R3 Member Spotlight: Richard Obank

14 February 2024

Richard Obank is a partner at BCLP and team leader of the Restructuring & Insolvency (R&I) group based in their London office.

With over 35 years of experience acting for corporates, financial institutions, private equity investors, credit funds and other stakeholders in R&I situations, Richard regularly advises insolvency office-holders and holds an insolvency licence (non-appointment taking).

1. What made you decide to pursue a career in insolvaency and restructuring?

Inspirational colleagues in the insolvency team at the time (1987) was my primary motivation combined with an interest in the ‘new’ procedures introduced by the Insolvency Act 1986 which gave me the opportunity to work on novel areas of the law. I remember being involved in some of the UK’s first ever administration applications which was pretty exciting back then!

2. How did you get to where you are today and is there a piece of advice you wish you’d been given at the start of your career?

I was fortunate to qualify as a lawyer in Leeds right at the time when a wave of law firms in Yorkshire decided to open in London. I moved to London in 1990 as part of this new wave which was exciting and created a lot of career opportunities. There were no career short cuts, afraid to say, but I have been fortunate to work at some great law firms gaining lots of experience along the way which has shaped my career. I also managed to gain partnership comparatively early in my career.

I’m not good at taking my own advice so I’ll borrow instead from American businessman, Jim Rohn:

‘If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.’

I think it is important to grab every opportunity – be in the office, go to every client event, self-learn, and don’t be afraid to make big decisions about your life. If you need to make some changes, then do so.

3. How has the profession changed since you’ve joined it?

Difficult to know where to start on this one! Certainly huge changes in the use of technology. Computers, email and iPhones have become normal parts of our everyday life – there was none of this technology when I began my career. Yet, we still managed to get deals done and, happily, when we left the office for the day, that was it until the next day. For better or worse, we now have a 24/7 culture which, unless you set a few personal boundaries, makes it virtually impossible to have any kind of work/life balance. More on the plus side, my team at BCLP has been using computer products to review huge volumes of documentation to assist clients in formulating complex insolvency claims, which is fascinating to see working effectively and cost efficiently.  I guess this is just a glimpse of the future in legal services.

The other big change, which is evolving culturally, is remote working. It was pretty unthinkable when I started out not to be in the office five days a week, every week, and ‘to be seen’ putting in very long hours. I am also really pleased to see that paternity leave is a standard right – something I’d have really liked the benefit of as a younger parent at the time.

4. You are a part of the organising committee for the R3 Annual Conference taking place this May and are involved in the ‘Class of 2024’ sessions. What can you tell us about these sessions and why are they important to you and the profession?

These sessions are designed to give younger members of the profession a chance to raise their profile by presenting and participating fully in the R3 Annual Conference. We can only give this opportunity to ten individuals this year, due to programme constraints, but I’m hoping it is an idea which can be repeated on a regular basis so more new faces can have the same opportunity. I was lucky enough to be part of ‘The Class of 2000’ and found the whole experience very positive and career self-affirming. I’m excited and somewhat flattered to have been asked by R3 to help with this initiative and am looking forward to co-hosting it immensely. It’s really important that we, as a profession, showcase new talent and ensure we are welcoming and supportive as a membership organisation.

5. Since becoming an R3 member, which aspects of membership have you found most beneficial?

Certainly, the networking opportunities over the years have been best for me. The R3 Annual Conferences, when I was starting out, were memorable in particular. And great fun!

6. What do you consider to be your biggest achievement in the profession to date?

Difficult to single out a particular matter or job, there have been so many! I think I’d have to say my biggest achievement is simply the fact I’m working in the profession after 37 years and enjoying it. When the enjoyment goes, I know it will be time to quit. Don’t laugh, but I’m still hoping the best is yet to come!

Having said that, 2019 was a pretty special year for me personally as I was named Restructuring Lawyer of the Year at the TRI Awards, Partner of the Year at The Yorkshire Lawyer Awards and featured in The Lawyer’s ‘Hot 100’ List.

I’ve also been fortunate over the years to do a lot of pro bono work which I’ve really enjoyed, particularly in the wildlife and conservation space and, more recently, acting for an air ambulance charity on a high-profile matter.  Funny how these matters stand out the most.

More generally, I really enjoy helping boards of directors in situations where their companies are experiencing financial distress and working out how we might be able to avoid formal insolvency and deliver a solvent outcome. I’ve worked on so many assignments like this over the years it’s difficult to pick my ‘biggest achievement’ – maybe the Clarks Shoes CVA in 2020, maybe the turnaround and £143m sale of Nisa Retail to the Co-op in 2017, maybe the rescue of Hearts of Midlothian FC by Ann Budge in 2018, maybe the sale of Crystal Palace FC in 2010…etc. Of course, none of these outcomes are possible without a great team around me, which is important to note!

Maybe the ‘biggest achievement’ is simply passing on the benefit of my experience to the team here at BCLP. I think I like that the most.

7. What’s the one thing you wish people knew about the profession?

That a lot of the work we do is extremely positive for the economy in terms of saving jobs and rescuing businesses.

8. What do you consider as the biggest challenge for the insolvency and recovery profession in the future?

This is an easy one – we must attract the best talent into the profession which reflects the stakeholders and communities we serve. And ensure we retain that talent to guarantee the future of the profession. Making this a reality is the biggest challenge we face given the intense competition for talented individuals and the salaries that can be earned by them in the business and finance world.