Cara Hegarty

Cara Hegarty joined Linklaters in September 2008 after graduating with an LLB and Arts degree from the University of Technology, Sydney. Her very first assignment was no small feat – in fact, she worked on the largest corporate administration in history.

When the biggest corporate insolvency was announced in September 2008, Linklaters, along with our client PwC, would soon be at the centre of it. Little did I know, but so would I.

Linklaters’ work on the Lehman Brothers administration began during my training contract induction. Initially, I was to start my first seat within the Financial Regulation group, but because of Linklaters’ need to immediately mobilise the team, I instead found myself in the frantic environment of the Lehman Brothers offices in Canary Wharf. I’d moved to London less than 4 weeks earlier and this was to be my first day of fulltime work - ever.

When I arrived at the Lehman Brothers office, we were all trying to find our bearings and get up to speed as quickly as possible. We were stationed in meeting rooms and boardrooms, running around trying to find photocopiers and scanners. In amongst all this, I was tasked with assisting with project management for the team. I began by coordinating all the requests for advice that came in, ensuring nothing fell through the cracks. After a while, my role evolved into activities such as instructing local counsel and receiving their advice. I would also accompany clients to meetings with the regulator and take minutes. It was interesting to hear first-hand the practical issues facing banks in these very challenging times. Listening to business leaders discuss how they saw their organisations’ short and long-term prospects gave me an incredible insight into the challenges faced by the market.

I knew from the very beginning just how big this transaction would be. I saw it as an opportunity to do unique work that had never been done before and would possibly never be done again. Because it was an unprecedented situation, trainees and partners were learning about the intricacies of insolvent investment banks side-by-side. In fact, I often found myself working closely with senior partners and now know many of them well. The exposure and learning experience I received was outstanding.

During the deal, so many people came together to resolve what was an extraordinary situation. And we did it all under considerable media spotlight. I still find it remarkable that I was part of something so historically significant. .