PODCAST · business
The Firm Analyst
by Adnan Shafi
This Firm Analyst is a podcast hosted by Adnan Shafi, an incoming Trainee Solicitor at Foot Anstey LLP. The goal of the podcast is to demystify the world of commercial law and help aspiring and current Trainee Solicitors build their commercial awareness.Every week, Adnan discusses important developments in the economy while analysing how those developments affect law firms in the UK and beyond. His approach also includes directing listeners to key sources of information that are often overlooked by many. Tune in every Sunday to start your journey of becoming a firm analyst!
Episodes
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ASK Session 2: Sector Breakdown - Islamic Finance
Welcome back to The Firm Analyst everyone! Today, I've published the second aspiring solicitors knowledge or "ASK" session, focusing on breaking down the Islamic finance sector as a subset of commercial law. Several aspiring solicitors have asked me about the sector, so in this podcast I thought…
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S17EP3: Iran War: One Month On - Inflation, CMA Investigations and Emerging Markets Debt Capital Markets Review
Welcome back to Season 17, everyone. Today we dive into the Middle East conflict's ripple effects on the global economy—including how the Strait of Hormuz's closure could spike inflation and interest rates. We also unpack a CMA probe into sudden domestic heating oil surges in the UK amid the war,...
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S17EP2: Developments in the Middle East - Analysing the Global Impact
Welcome back to The Firm Analyst, listeners. In this episode, we unpack the fast‑moving fallout from the latest escalation in the Middle East. After US–Israeli strikes on Iran and Iranian attacks across the Gulf, the closure of the Strait of Hormuz has disrupted global oil flows. Retaliatory...
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S17EP1: Debtor-Friendly Clauses Creep into US Leveraged Finance Documents and AI Lights Up Global Capital Markets ... Again
For aspiring solicitors interested international finance, this is the episode for you! Today we cover the recent introduction of what are called "you snooze you lose" clauses in the US leveraged finance markets and how they are impacting creditor voting mechanics. We also take a look at how…
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ASK Session 1: Real Estate Finance Case Study
Welcome back to The Firm Analyst! Have you ever wondered what goes on inside a law firm's real estate finance department? Well, today we find out by unpacking a real estate finance transaction from start to finish. From typical trainee tasks to deal structure, we take a deep dive into what makes...
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S16EP3: Debt Capital Markets in Overdrive; Post-Brexit EU-UK Relations; and Mining Mega Mergers
Welcome back to Season 16 of The Firm Analyst! In this episode, we looked at: why the debt capital markets are in overdrive, EU-UK alignment proposals and a proposed mega merger in the mining sector. DCM in Overdrive — US investment grade bond issuers raised an eye-watering $37 billion on the…
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S16EP2: 2025 Commercial Awareness Review
🎙 Welcome back to Season 16 of The Firm Analyst! In this episode, we looked at three themes that dominated the headlines this year, including: 🔥 AI Infrastructure Megadeals — McKinsey estimates that $5.2 trillion is required by 2030 to build enough data centres to keep pace with AI demand,...
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S16EP1: Apollo’s $745m ABF Deal with Virgin Atlantic; Inside the 2025 Autumn Budget; and Bank of England to Ease Capital Rules
🎙 Welcome back to Season 16 of The Firm Analyst! In this episode, we explored three major headlines shaking up finance, aviation, and UK fiscal policy: ✈️ Apollo’s $745m ABF Deal with Virgin Atlantic — last month, Apollo provided Virgin Atlantic with $745 million in senior secured financing…
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S16EP1: The AI Boom and How Law Firms Are Helping Accelerate It
After a bit of a season break, I am delighted to welcome you back to The Firm Analyst. We kick off season 16 with a guest appearance from Yusuf Serang, an incoming trainee solicitor at Fieldfisher, who is joining us to talk about the AI boom and how law firms are helping accelerate it. In...
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S15EP4: Emerging Market Bonds and Sukuk Takeoff; EA - The Largest Leveraged Buyout in History; and UBS and Cantor Fitzgerald Renegotiate Hedge Fund Unit Purchase
Welcome back to Season 15 of The Firm Analyst! 🎙 In the final episode of this season, we discussed: 🌍 Why emerging-market bonds and Sukuk are taking off — Kuwait, West African Development Bank, Majid Al Futtaim and other emerging markets issuers rush to raise billions from the international…
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S15EP3: Apollo to Raise $10 Billion Using Savvy Structured Finance Techniques; The Fall of Tricolor Holdings and First Brand - Explained; and UK to Rescue Jaguar Land Rover with £1.5bn Loan Guarantee
Welcome back to Season 15 of The Firm Analyst🎙 ! In this episode, we discussed: 💰 Apollo’s $10bn raise — using structured-finance techniques to tap insurers with debt backed by its credit fund stakes, spanning direct lending, asset financings, and investment-grade strategies. 🛞 The fall of...
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Saudi Aramco Raises $3bn from Islamic Bonds; Pharmaceutical Giant Merck Abandons £1bn UK Investment; and France Credit Rating Downgraded to A+
🛢 Saudi Aramco raised $3bn through Islamic bonds i.e., Sukuk — attracting over $20bn in orders. We take a deep dive into how lawyers helped to structure the deal under Shariah principles, incorporating both Commodity Murabaha and Ijara elements. 💊 Merck has scrapped its £1bn UK expansion plans,...
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S15EP1: Private Credit Ventures Deeper into Investment Grade; Autumn Agony from Potential Tax Hikes for Banks and Property Owners; and Mastercard Inks $100m/yr F1 Sponsorship Agreement with McLaren
📊 Private Credit is pushing into investment grade territory, attracting blue chip debt issuers globally. Can private credit remain competitive and how will the public debt capital markets fare? (3:00) 🍂 Autumn tax pain? The government’s £20bn budget hole has sparked talk of new levies on banks’...
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S14EP4: BlackStone's £1.5 Billion Mortgage Backed Securitisation; Lenders Avoid the Worst in Motor Finance Supreme Court Ruling; and Bank of England Split As Base Rate Drops to 4%
Welcome to the final episode of this season of The Firm Analyst! Today, we discuss the following stories: 🏖 Blackstone's £1.5 billion CMBS Deal (2:35) - this is the largest transaction of its kind in the UK since the 2008 crisis and is being structured to refinance debt used by Blackstone to...
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S14EP3: Heathrow to Detail Multibillion Pound Third Runway Plans; Companies Buy Crypto to Boost Valuations; and PE Funds Turn to Continuation Funds to Keep the Liquidity Tap Running
Welcome back to The Firm Analyst! In this episode, we discussed the following topics: Heathrow’s Third Runway: With a price tag reported to be pushing £50bn and the M25 potentially in its path, we unpack the legal complexities of building one of the UK’s most ambitious infrastructure projects —...
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S14EP2: The Legal Reason for Wimbledon's 11 PM Curfew; Upward Only Rent Reviews to Be Banned; and Unpacking CityFibre's £2.3bn Refinancing Deal
This episode explores three topical legal and commercial developments. We discuss the proposed ban on upward-only rent review clauses in commercial leases in an attempt to help revive the High Street, its impact on landlords, tenants, and investors. We then cover CityFibre’s £2.3bn refinancing...
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S14EP1: EDF Taps Apollo for £4.5bn Hinkley Point C Loan Facility; Law Firms Look to Private Equity Sponsors for Investment; and Domestic Equities Lose Ground with UK Pension Funds
In this episode of The Firm Analyst, we examine Apollo’s £4.5bn loan to support the Hinkley Point C nuclear project and its significance for private credit in large-scale infrastructure. We also explore the growing interest in external investment within the legal sector, as firms consider private...
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S13EP4: Trade Deals - Hope around the Corner?
In our final episode of this season I invited Yusuf Serang, an incoming trainee solicitor at Fieldfisher, to the podcast to discuss all things trade. Recently, the UK announced two major trade deals with the US and India while other countries headed to the negotiating tables. Yusuf and I asked...
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S13EP3: M&S Suffers Cyberattack; Investors Flee to Swiss Franc; Plans for 29-Storey Battersea Tower Rejected
Welcome back to The Firm Analyst everyone! In this episode, we looked at cyberattacks, macroeconomic shifts and the complex world of property development. Covering key stories and concepts along the way, we delved even deeper into the world of business through the lens of a commercial lawyer. I...
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S13EP2: US Tariffs - The Markets Can Take Pain, But Not Uncertainty
To say these last few weeks have been volatile is a gross understatement. Donald Trump recently unleashed a wave of tariffs which have sent the global markets into flux. In this episode, we try to unpack the unfolding mayhem and assess how the markets are reacting by looking at US/UK government...
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S13EP1: Legal Reflections on the Heathrow Shutdown; Barclays' "Caterpillar" Strategy; and Challenges for Sustainable Finance & Investment
Hi everyone! We are officially back from our season break and we welcome you to Season 13 of The Firm Analyst. In this episode, we discussed: (1) the recent shutdown at Heathrow Airport and some of the potential legal consequences arising as a result; (2) Barclays' "Caterpillar" strategy and how…
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S12EP4 - Say Goodbye to Skype...; UK Small Companies Trading at Global Discounts; and Stamp Duty Changes Trigger Deal Rush
Welcome back to The Firm Analyst as we dive into a range of stories in this early release episode! Today we discussed: (1) Skype's unfortunate demise and what role lawyers play in reorganising businesses; (2) how UK small cap companies have been perceived by international investors in light of…
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S12EP3: Activist Investor Builds £3.8bn Stake in BP; Competitive Leisure Market Faces Oversupply; and Creditors Face Off in Thames Water Restructuring
Thanks for tuning into this episode of The Firm Analyst. Today we'll be discussing a range of stories affecting the market and how they impact the wider practice of commercial law. I hope you find benefit in the stories discussed and feel free to reach out for more information or a general...
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S12EP2 - How DeepSeek and Tariffs Are Shaking up the Markets... and More
$600bn...that's the estimated value NVIDIA is said to have lost as markets struggled to comprehend a new company's arrival onto the AI scene. Here at The Firm Analyst, we discuss how DeepSeek's AI model is set to affect the wider data infrastructure and legal markets (2:15). In this week's…
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S12EP1: 2025 - Year of Volatility? UK Outlook, TikTok Ban & More
Welcome back to The Firm Analyst everyone! Super glad to be kicking this year off to a start with a discussion on what 2025 holds for the UK economy (2:30) and the world at large as the political climate grows ever more uncertain (20:00) . Listen in as we also break down how the TikTok ban...
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S11EP4: A Review of Market Reactions to the US Elections
Welcome back to The Firm Analyst everyone! In this episode, we reviewed market reactions to one of the most significant events of this year: the US election. With the dollar rising in strength, the possibility of tariffs looming on the horizon and rate cuts in the US and the UK, there was lots to...
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S11EP3: Autumn Budget - As Bad As We Thought?; Zilch Expands Consumer Loan Securitisation Facility to £150mn; BlackRock Bets on Private Credit with HPS Approach
Welcome back to the Firm Analyst! We have a range of stories to cover this week, including: the Labour government's autumn budget and what this means for SMEs, the PE industry and the economy at large; Zilch's use of a securitisation facility to fund its Buy Now Pay Later operations and why this...
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S11EP2: UK Puts Rare Minerals in Focus; Schroders to Launch First of A Kind UK Fund; Monzo Millionaires - How Startups Keep Investors and Employees Happy
Welcome back everyone! Today, we discussed the following topics in what was a more reflective episode: a new UK Export Finance programme aiming to grant finance to companies importing minerals into the UK for manufacturing amidst a global trade war for rare earth minerals; Shroders being the…
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S11EP1: Labour Budget Unpacked; 76 Storey Tower to Dominate Manchester Skyline; and Space X's "Catch" - A New Era for Space Law?
Welcome back to The Firm Analyst! I'm very excited to be kicking off season 11 with a discussion on the following topics: firstly, we unpacked the Labour budget, looking specifically at how a change in tax law can impact several sectors and how law firms may be called on to assist their clients;...
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S10EP4: Unique Tools for Researching Law Firms (Part 2) - Government Work, Book Recommendations & General Tips
Hi everyone! Welcome to the final episode of this season of The Firm Analyst. Today we discussed: the importance of being curious as well as reflective. I shared a recent personal story about how I was able to connect simple markings on an electricity meter to a learning point about a law firm's...
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S10EP3: REA Makes Fourth Offer for RightMove; Why Do Firms Rebrand?; and Standard Chartered Takes on Investors in Test Case
Welcome back to The Firm Analyst! In this episode we discussed: how REA Group's £6.2bn offer for Righmove could result in a hostile takeover of the company and how lawyers assist clients in such circumstances; why law firms seek to rebrand, while taking a closer look at how Freshfields, Foot...
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S10EP2: HSBC Faces Property Loan Defaults in HongKong; Investment Platforms Unite to Form Trade Association; and Next Could Pay £30m in Damages in Equal Pay Case
Welcome back to The Firm Analyst! In today's episode we discussed a range of stories affecting the markets including: HSBC dealing with a number of defaults across its HongKong real estate loan portfolio and how finance lawyers mitigate risk for their clients in these scenarios; the importance of...
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S10EP1: CMA Casts Doubt on Vodafone x Three Merger; Notting Hill Home Sells for £21m; and How Low Can You Go? - Reviewing Rate Cuts and the UK's October Budget
Welcome back to The Firm Analyst! In the first episode of Season 10, we dive into a range of key stories hitting the papers this week. (2:00) First off, we look at the CMA's provisional conclusion that the Vodafone x Three merger will result in a substantial lessening of competition and examine…
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S9EP4: Unique Tools for Researching Law Firms (Part 1) - M&A/PE and Debt Finance
Hi everyone, after a brief hiatus due to exams and a city move, we are back with the final episode of The Firm Analyst this season! In this episode, we discussed unique tools that you can use to research law firms and the work that they do. This episode specifically focussed on how to find out…
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S9EP3: Mayhem Unfolds in the Global Equities Markets; Seven Law Firms Advise on £5.4bn Takeover Bid for Hargreaves Lansdown; and Saudi Arabia to Introduce New Investment Laws to Attract Investors
Welcome back to this week's episode of The Firm Analyst! In today's episode, we discussed the following: (2:05) the sharp stock sell off that occurred last week in the global equities markets as a result of fears of a US recession and the unwinding of several Japanese Yen carry trades; (17:30)…
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S9EP2: Is an AI Bubble Forming?; HSBC, Barclays & Shell Announce Share Buybacks; and Rachel Reeves Set to Raise Tax Rates to Plug £22bn Fiscal Hole
Welcome back to this episode of The Firm Analyst! Today we discussed: (02:00) Elliot Management's letter to investors, which suggests that an economic bubble is forming around the artificial intelligence sector; (17:15) HSBC, Barclays and Shell announcing billions of pounds worth of buybacks…
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S9EP1: Labour Announces £7.3bn National Wealth Fund; Revolut Taps Linklaters for Banking License Approval; and BDB Pitmans to Rebrand to International Powerhouse: 'Broadfield'
Welcome back to The Firm Analyst! In today's episode, the first of season 9, we discussed: the recently elected Labour government's plans to create a multibillion pound national wealth fund to bankroll UK industry and infrastructure projects and what this means for the legal market; Revolut, with...
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S8EP4: A Revival of the UK's IPO Market?; Carpetright to File for Administration; and Metro Bank Eyes Mortgage Portfolio Sale to Boost Profitability
Hi everyone! It has been a very eventful few weeks and I am glad to be bringing this final episode of this season to you today where we discussed: how the FCA's proposed changes to the Main Market's listing regime will, according to some, revive the IPO market in the UK; Carpetright's decision to...
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S8EP3: Paul Weiss Is Not Testing the Waters...It Is Laying Down the Roots: A Brief Introduction for Aspiring Solicitors
Hi network! I hope you enjoy this special edition of The Firm Analyst. We have seen a lot about Paul Weiss in the papers recently and many aspiring solicitors still trying to navigate the legal market might be wondering what the coverage is all about. This podcast serves as a brief introduction…
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S8EP2: The Age of $20m Partner Pay Packages; Is the £100m+ City of London RE Market Dead?; and Light at the End of the Tunnel for PE
Welcome back to this episode of The Firm Analyst! In this episode, we discussed: $20m partner pay packages and what they tell us about the direction the UK's commercial law sector is taking in terms of pay; how a deal drought in the City of London's £100m+ property market may affect real estate...
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S8EP1: Market Temperature Check: Systemic Risk in PE? And What Election Year Means for Clients
I am super excited to be back with this new episode of The Firm Analyst and I hope that you are all ready to engage with some of the topics we will be discussing today. These include: the PRA ordering a review of Barclay's leveraged finance business and what the PRA's findings may mean for the...
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S7EP4: 48 Laws of Restructuring & Insolvency
Welcome back everyone to The Firm Analyst! I was really excited to release this episode, where we will be discussing how international law applies to restructuring & insolvency contexts. In particular, we looked at how the UK has become a popular restructuring hub and the topic of "forum…
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S7EP3: FCA Calls Out "Finfluencers"; A&O and Others Reappointed to Santander Panel and Trowers to Open Office in Singapore
Welcome back to The Firm Analyst! This is probably one of the most detailed podcasts I've done, so I hope you all enjoy it. We discussed the following topics: (2:33) the FCA releasing Finalised Guidance discussing financial promotions in the context of social media; (19:26) Santander's…
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S7EP2: Thames Water Going Under Water? Why Gold Hit a Recent High, and the 'Great Maturity Wall'
Welcome back everyone to this episode of The Firm Analyst! In this episode, we discussed: Thames Water's financial struggles and its parent company's recent default on its debt; Why gold is a systemically important asset and why it was able to reach a new high last week; and The 'Great Maturity...
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S7EP1: The 21st Century Law Firm: Navigating AI and Culture (Slaughter and May Innovation Competition)
In this episode, I tackled the following question as part of my submission for Slaughter and May's Innovation Competition: What are the cultural challenges with integrating generative AI into a law firm? What are the best ways for Slaughter and May to approach these challenges to maximise the...
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S6EP4: Sorry...Who's SONIA? Dissecting A Facility Agreement
In this episode, we looked briefly at some of the main stories and deals happening this week, including Nationwide's bid for Virgin Money. Following this, we took a deep dive into the world of banking and finance by dissecting a standard facility agreement and looking at its terms. This is a…
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S5EP3: M&S Taps Dentons in Planning Dispute, M&A Disputes to Increase, Says BRG and How Mischon is Teaming Up with NVIDIA to Help Start-ups
This was a really analytical episode and I hope that you are as excited to listen as I am excited to publish this episode. We covered the following stories: Marks & Spencer, instructing Dentons, comes out victorious in a High Court appeal against a decision from the Secretary of State rejecting…
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S6EP2: "Everything Went to Plan"- A Chat with an Islamic Finance Solicitor, Aziz Deen
In this episode, we were graced with the presence of Aziz Deen: an Islamic finance and commercial property solicitor at Foot Anstey LLP. After recounting some of the main stories of the week, I spoke to Aziz about his journey, the lifecycle of a deal and how he uses commercial awareness on a…
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S6EP1: Currys Rejects Takeover Bid, UK Falls into Recession and TUI to Delist from London Stock Exchange
Welcome back everyone! It seems unreal saying it but we have successfully reached our sixth season of The Firm Analyst. Thank you so much for your support thus far. In this episode, we discussed: Currys PLC rejecting a takeover bid from activist hedge fund Elliot Investment Management and what…
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S5EP4: An Introduction to International Loan Finance
Welcome everyone to this deep dive episode of The Firm Analyst! In this episode, alongside taking stock of major stories to do with Meta's earnings, Tesla shareholder disputes and central bank ambivalence on interest rates, we took a closer look at syndicated lending. As these are one of the most...
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ABOUT THIS SHOW
This Firm Analyst is a podcast hosted by Adnan Shafi, an incoming Trainee Solicitor at Foot Anstey LLP. The goal of the podcast is to demystify the world of commercial law and help aspiring and current Trainee Solicitors build their commercial awareness.Every week, Adnan discusses important developments in the economy while analysing how those developments affect law firms in the UK and beyond. His approach also includes directing listeners to key sources of information that are often overlooked by many. Tune in every Sunday to start your journey of becoming a firm analyst!
HOSTED BY
Adnan Shafi
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Frequently Asked Questions
How many episodes does The Firm Analyst have?
The Firm Analyst currently has 72 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is The Firm Analyst about?
This Firm Analyst is a podcast hosted by Adnan Shafi, an incoming Trainee Solicitor at Foot Anstey LLP. The goal of the podcast is to demystify the world of commercial law and help aspiring and current Trainee Solicitors build their commercial awareness.Every week, Adnan discusses important...
How often does The Firm Analyst release new episodes?
The Firm Analyst has 72 episodes. Check the episode list to see recent publication dates and frequency.
Where can I listen to The Firm Analyst?
You can listen to The Firm Analyst on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts The Firm Analyst?
The Firm Analyst is created and hosted by Adnan Shafi.
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