Madalina.Rachieru_5Madalina Rachieru’s experience is particularly strong in domestic (Romania) and international securities transactions. She was seconded in 2007 to Clifford Chance’s London capital market group and according to Chambers Global 2014, she is described by clients as “one of the best lawyers in the country”, being highly appreciated for her work in securities and her focus on capital markets. She is also recognised for her abilities when discussing regulatory or documentation issues.

What has been the most rewarding or intriguing transaction you had the opportunity to lead or participate in? Why?

As a lawyer within a global firm, I have the chance of being involved in major projects, some of them being real landmarks for their particular industry, as well as national or regional market.

All the projects I have been involved in came with challenges and rewards but if I were to talk about one in particular, it would be the dual listing of shares and GDRs by Romgaz S.A., the largest natural-gas producer in Romania, on the Bucharest and London stock exchanges. Clifford Chance assisted the consortium made up of Goldman Sachs, Erste Bank, Banca Comerciala Romana and Raiffeisen Capital & Investment, as underwriters.

This was the first time shares in a Romanian state-owned company were sold and listed in London. As such, the prospectus was initially approved by the Financial Supervisory Authority in Romania and than passported to the UK Listing Authority, which was a first for the market.

The initial public offering was the first state listing done at international standards, and also, one of the largest IPOs Eastern Europe has seen in the last years.

We were the only law firm active throughout the entire process, as we provided legal assistance ever since the beginning of negotiations with the banks, in January 2012. There were almost two intense years of working on the deal.

We had a lead team of 10 – 12 Romanian, English and American lawyers that were coordinated by three partners from the Bucharest and London offices (Daniel Badea on Romanian law, Adrian Cartwright on English law and Bob Trefny on American law, respectively). At times, when the deal’s intensity peaked, the team grew to up to 25 lawyers.

We provided assistance during all stages of the deal, from the due diligence till the end. We were also the ones making the liaison between all parties involved, including authorities in different jurisdictions.

A specific element of the deal was the issuing of Global Depository Receipts — GDRs, which was a first for Romanian capital markets transactions and paved the way for future similar deals.

How was your particular area of interest (banking/finance/capital markets) hit by the recession – both in transactional terms and in terms of legal regulations or other fallout?

The economic downturn resulted in less bank financing and the Banking sector dealing with over-regulation in almost all markets, thus leading companies to look for alternative financing resources.

I have worked in Capital Markets for more than 10 years, being involved in numerous projects with global reach. Without a doubt, solid capital markets are a major economic driver and an important financing alternative for companies. Developed countries know it and actively invest in it. The business environment in developing countries is increasingly aware of this opportunity, as well. As a result, we see more and more companies looking for financing through capital markets deals.

High yield market has reached historic levels, as it is increasingly attractive, accessible and liquid. Many European companies have refinanced existing debt – or increase leverage – on flexible terms. This historic high yield debt is more senior than bank debt and often secured over assets.

How would you improve the coaching/mentoring process of those new stars who have excellent academic background, freshly graduated and have no practical knowledge?

As a coach or mentor, your door should never be shut. Juniors need to understand that they can always come to you for questions, no matter how obvious some answers might be. As a lawyer, your learning process never stops, but the first years in practice are the most important ones. That’s when you learn how to think, how to apply the academic knowledge to practice, how to relate and negotiate, how to anticipate where a deal is going or what challenges might come ahead.

There is no better mentoring than involving the new lawyers in complex deals, from the beginning until the closing of the transaction and explaining them every step and phase. No matter how busy my schedule is, I always find time for my junior lawyers, because the time I dedicate to them is an investment in both their future, and our firm’s, and also it gives me the confidence that I can rely on my team.

Where would you choose to live and work if not Romania? Why?

Definitely London! I was seconded there for six months back in 2007 and it was an extraordinary experience both professionally, and personally.

Business in this world’s financial hub is extremely intense and one has the feeling of being right at the center of things. This is where West meets East, where the future is being shaped through innovation, complex deal making, and anticipation of changes to come.

The city itself is ever surprising, cosmopolite and eclectic, with so many cultures living together – all so different, yet never in contrast with one another. While walking one day, I found this quote: “When one is tired of London, one is tired of life”. This says it all.

Who has had the greatest impact on your career?  How and why? 

Definitely, our Managing Partner, Daniel Badea! He interviewed and hired me in 2002, after I had just graduated Law School. With the firm in its early stage, Daniel was looking for people with the right skills and attitude that would build the perfect team for his ambitions. We started small but dreamt big.

Under his personal guidance, I grew up as a professional and eventually decided to specialize in the Capital Markets practice area. He was also the one encouraging and supporting me to move to London for the six-month secondment, in 2007 – a year after Clifford Chance opened an office in Bucharest in association with our law firm, Badea & Asociatii. The merger happened two years later.

Daniel has taught me that no dream is impossible if you work hard, focus on your final objective and never give up, despite the odds. I was lucky to be part of the team that took this small office from a developing country to the highest professional standards and performance that Clifford Chance is aiming for with its global network.

If you were not in your current practice area what other area would you pursue?  Why?

My first career choice was to become a doctor. I would look at how they helped people and said to myself that this is what I wanted to do with my life. But one of my teachers saw a different potential in me and convinced me to go to law school.