1. What were some of the challenges you faced?
One of the first challenges I faced at the start of my internship was simply trying to understand what was going on in a particular transaction or agreement because I was unfamiliar with many of the business terms used. In the first few days of the internship, I was tasked with researching various valuation methods and reviewing a Series A term sheet, and had to quickly acquaint myself with the relevant financial and economic jargon, which I found very fascinating and has fuelled my interest in finance!
Another major challenge was learning how to be more in touch with the practical concerns and realities of the clients. I realised that there were often gaps in my thought processes and considerations due to my lack of practical experience beyond the relatively more theoretical perspectives prevalent in school. Fortunately, I received excellent mentorship from everyone on the AEI Legal team every step of the way, and their guidance has helped me to gain a better sense of how to review and think about issues more effectively and thoroughly.
The learning curve was indeed quite steep, but this was precisely what made my internship very rewarding!
2. What was the highlight of your internship experience?
The highlight of my internship experience was sitting in on the board of directors and audit committee meetings of a listed company. This gave me the opportunity to see first-hand how such meetings are conducted, and allowed me to apply my newly acquired, albeit very limited, knowledge of financial terms. I got a glimpse into the company’s overall business operations which was very eye-opening and enlightened me to the behind-the-scenes processes that take place in a business. I also gained valuable insights into how COVID-19 has been impacting companies and how businesses are strategising and innovating to adapt. What was particularly interesting as well was an observation made by the board that while COVID-19 may have exposed certain underlying weaknesses in the business, this could also present opportunities for growth.
On the whole, I am very glad to have gotten exposure to different areas of work in various sectors and industries beyond the purely legal realm. This has enhanced my general knowledge and awareness of a broad range of matters and helped me to develop a more holistic understanding and appreciation of the law in context. It was also just very exciting to hear from experienced industry insiders, and I certainly hope some of their brilliant business acumen has rubbed off on me!
3. What did you learn?
One of the most valuable takeaways for me was learning how to analyse both legal and non-legal issues from a practical perspective. Although I am far from being able to think like a good corporate lawyer at this point, this internship has given me a much clearer direction as to how to become one. It also got me thinking about the fundamentals of corporate law and the purpose behind the work I was doing.
Through the contract drafting, reading and research work that I did in collaboration with the team, I got the chance to see the sort of thought process and analysis that go on at different stages of a transaction. I learnt how to approach problems in a more focused and systematic manner, and developed a better sense of judgement in evaluating issues, whether in drafting a software service agreement or an employee share option plan or preparing a framework for legal analysis.
One of the things I also discovered was the breadth of knowledge a corporate lawyer required. The work often involved clients from different industries and backgrounds, and I found it difficult to fully appreciate their perspectives and objectives without understanding the full context of the work. I realised that in order to be an effective corporate lawyer, one needs to have a strong grasp of a multitude of disciplines, or at least be able to learn very quickly, and it is a must to be conversant on business and finance.
Another learning point for me was the importance of keeping up to date with the latest developments, from technology and finance to socio-political issues, due to the interconnectedness of the law with almost every aspect of society and life. This also made me recognise that corporate lawyers add value to clients beyond just providing legal services.
4. What advice would you provide to future interns?
Make full use of every opportunity to observe, learn and read up on the things you do not understand. Every bit of knowledge will come in handy, and you will gradually discover how they fit into the bigger picture.
Take notes and make a list of the work that you have done to consolidate and review your learning. This would also help you to identify the gaps in your understanding.
It is true what they say in law school, more often than not, there would not be a clear answer to the problem you are trying to solve, no matter how much research you do – because if there was, there probably would not have been a problem. Instead, the solution is being able to weigh and evaluate all relevant information judiciously and creatively, which would probably become more intuitive with experience, and to craft the best possible solution for the client while managing uncertainties effectively.
5. Did you enjoy your time?
I absolutely enjoyed my internship at AEI Legal! It was a very meaningful and eye-opening learning journey for me. It was truly a pleasure to work with and learn from professionals who are passionate about and excellent at what they do. The work that I did was always stimulating, and I was given many opportunities to sharpen and build confidence in my legal skills. Despite working from home, it was easy to communicate and collaborate with everyone, and I also made new friends with my fellow interns!
I am deeply grateful to everyone on the AEI Legal team for their thorough and constant guidance, for being ever willing to impart their wealth of experience, and for always valuing my input. Their mentorship has been invaluable and I could not have wished for a better team to be on.