Will Normand, Head of Asset Management at Travers Smith — On Private Capital, AI and Building the Next Generation of Lawyers

In this episode, Will explains how the private capital industry has evolved over the past two decades and why the most successful law firms are rethinking how they advise clients, develop talent and differentiate themselves in an increasingly competitive market. Will begins by demystifying asset management, breaking down the different types of investment funds and explaining why private capital has become one of the fastest-growing areas of the legal industry. He explores the rise of private equity, private credit, infrastructure and real estate funds and why global investors continue to allocate increasing amounts of capital to alternative assets. The conversation examines how law firms structure asset management teams and why specialist expertise has become essential as clients demand increasingly sophisticated advice. Will explains why no individual lawyer can master every discipline, making collaboration across tax, regulation, finance, risk and fund formation more important than ever. A major focus of the discussion is how Travers Smith has deliberately positioned itself differently from many competitors. Rather than attempting to be everything to everyone, Will explains why the firm focuses on providing tailored advice across different types of fund managers, from emerging boutiques to established global investment houses, matching services to each client's specific needs. The episode also explores the future of legal careers. Will argues that junior lawyers should avoid becoming trapped performing repetitive work for too long, instead seeking broad exposure across different matters to develop judgement, commercial awareness and adaptability. He explains why learning to identify opportunities and keeping career options open will become increasingly important as the legal profession continues to evolve. The conversation turns to artificial intelligence and the profound impact it will have on legal practice. Rather than replacing lawyers, Will believes AI will accelerate routine work while making judgement, communication and trusted adviser relationships even more valuable. He also discusses the challenge facing law firms: ensuring junior lawyers still develop the depth of experience needed to become exceptional advisers in an AI-assisted world. Will also reflects on how the business of law has changed over the past twenty years. He discusses increasing international competition, changing partnership models and the growing pressure on firms to prioritise short-term financial performance, while arguing that long-term investment in people, client relationships and sustainable growth remains the strongest foundation for success. The discussion explores broader trends shaping private capital, including industry consolidation, expanding investment strategies and the growing democratisation of private markets. Will explains how increasing access for wealth managers and individual investors is reshaping fund structures and creating new opportunities across the industry. Finally, Will shares practical advice for aspiring lawyers: think carefully about every career move, keep learning, avoid becoming pigeonholed too early and remember that the lawyers who thrive over the long term are those who continually adapt while building trusted relationships with clients and colleagues alike. 00:00 Introduction   00:20 Meet Will Normand   01:00 What Does an Asset Management Lawyer Do?   03:00 Understanding Private Capital   05:00 How Asset Management Teams Are Structured   07:00 Choosing the Right Clients & Work   09:00 Why Specialists Beat Generalists   10:30 Training Better Junior Lawyers   12:00 AI & The Future of Legal Practice   14:00 Why Judgement Still Matters   16:00 Building Trusted Advisers   18:00 The Changing Law Firm Model   21:00 Long-Term Careers vs Short-Term Thinking   24:00 Trends in Private Capital   27:00 Consolidation & New Investment Strategies   31:00 Democratising Private Markets   35:00 Final Reflections & Career Advice