I’m inspired by people who take advantage of failure. It’s an ability that tends to mark out those who become leaders in their space. I see it in some of my clients: Bob Greifeld, the CEO of Nasdaq, is a good example. Last year he proved a lot of people wrong by transforming a failed bid for the London Stock Exchange into a successful acquisition of OMX Nordic Exchange, making a healthy chunk of profit along the way.

Lawyers have a tendency to stick with whatever has been done before. To break out of that mindset — and come up with new, more effective structures — you’ve not only got to know the rules, but also understand how they’ve developed. I was fortunate in my timing: I qualified in 1980, the same year that the first major piece of company legislation since 1948 came out. I made it my business to make myself an expert on it. A young lawyer today has exactly the same opportunity with the 2006 Companies Act.

Had I got into Oxford, I may have just drifted on. As it was, I made a mess of my A-Levels and ended up at Reading University, before going on to join Theodore Goddard as a trainee. There were some very good lawyers at the firm, but it certainly wasn’t the strongest practice in the City and as a result I constantly felt that I had something to prove. So I worked harder and took more time and care on the detail. That meticulous approach became, and continues to be, my modus operandi.

My big break was the TSB flotation. Being the only associate on such a large and complicated deal gave me a profile. An extraordinary stream of business followed. I initially worked on various acquisitions in conjunction with UBS Warburg before being passed on to various other corporate brokers, and eventually landed a role advising the Government broker on the series of privatisations at the end of the 80s.

The approach from Skadden couldn’t have come at a better time. I was at an inflexion point for all sorts of reasons: I’d just turned 40, I’d recently re-married, and, being honest, I was a little bored at Theodore Goddard doing 80 underwritings a year or whatever it was. Still, a move felt like quite a gamble at the time; it’s easy to forget how many people expected the American firms’ UK ventures to fail.

My role often involves acting as the bridge between US and UK law. Okay, you’re not the lead player, but it means exposure to some pretty interesting deals, such as BHP Billiton’s recent bid for Rio Tinto. There’s a kick in being able to provide a kind of service which isn’t easily obtained elsewhere, and on the back of those “bridge” deals come independent instructions on UK and European work.

It annoys me when legal services are portrayed as a necessary evil. Everyone seems to focus on the cost of lawyers, rather than on the value of the contribution — and it gets drilled into the client’s psyche by constant repetition of one of the thousand or more jokes on the subject. Maybe it’s got something to do with the legal profession’s tendency to be rather understated — not a trait that one associates with your typical investment banker.

I qualified way too young. People seem to arrive later in life in the US, whereas in the UK the norm still tends to be to go into a career directly out of university. I’m delighted whenever I see somebody who has spent three years bumming around and surfing. It’s not a race.

Maybe in another life I’ll be a beachcomber. But probably not in this one. I’d be reluctant to take a sabbatical, mainly because I’ve seen how easy it is lose the touch. Several people I know got bored of the law and wandered off into the horizon, only to realise that they’d effectively retired too young. Re-integrating was a real struggle for them.

Having fun is what keeps me going. Working on stimulating transactions with some of the brightest individuals that I could ever hope to spend time with, is, as far as I’m concerned, a very appealing way to spend your days. The headhunter that picked me out back in 1994 deserves a candle lit for him everyday.

In spite of the credit crunch, there’s still plenty of interesting work around. As private equity activity has reduced, strategic buyers have come back into the market, so there’s actually quite a lot going on at the moment. And, looking into the future, the huge opportunities opening up in Asia should keep us all busy for a long time to come.

Michael Hatchard is a partner specialising in corporate finance and head of the English law facility at Skadden in London

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