What are the most irreversible mistakes a trainee can make in a Corporate/Finance seat?

They say most mistakes are fixable but are there any which aren't (or are very difficult/embarrassing to do so)?

Don't lie and don't try to cover things up. Nothing else is irreparable (but maybe don't get handsy or spend a night with the managing partner's other half). 

D'ya reckon that CityNewbie, in constantly asking all these questions,  is actually a journo looking for some fodder for an article...?

If you are at a US firm mistakes are irrelevant as your USP is ludicrous hours and aggression. Most US partners are trading off stolen MC forms 10+ years out of date.

Nothing else is irreparable

Other than when that big firm had to sell their City offices and move to Canary Wharf because a trainee didn't register a charge on an office block at Companies House in time, and the liquidator treated the lender as an unsecured creditor sharing in a 0.1% recovery rate...

My old boss used to say that it was failing to file a charge - the old form 395 - although it could be suggested that if it were that important then the qualified person supervising the matter should make damn sure that the trainee has done his job properly.

Nowadays the SRA would probably suggest that crossing the street when the little man was showing red was within its purview and a far more serious matter than mere professional negligence.

although to be honest the worst thing you can do is irritate a client.  as they'll be thinking, christ if i find them irritating, the other side will find them awful. and that doesn't help matters.  and they'll probably tell the partner.

 

 

 

Yeah, it was supervisor's fault.  Trainee registered it at Co House because that's what she'd been told registration meant - when in Colouring In.  This was circa 1992.

Accidentally sharing one party's confidential information with another party is pretty irreversible. Hard to put that cat back in the bag. 

Do you mean registered at the Land Registry but not at Companies House?

or the other way round - you can't register it at HMLR unless it's been registered at CH

Sorry, yes, she'd sent the thing in to the Land Reg but not Co House.  The story as I heard it was it was bad luck on timing (and a lesson in not leaving things to the last minute) - something like trainee sent the thing in to the LR on day 20, borrower went bust on day 22, and then firm sussed it was not at Co House as well when lender asked when it could get money back.

What are the most irreversible mistakes a trainee can make in a Corporate/Finance seat?

Sh*gging the lead partner's spouse/significant other?