Ropes & Gray counsel Jacob Bennett reflects on his career journey, diversity in the legal profession, and the advice he’d offer aspiring lawyers
Jacob Bennett, counsel in the finance practice of Ropes & Gray’s London office, has built an impressive career navigating one of the most demanding areas of law. Reflecting on his journey from Manchester to the City of London, he speaks with candour and pragmatism. As the legal profession reckons with its diversity challenges, Bennett’s insights as a Black lawyer offer a thoughtful lens on progress and what still needs to change. Ahead of ‘Black lawyers share their stories — with Ropes & Gray’, an in-person student event taking place today (Wednesday 20 November), he shares his experiences, reflections, and advice.
Bennett’s legal journey began at the University of Leeds, followed by the Legal Practice Course (LPC) in Manchester. He trained at an international firm in his city, working across asset finance, corporate law, and general finance. It was during these experiences that he discovered his passion for finance law — a specialism he hadn’t initially considered. “When I did the LPC, I had no real interest in finance,” he recalls. “I came into it thinking I’d be a real estate lawyer. But my first seat was in asset finance, and that was the first time I had any real visibility over what it would be like to be a finance lawyer in practice. I really enjoyed it.”
Through his training, Bennett realised how finance often underpins broader corporate transactions. “I did a corporate seat and enjoyed that as well, so I thought, why not try general finance? It’s interesting how M&A and private equity fit hand in glove with finance,” he explains. “The intellectual challenge, the pace, and the collaborative nature of the work really drew me in.”
Bennett moved to Ropes & Gray at two years post-qualification, attracted by the US firm’s focus on private capital and its relatively lean finance practice. “That lean structure appealed to me because it meant working on a broad range of financing matters,” he says. “It also gave me the opportunity to take on responsibility early in my career and gain exposure to more senior-level work.” Now specialising in leveraged finance, Bennett describes his practice as dynamic and multifaceted. “Leverage finance is about putting together the capital stack that enables private equity funds to acquire businesses. It’s creative, adaptable work that often involves advising both sponsors and lenders. The variety of the deals keeps it interesting — no two transactions are the same.”
The finance market has faced significant disruptions in recent years, from geopolitical instability to rising interest rates and inflation. Bennett has experienced these challenges firsthand, particularly in how they affect deal-making. “It’s been a bit of a choppy period,” he observes. “High borrowing costs created a valuation gap between buyers and sellers. For a time, buyers struggled to meet the sellers’ expectations because the cost of borrowing was prohibitively expensive.”
These pressures have led to shifts in the market, with private credit funds becoming increasingly prominent. “These financial institutions don’t take deposits but raise capital to lend to businesses, often stepping in where traditional banks retreat,” he explains. “Over the past two years, private credit fund-backed deals have become the norm in the mid-market space.”
The agility of private credit funds has allowed them to thrive in periods of market volatility, Bennett notes. “They generally aren’t as regulated as deposit-taking institutions, so they’ve been able to lend in areas where traditional banks haven’t been as active. For example, during the global financial crisis and more recently, private credit funds stepped in where banks pulled back.”
For aspiring lawyers, Bennett emphasises the importance of understanding both market trends and the business of law itself. “Sometimes applicants focus heavily on what’s happening in the markets, but they often overlook how firms operate as businesses. Thinking about both can really set you apart.”
As a Black lawyer in the City, Bennett offers a nuanced perspective on diversity and inclusion. “When I was applying for training contracts, I didn’t see many lawyers who looked like me,” he recalls. “But to be honest, I didn’t think much about it — it was an unknown, unknown.” Representation, however, plays a critical role in inspiring confidence among aspiring lawyers. “It’s helpful to see senior people who look like you or share a similar background. It shows that what you’re aiming for is achievable and that your background isn’t a barrier.”
Since starting his career, Bennett has seen progress in how the legal profession addresses diversity. “There’s been a huge emphasis on ensuring the talent within law firms reflects the society they serve,” he says. “Diverse teams bring fresh perspectives, which is vital when solving complex legal problems.” Even so, he acknowledges the subtle ways in which underrepresentation can manifest. “It’s small things, like hearing colleagues talk about skiing holidays — something that’s never been part of my background,” he reflects. “Moments like that can make you feel slightly out of step.”
Bennett also highlights how diversity is more than just equitable — it’s critical to a firm’s success. “When everyone in a team has the same background, you’re less likely to get fresh, novel ideas. A diverse team brings different perspectives, which is essential in finding rounded solutions for clients.”
At Ropes & Gray, diversity and inclusion initiatives are a key focus, from mentoring partnerships with charities like Urban Lawyers to events aimed at supporting underrepresented groups. Bennett sees these efforts as vital to attracting and retaining Black talent. “As we increase representation across all levels — from trainees to senior partners — it will create an environment where everyone feels more at home and relaxed,” he says.
In addition to institutional efforts, Bennett recognises the importance of personal responsibility. “Each of us has a role to play in fostering inclusion,” he notes. “Whether it’s mentoring, supporting events like this one, or simply being visible as a Black lawyer, these efforts help build confidence and belonging.”
When asked what advice he would offer aspiring Black lawyers, Bennett is clear: “Don’t rule yourself out of opportunities because you think you lack the experience or confidence. Say yes to challenges, even if they feel outside your comfort zone. Growth comes from leaning into the unknown.”
Jacob Bennett will be speaking at the Legal Cheek event ‘Black lawyers share their stories — with Ropes & Gray’, Wednesday 20 November, 4pm to 6:30pm, at the firm’s City of London office. This event is now FULLY BOOKED, but be sure to check out our other upcoming events.
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