What does this practice area consist of?
It is the role of a projects lawyer to enable complex construction, infrastructure, or energy projects to come to light. Typically, transactions could involve work on large oil and gas projects, railways, such as HS2, work on overseas mining projects, or widescale telecoms projects. The scope of this work is colossal! Larger City firms tend to lean towards work with oil and gas, given the profitability of this work.
Given the push for a “Green Industrial Revolution”, work in this sector is certainly something to keep an eye on, especially when considering that while many firms promote their renewable energy work, practices involving this work remain small. Nonetheless, these renewable energy practices are tremendously likely to grow as the world shifts towards green energy.
This has been evident in the past twelve months, as renewables remained a focus area for project financings in the UK. The financing activity in this sector was more than double the next most active sector. (Per Reuters).
It must be noted that there are several components to a project. Many firms split project work into development and finance teams, though the work will tend to overlap. Following the completion of a deal, litigation may be likely! The scope for projects work is incredibly vast. Following this, projects teams may require assistance on a deal from a firm’s real estate team, given the tangible nature of these constructions.
What are the tasks of lawyers on the transaction?
- Drafting, due diligence, the signing of documents, and the running of a CP checklist will be of the utmost importance- as with most other transactional departments. Given the complex, cross-border nature of this work, a deal could quickly become complicated.
- The agreements which govern the relationship between the parties in a transaction are the primary focus of lawyers.
- Site visits are usually common, so lawyers can expect a great deal of client contact.
- These site visits can even stretch internationally, given the focus of the work. Oftentimes, lawyers may find themselves acting on the behalf of governments, with many often interacting with the Department for Business, Energy & Industrial Strategy. This is important, given the swathe of red tape surrounding the energy sector.
What are the realities of the job?
- Projects deals often take many years to complete, and due to this, lawyers must have the ability to plan to deal with any chasms in a transaction.
- Though deals take many years, lawyers can tangibly view the results of the work that they have assisted on.
- Per Chambers Student, “the world’s energy resources have helpfully positioned themselves in some of the world’s most politically unstable or dubious countries. Due diligence on building a diamond mine in West Africa might involve consideration of how many AK-47s and armoured personnel carriers the mine will need to operate.”
- As with most areas dealt with by commercial firms, hours should be expected to belong and brutal.
Ten firms with a noted presence in this area:
- Allen & Overy
- Ashurst
- Clifford Chance
- Hogan Lovells
- Latham & Watkins
- Linklaters
- Milbank
- Norton Rose Fulbright
- Shearman & Sterling
- White & Case
To keep up with the latest legal news, click on legal to get your daily dose.
Donate & Support