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BANKING ON CORPORATE BY BRYAN HAYNES A toast to champagne! colourless, anti-climactic, and mere perfunctory gatherings. Most lament- able of all is that closings have become dry. Strangers convene at a pre-ar- ranged time, robotically sign various documents, drink apple juice, exchange superficial social niceties, impatiently shake hands, and anxiously part ways. Where did the days when closings meant more than an agreed drop-off and pickup point disappear to? Closings should be celebrated for W what they represent: the culmination of months of hard work and sacrifices, the successful completion of a negoti- ated business transaction, and the begin- ning (or conclusion) of a time-honoured business relationship. There is no better way to celebrate such events than with the most noble and historic of all drinks — champagne, the world's undisputed hallmark of celebration. For me, looking forward to shar- ing a flute (or two) of champagne with clients and colleagues serves as a power- ful motivator (perhaps only second to getting my bill paid) to continue work- ing tirelessly towards a closing. Serving champagne also provides a propitious opportunity for clients to exchange meaningful congratulatory words and for the hosting law firm to thank its cli- ents for their continued patronage. Champagne's origins as a celebra- tory drink date back to the fifth century when Clovis, the Frankish warlord, and several thousand of his soldiers, were baptized in Reims following his deci- sive victory over the Romans. A lavish banquet followed at which the wines of Champagne were served. And there- after, it became tradition for the kings of France to be crowned in Reims, followed by similar celebrations. Since then, champagne has become ith far too few exceptions, clos- ings have regrettably become boring, routine, uneventful, synonymous with friendship and cele- bration. From Louis XIV to Napoleon, George Washington to Winston Churchill, Peter the Great to the Czars, from sport championships to new years' celebrations, champagne is always present the world over. As Bernard Pivot writes in Dictionnaire amoureux du Vin, "Parce qu'il pétille, parce qu'il mousse, parce qu'il est gai, le vin de Champagne est de tradition associé aux réussites et aux success, aux victoires et aux exploits." What distinguishes champagne from other sparkling wines (i.e. prosecco, cava, sekt, crémant, and cap classique) is the Champagne (the region) behind champagne (the wine). Its unique terroir, its history of perseverance amid hard- ship and adversity, and its resilient and industrious people. For champagne is not merely a beverage, but an extraordinary story of a people that has triumphed over calamity, time and time again. The terroir of Champagne is char- acterized by its cool, northern climate, chalk soil, and three grape varieties (pinot noir, pinot meunier, and char- donnay). The Romans first planted vines around 57BC. Production is regulated by unparalleled standards and uncompromising regulations with an unequalled emphasis on aging. Mechanical injection of carbon dioxide is illegal. The 250 million bubbles con- tained in each bottle of champagne are naturally produced during the famed second fermentation which takes place in the bottle. Criss-crossing 30 metres beneath Champagne is a 483-kilometre network of chalk cellars and tunnels providing an ideal environment for cel- laring champagne. Since the Middle Ages, Champagne has been the site of some of the bloodiest battles in history (the Roman invasion of Gaul by 5 BC, the defeat of Attila the Hun in the Battle of Chalons in the fifth century, the Frankish defeat of the Romans in the fifth century, the Hundred Years War in the 14th and 15th centuries, the Thirty Years War in the 17th century, the War of Spanish Succession in the 18th century, the Russian invasion of 1814, the Franco-Prussian War of 1870, the First and Second World Wars, to name but a few). Each of the later battles and inva- sions was accompanied by extortion- ate pillaging of the famed cellars. Plundering also took place during the French Revolution and the Champagne riots of 1911. In the Franco-Prussian War of 1870, 2.5 million bottles were pillaged. During the Champagne riots of 1911, six million bottles were destroyed. Not to mention other calam- ities and setbacks such as the Black Death, phylloxera, Prohibition, and the Great Depression. In the First World War, 98 per cent of Reims was destroyed — only 40 of 40,000 buildings remained intact after more than 1,000 consecutive days of bombardment. Most of the major cham- pagne houses were completely ruined. In the village of Verzenay, only 175 of 1,200 acres of vines remained intact. Champagne lost over half of its popula- tion. As a testament to the resolve of the Champenois and their dedication to the vines, women and children risked their lives harvesting what they could in the face of constant shelling. During the habitual exchange of toasts at closings, one can reflect on the remark- able history of Champagne and quietly raise a toast to the Champenois, their dedication to producing the world's great- est effervescent wine, and the unmatched courage of their ancestors. Bryan Haynes (haynesb@bennettjones. com) is a partner and co-chairman of the commercial transactions practice group at Bennett Jones LLP. www. C ANADIAN Law ye rmag.com M AY 2010 17