H. Rodgin Cohen, chairman of Sullivan & Cromwell, the New York-based firm, advised AIG on its $85 billion (£45.9 billion) bailout by the US Government, giving it an 80 per cent interest in AIG. He, and a number of S&C partners led by Michael Wiseman, also advised Goldman Sachs, the investment bank, on its ground-breaking conversion to a bank holding company and advised Lehman Brothers before it filed for bankruptcy.

What were the main challenges in the AIG deal and the possible implications?

From AIG’s perspective, it was first to be able to explain and make a convincing case that it was a viable corporation — which it was; and that it was a liquidity issue that was at the heart of the problem, not asset valuation. The central bank is there to deal with such issues and the Federal Reserve and the Treasury Department understood that that was the real issue. I can’t say that there will not be similar cases but what happened with AIG — a company that has very sound value in its underlying insurance businesses — is likely to be a one-off.

What was your worst day as a lawyer?

It is actually relatively recently, on Sunday, September 14 — the day that Lehman Brothers failed. So many people tried so hard to get it successfully resolved, and a lot of very fine people saw what they had accomplished over so many years dissipate. My greatest concern was for them and their employees and the ramifications for the system.

What was your most memorable experience as a lawyer?

There have been many, but clearly, it was the day in January 1981, when the 52 US hostages had been held in the US Embassy in Iran for more than a year. I had worked on the many claims that the US banks had against Iran, and the Federal Reserve Bank then settled those claims — and that contributed to the hostages finally being released and being flown to Germany and then back to the US.

What would your advice be to anyone wanting a career in law?

Do it — it can be a fascinating experience. Law is at the intersection of business and policy and you can have a role in shaping policy — and the future; and it can be an everyday challenge, with new experiences every day.

Why did you become a lawyer?

I loved college and its broad experiences, and being a lawyer has that same breadth of experiences, as well as the interaction with all kinds of people.

Who has been the most influential person in your life and why?

My parents, because of the codes of sensibility and responsibility that they instilled in both myself and my brother.

Where do you see yourself in ten years?

That is hard to predict — by that time, I will have been retired for a few years, but I would envisage working in some form of public service.

l_tsang@hotmail.com

Explore Law

• Columnists

• Law Panel

• Law Reports

• Student Law

Times Recommends

• Linklaters trounces rivals as UK's biggest firm
• Clifford Chance profits plunge 37 per cent
• Casual drinkers hit by spread of 'dry' zones