech is transformational, but it’s not as simple as flipping a switch and having it work exactly as you want it to. There are pitfalls and limitations that firms and clients need to be aware of. Even with tools like social media or Google, not everything is accurate. The effectiveness of technology depends on the quality of the data it’s given. If you input incorrect or flawed data, it only perpetuates those errors. It’s crucial to be careful and thoughtful about how you use tech.

Diversity and inclusion are key, but they must be implemented in a way that embraces everyone without excluding others. While I’m not trying to detract from the years of struggle that certain minorities faced in having their voices heard, it’s also important to ensure that no group, including white men, feels disenfranchised or unwelcome. True inclusion means making sure everyone feels valued and recognised.