Never play “chicken“ with a Russian

Anything was possible, but nothing was easy – it always felt as if I were wading waist-deep through water, says Logan Wright, an expert at the law firm Dentons who helped restructure the oil giant Yukos, about his many years working in Russia.

He didn't want to be a doctor, engineer, teacher, or accountant. But he liked words and working with them, so he enrolled in law school. This led to a remarkable career, in which a great mentor played an important role in the early days. The most notable episode so far has been his fifteen years in the post-Soviet space. "I went on a two-year contract, intending to spend a couple a of years in Hong Kong or Singapore after that, before returning to a legal career in New Zealand. But as the Russians say – there is nothing more permanent than the temporary," says Logan Wright. He found life in Moscow glamorous and exciting, but also tough and unforgiving.  Above all, Russia taught him that only fools rush into things headlong. " When things get sticky, you have to reserve judgment, consider the situation in the round, including all the potential stakeholders, and leave room for solutions to emerge that are not immediately obvious. And beware the law of unintended consequences, it will get you every time," says Wright, who will join Dentons' Prague office. In an interview conducted as part of the Global Minds project, he also says that it is necessary to lead by example and that it is essential for a leader to inspire enthusiasm, because "enthusiasm is contagious."

You have had a rich legal career. Looking back, which milestones or stages do you value the most?

Starting out as law clerk in a firm in New Zealand – I was extremely fortunate to be working for a partner who was a great mentor; smart, patient, generous with his time, genuinely interested in developing a young lawyer like me. Those foundational years really set me in good stead for the rest of my career. 

The move to Moscow – the beginning of an adventure that hasn’t stopped. It taught me to embrace the unknown – of which there was a lot – and to trust my ability to figure it out as I went along. 

Leading the local team advising the banks on the workout for Yukos Oil Company in 2002. It was both immensely challenging and enjoyable. I was still comparatively junior, and will never forget the embarrassment of sitting in the crowded conference room of a senior London QC as he reviewed my drafting and commented “Yes, I think I see what the draftsman was trying to say.“

What attracted you to law? Was it your desire from a young age or rather the hand of fate? 

The latter. Like many of my peers, I became a lawyer by default – I didn’t want to be a doctor, engineer, teacher or accountant. And I liked words, and working with words. So I enrolled for law school, having no idea where that would lead me.

Your legal specialization is banking and finance. What key qualities and skills must a lawyer have to succeed in this field?

The core legal skills required for a transactional lawyer regardless of practice area: intellectual curiousity; attention to detail; and a relentless focus on getting the deal done. Commercial awareness and a degree of pragmatism are also key. Beyond this I think a successful banking lawyer needs the ability to focus people on their shared goal  of funding the loan – a banking deal is not adverserial in the way an M&A transaction is; it is relationship-based, and the signing of the loan agreement is only the beginning of that relationship.] 

How did you feel when you received your first offer for a position abroad?

Excited – I was off on an adventure. Not at all nervous, strangely, given I was a barely one-year qualified NZ corporate lawyer heading off to practice English banking law in Russia. Back then the interview was by conference call, which had to be arranged at a special business facility, morning my time and evening Moscow time. Only later did I learn that it was probably the most expensive associate interview in the firm’s history, as after speaking with me the partners forgot to disconnect the phone line and left the connection open overnight…

Law is very much a local matter. Do you have any recommendations on how to navigate different legal systems?

The principles and the issues are the same, although the detail may differ. The trick is learning what questions you need to ask, in order to get answers that are not only correct but are also relevant and complete. And there is a lot of scope for applying solutions that work in one jurisdiction to similar issues in a new jurisdiction – although not always! But sometimes there is no replacement for reading the relevant law yourself, albeit in translation – for the Yukos restructuring, I spent hours going through the newly issued Russian Insolvency Code to try and work out with my Russian colleagues how to help the lenders navigate it.

It is equally important to familiarize yourself with the environment and customs of the new country. You lived in Moscow for 15 years and dealt with transactions throughout the post-Soviet space. Was there anything that surprised you when you settled there? What, on the contrary, pleasantly surprised you?

Life in Moscow was glamorous and exciting, but also tough and unforgiving. Anything was possible, but nothing was easy – it always felt as if I were wading waist-deep through water. And there was the occasional moment in business when the veneer got scratched and I glimpsed the darkness underneath. I also learnt, in business as in life – never play “chicken“ with a Russian.

At the same time, Russians have an incredible sense of humour, an ability to find the funny side of even the darkest situation. And an endless repertoire of anecdotes, that combine deep wisdom with often eclectic humour. A former colleague of mine left an indelible impression on the London team when he was on secondment, by informing them that “A hedgehog is not afraid of a naked bottom.“ (Note: The metaphor “A hedgehog is not afraid of a naked arse” playfully and vividly suggests that well-equipped individuals or entities shouldn’t be intimidated by those who lack real power or means to cause harm. It’s a humorous reminder to focus on genuine threats rather than getting sidetracked by distractions or empty challenges.)

Did you suspect at the beginning that you would stay in Russia for so long?

Not at all. I went on a 2-year contract, intending to spend a couple a of years in Hong Kong or Singapore after that, before returning to a legal career in NZ. But as the Russians say – there is nothing more permanent than the temporary.

What was the biggest lesson you learned there?

Only fools rush in. When things get sticky, you have to reserve judgment, consider the situation in the round, including all the potential stakeholders, and leave room for solutions to emerge that are not immediately obvious. And beware the law of unintended consequences, it will get you every time.

You are now heading to Prague to strengthen Dentons' capacity in Central and Eastern Europe. How do you see this new mission – what will be the biggest challenge and what are you most looking forward to?

The biggest challenge will learning the language to a level that doesn‘t make people giggle when I speak. But the team have been so welcoming and helpful that I’m sure with their support I will get there (while no doubt providing them with some amusement along the way).

But that’s also something I very much look forward to. As I do getting to know the clients better, building new relationships, and finding ways we can use our local English law capacity to help them achieve their goals, both across and beyond the region. And working with the local team to further develop their knowledge of and ability to work with English law documentation.

What do you expect from life in Prague compared to London or Moscow?

Another adventure! Less of the big city craziness, but another opportunity to learn a city, a language – and through them, a culture and a people. And I look forward to exploring not only the city but the country more broadly – there is so much history and beauty to enjoy. And from a professional perspective, a chance to engage with my favourite combination of qualities in colleagues and clients – both smart and genuinely nice.

A successful career means that sooner or later you will start managing people. How would you describe yourself as a leader?

Demanding. Not in a crack-the-whip kind of way, but I set high expectations for myself, and therefore inevitably for those around me as well. Patient. Fair. Collegial – I firmly believe that my success is our success, and your failure is my failure.

What would you emphasize to a colleague who is just taking over the leadership of a team at a law firm?

Lead by example. If you’re not prepared to put in the hard hours, you can’t expect others to do it. And be clear about where you want to go, but wary of being overly prescriptive about how to get there and what sort of people you need for that. People can surprise you in ways you would never have anticipated, and you need to allow room for them to do that.]

Do you have a proven way of getting people excited about your vision?

I think it’s key to be ambitious but realistic in your goals, and to be clear what everyone needs to do to achieve them. But most of all, be enthusiastic - enthusiasm is contagious.

Logan Wright is a Dentons UK qualified Partner, London and Prague-based member of the Dentons global Banking & Finance practice, with a focus on financings into developing markets. Logan advises both borrowers and lenders. He previously spent 15 years based in Moscow and these days he is a regular speaker at Loan Martket Association developing market events both in London and across Africa. He also works frequently on financings and restructurings in Turkey and the Middle East, Asia and Latin America. In line with his relocation to Prague he is re-focusing on cross- border deals in Central and Eastern Europe. Prior to joining Dentons, he worked at Clifford Chance for 18 years.

You can read the Czech version of the article HERE