Graham Nicholson, a corporate partner at Freshfields Bruckhaus Deringer, has been appointed chief legal adviser to the Bank of England. In that role he will also advise the Governor of the Bank of England, Mervyn King. His appointment will begin on January 1 next year.

What will the main challenges of this new role be?

After the current crisis has passed, it will be fascinating to be involved in the process of making sure that the problems we have witnessed do not arise again. A banking Bill, expected to become law in months, will give additional powers to the Bank of England to use in a future crisis. I also look forward to being involved in the international discussions in the aftermath of the current crisis. It will be interesting to work within the unique culture of the Bank, which is very different from that of a law firm.

What was your worst day as a lawyer?

Being summoned by the Permanent Secretary to the Treasury shortly after 9/11 on a Friday morning to be told that the airlines would have to stop flying on Monday morning unless we replaced terrorism cover through a new government-owned insurance company. After spending an hour or so wondering where to start, we formed, organised and financed a new company, got it authorised by the Financial Services Authority, and wrote the policies with a couple of hours to spare.

What was your most memorable experience as a lawyer?

Hearing the Lutine bell struck three times in a crowded Lloyd’s of London building on the successful completion of Lloyd’s reconstruction and renewal plan in 1996 — twice for the good news and once in recognition of the pain caused to so many members.

Who has been the most influential person in your life?

John Collier, my law tutor at Cambridge, because he had more faith in me than I had in myself, and has watched over my career (as with so many of his students) like a sort of guardian angel.

Why did you become a lawyer?

As the fourth generation of lawyer in the family, I guess it was just a lack of imagination.

What would your advice be to anyone wanting a career in law?

It is a great career if you have intellectual curiosity, stamina and a problem-solving frame of mind.

If you had not become a lawyer, what would you have chosen and why?

Possibly a rather bad viola player in the back desk [back row] of a third-rate orchestra.

Where do you see yourself in ten years?

Playing that viola, sailing, gardening and reading. In short: everything I was expecting to do next year, before I got that call from the Bank of England.

l_tsang@hotmail.com

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