Macfarlanes associate Tiffany Cox discusses her move into law and her work in the firm’s ESG working group
With applications for Macfarlanes’ training contract and vacation scheme programmes now open, Legal Cheek Careers sits down with associate Tiffany Cox to discuss her journey into law and what commercial awareness issues students should keep an eye out for.
Deciding to pursue university education a few years after working a full-time job straight out of school, Cox had an unconventional route to legal practice. She excelled at her LLB at the University of Kent, and went on to complete her training contract at Macfarlanes. Fast-forward to today, and Cox is a founding member of the firm’s ESG (environmental, social, and governance) working group alongside juggling her busy investment funds work.
Can you tell us a bit about your background and your journey leading into law?
I took a slightly longer/less conventional journey into law after leaving college following (terrible results in) my AS levels. At the time, I wasn’t particularly interested in pursuing higher education and instead wanted to start earning money through a full-time job. After working for a few years, I returned to college to complete an Access to Higher Education course. I achieved much better results than a few years prior thanks to my renewed drive to learn. That drive continued during my studies at the University of Kent where I achieved a first-class honours in law (LLB), finishing fifth in my cohort.
After graduating, I worked for a couple of years at a legal directory before coming across Rare Recruitment. Rare supported me throughout the application and assessment process for Macfarlanes and I delightfully accepted a training contract offer starting in 2016.
Why did you want to become a lawyer and, more specifically, work in investment funds?
I wanted to become a lawyer because I enjoy the challenge associated with the technical aspects of legal practice, both navigating complex rules and regulations and framing legal advice in a way that is practical for a particular client. I like that there is always something new to learn, given that the law and market practice are constantly evolving.
I was keen to qualify into our investment management practice because I enjoyed learning about, and working on, fund structures during my training contract. No single fund structure and strategy is exactly the same, and I joined the practice at a particularly exciting juncture in the funds market as the “retail-isation” of private assets was starting to take shape. I could see a huge opportunity to develop and shape my legal career within this practice area.
Why did you want to become a lawyer and, more specifically, work in investment funds?
I wanted to become a lawyer because I enjoy the challenge associated with the technical aspects of legal practice, both navigating complex rules and regulations and framing legal advice in a way that is practical for a particular client. I like that there is always something new to learn, given that the law and market practice are constantly evolving.
I was keen to qualify into our investment management practice because I enjoyed learning about, and working on fund, structures during my training contract. No single fund structure and strategy is exactly the same, and I joined the practice at a particularly exciting juncture in the funds market as the “retail-isation” of private assets was starting to take shape. I could see a huge opportunity to develop and shape my legal career within this practice area.
What does your typical day tend to look like?
My working day starts on my commute when I catch up on market/regulatory developments, often reading a consultation paper or industry newsletters. I arrive at the office around 9:30am and spend the first 10 minutes catching up with my trainee (we share an office) to agree our priority deliverables for the day.
After checking my emails for anything urgent that’s come in overnight, I’ll start my workday properly. This varies each day, sometimes I’ll be researching an area of law, answering a query from a client, reviewing draft documents prepared by my trainee (e.g. a regulatory disclosure or investor communication) or speaking with clients over a call.
I’ll grab lunch from our office canteen with colleagues (ideally sitting outside on one of our office balconies, weather permitting!) before continuing in the afternoon to complete my deliverables for the day. I aim to leave the office between 6-7pm so that I can grab dinner with my husband and, when I have urgent matters, I’ll sometimes log back in at around 9pm to check on these.
You are a founding member of Macfarlanes’ ESG Group. Can you tell us how the firm has adapted in response to the increasing focus on ESG factors?
The increasing focus on ESG factors by stakeholders and investors, along with the rapidly evolving ESG regulatory landscape, has prompted us to adapt our legal advice across all our practice areas — so that we can deliver integrated ESG advice.
Macfarlanes also provides support to help its people ‘upskill’ in various ESG specialisms. For example, the firm supported me in completing a sustainable finance course at the University of Cambridge so that I could better advise my fund manager clients on developing ESG-related strategies.
Our cross-departmental ESG Working Group is an essential forum to share knowledge in this space and ensure that we’re providing our clients with holistic support and protecting them from a regulatory, commercial, and reputational perspective.
What are some of the key commercial awareness issues that should be on students’ radars now?
The focus on ESG factors and ensuring an organisation is not ‘greenwashing’ is a key consideration for any business. Every business needs to be mindful to respond to the demands of its investors and/or stakeholders in relation to ESG factors in a way that does not overstate its ESG credentials in practice, given the increased regulatory scrutiny in this area.
The advancement of legal technology is another key issue that should be on students’ radars. Clients are constantly seeking ways to streamline their operations and service provision, and legal advice is no exception. A key feature in our proposals to pitch for new work is the (often bespoke) legal technology that we can offer clients thanks to our lawtech practice.
What advice would you give to future lawyers hoping to follow a similar path to you?
Keep on top of the evolution of the market that you’re interested in by reading industry news and following organisations that are leaders in the space. Succeeding in any practice area requires lawyers to keep on top of the law in practice, as well as what’s written in the rule books.
I’d also recommend taking the time to better understand the firm(s) you are interested in by reading around the graduate/early legal careers section of their website. For example, read articles/blogs published by a firm’s lawyers to learn more about which areas of law their fee-earners are focusing on.
Finally, it’s never too early to pursue opportunities that will make your CV ‘well rounded’. So, apply for relevant work experience, join committees of interest, and pursue hobbies as early as possible.
Finally, what do you enjoy most about working at Macfarlanes?
The culture and people at Macfarlanes are big selling points. I work with a great team of incredibly intelligent, kind and supportive lawyers and business service experts that are a joy to be around. I also enjoy the opportunities presented by the firm and my practice area. The firm provides flexibility and support to design your own career path and, as a result, I’ve been able to develop my expertise and profile more rapidly than I could have anticipated, making a name for myself in certain aspects of my practice area at a relatively early stage in my legal career.
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