What is the size of your legal team and how is it organised?

We have 15 in the team with specialist knowledge supporting each of our core business areas including:- pensions, protection, wealth management, plus technology and regulation.  All staff operate in a pool, moving to support the demand as necessary.  It’s a flat structure to promote empowerment and allows for variety.

What are the main external challenges you face in your department?

Like all areas of all businesses we are looking to the future to judge demand and plan our response.  The financial services sector is adopting new regulation such as Solvency II and MIFID II and is also innovating to meet changing consumer needs.  In addition, our desire to grow and improve brings with it ever increasing demands on time and resources. 

Are external lawyers, in your experience, becoming more or less efficient in serving your sector? In which ways?

We have worked hard to ensure we know who is good at what and I am certain we engage the very best there is. We have a cadre of firms who we can turn to as required, for without reserves the battle is lost.  We share our vision and strategy with firms and discuss ways to support that. There is competitive pressure on firms and we are benefitting from that.

To what extent have you been able to use IT to streamline your work? How will this develop in the future?

The real challenge will be keeping up with technology and making use of Artificial Intelligence.  That is the next leap for all of us.

Which parts of your job do you enjoy most?

Working with a clever, motivated and achieving team.  I also love talking to colleagues and finding out what they are doing, sharing knowledge and finding solutions by applying our collective ideas but most of all I enjoy developing people and of course, solving tricky problems.

How different will things be in five years for a lawyer in your role? 

The role will always demand very good technical competence in the law and the emotional intelligence to be very effective at influencing and how and when to apply judgement and improve decision making. It will always be about relationships and we must ensure we are communicating effectively. Technology will provide a long lever to help with heavy lifting but there will be an increasing need to be the adviser on all aspects of your business.  My tip is to gain a wide range of experience particularly with different types of people and move outside your sector, join club  committees, councils, school PTAs [Parent Teacher Associations], take on the thankless tasks, it will all help. 

Your daily life as a lawyer: can you describe some of it?

Start time is usually 8.30 but that can vary.  I leave around 6.30 but most people at my level will recognise that you think about items of work most of the time.  I talk to most of my team at some point during the day and have various regular meetings with colleagues such as the COO, CFO, FD other Heads of department.  I am generally providing a little bit of direction and applying judgement as to which options to pursue.  The role is what you make it, we deliver by having the right team and working very closely with all colleagues.

What do you see as your department’s main achievement or two in the last couple of years?

It’s a long list!  Financially, it is the recent acquisitions of Royal Liver, CIS and the subsequent Part VII which had some very tricky pieces that others had chewed over for many years but my colleague and team resolved.  Also it has been deeply satisfying to build a high performing team who deal with everything that arises. I am very proud of that.

Can you tell us a bit about yourself as a lawyer? 

I have a Biochemistry degree and began in sales with the ICI Group before changing tack into financial services and becoming an underwriter with Sun Alliance.  After completing my three years law degree, I continued with insurance by training in house at Standard Life and then had more broad corporate and commercial experience with Aviva, then Nomura and Resolution.  I enjoy regulatory law. There is a need to know so much but also what really counts.  Being an in-house lawyer has taken me to many places around the world and shall we say, I have lived in some very, very interesting times!

Fergus Speight joined Royal London in April 2011. Before becoming a solicitor, Fergus was an underwriter with Sun Alliance.

Next issue: Patricia Hatler, Executive Vice President and Chief Legal and Governance Officer for Nationwide Mutual Insurance