For eighteen years, Sigrid Verbert sat inside the FTSE 100. As general counsel of a London-listed insurer, she did not advise on the periphery of boardroom decisions — she drafted the papers, sat the night before the meeting with the chief executive, and watched the chairman's hand move across the page before anyone else did.
In that role she personally led two contested takeover defenses and one successful hostile-rejection strategy. The work is unglamorous in the telling and unforgiving in execution: late nights on the Takeover Code, weekday dawns with the financial adviser, Sunday phone calls with the registrar, and a quiet discipline of writing nothing down that was not also defensible to a regulator. It is the kind of training that does not translate into a curriculum — it can only be acquired in the room, under the lights, with the consequence arriving on a Monday morning.
By the time she departed the in-house role in 2011, she had spent the better part of two decades being asked the question most boards avoid: are we sure? That question — phrased exactly, without sentiment, repeated until it could no longer be evaded — became the instrument she would later carry into her own practice.
She left not because the work had dried up but because the room had become too small. The questions she was being paid to ask inside a single company were, she had come to understand, the same questions that chairs and chief executives across the FTSE, the DAX, and Euronext were quietly not asking of themselves.