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. 

1. What were some of the challenges you faced?

One challenge I faced was being unfamiliar with the nature of the work I did, particularly in proofreading. But thanks to the mentorship I received at the firm, I learnt a lot about the various stages of proofreading to produce something tailored for the client’s needs. It became a more meaningful exercise in surveying the client’s transactional landscape – searching for the hazards concealed in the wording of the clauses, and the hazards that arose by virtue of something missing.

2. What was the highlight of your internship experience?

The highlight of my experience was being present throughout the various stages of ongoing deals and having my work contributing to their progress. Because the work I received was indeed live work, I received immediate feedback on my edits, research, and recommendations and that gave me a practical perspective grounded in the context of the deal. Listening to phone calls with clients also provided insight into what each deal concerned and about the people involved. All of this made my work feel more significant knowing it wasn’t going into the void but towards the completion of something that would bring value to someone.

3. What did you learn?

I learned more about the skills needed to be a good corporate lawyer. Providing value to a client requires one to be a very well-rounded individual – being able to see the little details and the overall fit of the clauses in a document, being able to read the dynamics of the parties, being an advocate for the client at

the negotiating table, and also being knowledgeable and trustworthy enough to advise on matters that aren’t strictly within one’s specialisation. Corporate lawyers wear many hats and it’s the realisation of how multifaceted their role in business truly is that was my biggest takeaway this internship.

4. What advice would you provide to future interns?

To give better work, it is crucial to put yourself in the shoes of the client by understanding the industry they work in, the people they deal with, and their desires and fears. Remember that the law does not exist for its own purposes but to keep the world turning. Also, very importantly, you should be curious about the work - you never know what you’ll learn when you ask questions.

5. Did you enjoy your time?

I really did! At AEI Legal, there’s a strong, healthy culture of mentorship and interesting, important work to be done. It’s an experience all interns want but don’t always get and I’m very grateful to have spent my time there. 

Jaslyn Heng, a second year law student at the Singapore Management University, shares her experience as an intern with AEI Legal in December 2019.

1. What were some of the challenges you faced?

The initial challenges that I faced included, inter alia, learning to be concise and understanding the transaction from a wider perspective. Prior to the internship, I was accustomed to mostly identifying drafting and formatting errors in a document.

I was given constructive feedback to analyse a transaction by understanding (1) what the client’s business model is; (2) who the people in the client’s organisation are; and (3) what the deal is about.  

2. What was the highlight of your internship experience?

It would definitely be the personalised touch of handwriting one hundred personalised cards for the clients. I witnessed first-hand how the Director, Andrea as well as the Associate Director, Cheryl, invested time and effort into building relationships by delivering thoughtful gifts during the festive Christmas season.

In my capacity as a legal intern in a boutique firm, I was blessed with mentors such as Zhi Tian and Yuho who would allocate time to run through the mechanics of a deal with me, give instructions, which would be followed up with a post-mortem review of my completed task.

I drafted an announcement for a Catalist-listed company and reviewed it for compliance with the Companies Act, the SGX Catalist Rules as well as the client’s constitution. In addition, I revised a directors’ confirmation statement in respect of a capital reduction exercise conducted pursuant to Sections 78A - Section 78K of the Companies Act.

3.      What did you learn?

I observed that in order to function as a team which can deliver cutting-edge knowledge and expertise in the commercial domain, self-motivation is crucial. This was demonstrated when I saw how the legal secretaries stayed beyond their working hours during the festive period to deliver the documents required for a client’s upcoming Annual General Meeting.

I also assessed the investor-friendliness of certain provisions relating to liquidity risk in a trust, including the conditions precedent, dispute resolution clause and the pay-out clause. My drafting skills were also sharpened when I had the opportunity to review and comment on a term sheet.

4.      What advice would you provide to future interns?

Applying for a winter internship in December might seem intense, but Christmas and the New Year holidays allowed for an opportune window of celebration amidst the hustle. Be bold and be brave. Don’t be afraid to approach the partners or associates to ask for advice or feedback for work-related matters – a little initiative will go a long way!

Our opinions were valued. AEI Legal had sought the interns’ views on ideas for charity events that the firm could undertake. One recommendation which I proposed was granting bursary awards to underprivileged students studying law in SMU or NUS. In addition, I suggested that the partners and associates could consider giving pro bono legal advice at the SMU Pro Bono Centre, which is located within the vicinity.

5.      Did you enjoy your time?

AEI Legal was founded by directors with over 20 years of combined legal experience at Magic Circle and leading law firms in Singapore and Hong Kong, and are experienced in cross-border and domestic M&A transactions.

As a result, I was exposed to a variety of transactions and assisted in reviewing a wide range of transaction documents, such as a sale and purchase agreement, an Energy Performance Contract, a put and call option agreement and security documents.

I was privileged to have the opportunity of volunteering together with the firm at Willing Hearts, a soup kitchen that provides meals to the underprivileged, such as the elderly, the disabled and low income families. Our firm reported at 6.00am on a Friday morning, where we were tasked with packing food into tetra packets and ensuring that each box of food was carefully loaded into the delivery vans. This would then be distributed island-wide for the relevant beneficiaries. 

Li Zhengxi shares his experience as an intern with AEI Legal in December 2019. He is currently a second year law student at the National University of Singapore.

1.     What were some of the challenges you faced?

First, the firm specialises in M&A which I had absolutely no idea about. Everyday was a challenge because I had to look up most of the legal and financial jargon that I came across; terms like “convertible preference shares” and “convertible notes” were completely alien to me.

Second, I have never reviewed a contract, much less a shareholders’ agreement, share subscription agreement or an employment/service agreement. I did not know what to look out for at all, and everything seemed so foreign to me.

Third, I was (and am largely still) unfamiliar with many of the processes involved in a merger or acquisition deal. As a result, I had to seek clarifications for most of the documents that I worked on.

2. What was the highlight of your internship experience?

The entire internship was a huge learning experience, but I would recount 3 incidents that are the most memorable to me.

The first of which was when Andrea, the Director of the firm, called all the lawyers and myself into the meeting room to explain a deal that the firm was working on. She first gave us a big picture idea of the transaction, such as the various parties involved the deal and their respective interests, before going into the more important details that the client would be concerned about. She entertained all the questions that we raised just to make sure that everyone was on the same page.

That session was one of the most memorable moments during the internship because it showed me that the people in the firm were not just good at what they do, but good mentors as well.

The second was when I was given the task of working on a file involving Chinese counterparties. While working on the file, I saw how responsive the lawyers were to clients: they responded to emails within a few hours, and always seemed ready to pick up the phone. It did not help that one of the contracts was completely in Mandarin and thus was a lot harder to review. That episode was a display of exemplary work ethic.

The last highlight was when the entire firm celebrated Christmas over a buffet lunch.

Everyone seemed comfortable with one another outside of the workplace, and this reinforced my impression that the firm was like a family.

3.     What did you learn?

Generally, this internship gave me a flavour of M&A transactions and exposure to the processes of legal work and the requirements expected of lawyers. I was fortunate to be involved in files involving clients from different industries, and this helped me to understand some of the concerns that clients may have in general.

The lawyers from AEI were also very patient and helpful when guiding me throughout my three weeks here; from them, I learned more about myself and what kind of lawyer I would want to be in the future.

4.     What advice would you provide to future interns?

a.     Be a sponge and don’t be afraid to ask questions. Come in with an open and curious mind.

b.     When looking at any transaction, try to imagine yourself in the shoes of all the transacting parties to better understand their concerns.

c.     Make a log of everything that you have learned at the end of every day.

5.     Did you enjoy your time?

I enjoyed learning something new every day of the internship. The learning process was just as comfortable because everyone was very patient and willing to impart their knowledge. If there was something I was unsure of at any point in time, I could always turn to ask any of the lawyers. Overall, my stint here has taught me about the need for both technical competencies and work ethic; it has truly been an enriching experience.