Hally happy to be back at the coal face

Since handing over to new chief executive Patrick Andrews, Hally says he has had the busiest time of his career.

Deals include the lead partner role for Cairn Energy in the $6.3 billion Indian IPO of its subsidiary, Cairn India Limited and a lead role on the 11.6bn Iberdrola takeover of Scottish Power.

He said: "I did think I would ease myself gently back into corporate life but it has been so busy. In sectors such as oil and gas, the market has been very active and relationships with firms that we have built up over the years have brought steady streams of work."

He added: "We have acted for Cairn Energy since 1988 and last year we worked on the largest ever inward investment IPO in India for the firm. We also acted for Edinburgh Oil and Gas in connection with their 133 million takeover by Dyon UK so the oil and gas sector is buoyant."

Doubling turnover and profit and opening offices in London and Aberdeen during his five year stint, Hally resisted the temptation to join up with accountancy firms, a trend followed by rivals McGrigor Donald and Dundas and Wilson.

Listed by Chambers Law Directory as one of the top 15 business lawyers in the UK - the only person in the top 15 outside the City of London - it was conceivable that, like many top sporting managers, Hally might struggle to return to the field after five years in the manager's role.

"I think the chief executive experience helps me focus on what's important. Having returned to client work and continuing to build our client base, I think it gives me a greater edge. I did spend at least 10 per cent of the time on key client work but I now know the chief executive will be working on deals at the same time as running a business so we need to be able to provide a service that is efficient and fast."

Naming Cairn Energy boss Sir Bill Gammell as something of a mentor, Hally says Cairn is an example of making a client relationship work.

"One thing I remember about working with Cairn was a deal in 1989 where we completed it in 13 days. Bill Gammell sent me a crate of champagne, saying 'thanks for picking up the ball and running with it', and I'd like to believe that's what we do. Certainly with Cairn, we haven't dropped the ball since. It's a case of getting hold of the clients issues, brokering the deals and getting the ball over the touchline."

As legal adviser to ScottishPower since 1992 on a range of corporate finance and commercial transactions, and recently working on the Iberdrola takeover, Hally said it is unfortunate another Scottish plc has disappeared but hopes there will be opportunities with Iberdrola for Scottish firms.

"It is obviously a concern that Scottish plcs are taken over.

"The governance that instructs the local legal and accountancy community, which I believe is the best in the world, is something we hope won't disappear.

"With ScottishPower, the combined Iberdrola business will be huge and there is potential for work in renewables and other fields on a worldwide stage," said Hally.

After studying law at Edinburgh University, Halley has been a partner at Shepherd & Wedderburn since 1987.

Transport is another area of expertise for the Shepherd corporate team. Hally has worked as an adviser to Eastern Scottish Omnibuses in connection with the First Group acquisition and he worked as an adviser to Stagecoach on their acquisition of South Yorkshire Supertram.

Working on PFI projects, Hally remembers the Skye Bridge contract as being one of the most interesting, especially when the then Labour Lib Dems Scottish Executive decided to take it back into national ownership. He also worked as adviser alongside the Scottish Office to the Scottish Prison Service regarding procurement of the first Scottish private prison in Kilmarnock.

Last year, Shepherd & Wedderburn witnessed a substantial rise in income from 30.7m in 2004-5 to 34.6m in 2005-6. It is understood this year's results, not yet final, will show a similar rise.