The primary goal of a Project Finance Lawyer is to assist clients in the execution of their business deals, providing accurate advice and guidance throughout the transaction. It can be concluded from the fact that a PFL mainly focuses on operational matters and provides interpretation and legal advice to the concerned parties. In short, the main task of a PFL is to assist the finance section in executing their financial affairs. They are specialized in the area of finance law and handle various negotiations, claims, contracts, investments, mergers, consolidation, selling, and purchase issues. In the UK, there are many professional bodies offering training in finance law and many finance lawyers have created specialties to offer additional training to finance professionals.
Finance lawyers usually specialize in one or more areas of finance. There are different types of financial arrangements such as commercial banks, corporate lending, private lending, mortgage lending, credit facilities, merchant banking, insurance companies, and investment banking. A professional lawyer has the expertise to provide sound advice on each of these financial arrangements. The most common tasks associated with the different areas of finance involve: – arranging commercial loans and credit facilities; – drafting financial agreements, assuming risks, and managing the risks involved in financial transactions; – analyzing information provided by clients in order to prepare proper reports and documentation for regulatory and supervisory authorities; – advising clients and their representatives on financial matters; – facilitating negotiations and discussions with related parties such as bankers, lenders, or other financial institutions; – preparing financial reports for shareholders and creditors; – advising government authorities on tax matters; – defending and advising individuals, businesses, and corporations on claims arising from accidents or medical malpractice, etc. – providing expert witness assistance in legal proceedings.
Many finance lawyers opt to take a finance work experience or a conversion course after graduating from law school. During this period, many young lawyers acquire additional knowledge about the workings of finance law through specialized courses and programs, such as those offered by the London School of Economics (LSE). While completing a LED course, finance lawyers may also opt to pursue an internship, shadowing an attorney, working for boutique finance or commercial bank, or working in the finance industry as an investment banker or associate. All these options help finance lawyers to build upon their existing skills and knowledge and to enhance their employability.
In addition, those entering the field of Islamic finance face some unique challenges that are not shared by other professionals. For example, the nature of financial transactions in Islamic culture is completely different from traditional law practices. Islamic law and ethics are based on the value of charity and concern for the poor. Therefore, Islamic finance lawyers and their clients need to be extremely knowledgeable about the financial practices of Muslims in order to make a competent, principled argument about the legalities of financial transactions.
In addition, Islamic finance lawyers must work with multi Jurisdictional teams, while simultaneously maintaining strong relationships with their clients from other parts of the world. The global environment is fraught with challenges to the implementation of Islamic law, including efforts to introduce gay marriage laws in various jurisdictions. Therefore, a finance lawyer working with a client from Australia must be aware of the concerns of his or her client in the United States, as well as those of his or her clients in Canada and the United Kingdom. The diversity of client bases required by practicing attorneys in multiple jurisdictions makes this a challenging yet rewarding area of finance law practice.
While many practicing attorneys in the United States and Canada focus primarily on the domestic environment, those working with international clients, such as those from Islamic countries, will also need to be aware of the economics, politics, and cultures of their client’s respective countries. Understanding these areas is key to building a strong case for the client, which is both financially and socially responsible. Additionally, an Islamic finance lawyer must develop strong relationships with the key players in the global banking and finance industries. These relationships will enable the lawyer to obtain the best possible outcome for his or her client, which will benefit the local economy and help protect the local economy from threats posed by the international banking and finance industries.