Dr Narine Lalafaryan

Dr Narine Lalafaryan is a University Assistant Professor of Corporate Law at the Faculty of Law, University of Cambridge, a Fellow of the Cambridge Endowment for Research in Finance, and a Fellow in Law at Pembroke College, University of Cambridge. Her research and teaching interests cover Corporate Finance, Restructuring, Law and Economics, International Finance, and Corporate Law.

Prior to joining Cambridge University as an Assistant Professor of Corporate Law, Narine was a Lecturer (Assistant Professor) in Corporate/Financial Law at UCL, Faculty of Laws; Hogan Lovells Scholar at the University of Cambridge, Faculty of Law; Harvard Law School (HLS) - University of Cambridge Visiting Scholar at HLS; Visiting Scholar to the Max Planck Institute for Comparative and International Private Law (Hamburg). Before embarking on her academic career, Narine was in private practice for a number of years, specialising in corporate law matters and, especially, corporate debt financing, with legal experience both in common law and in civil jurisdictions.

Narine’s law-and-finance paper "Orchestrating Finance with Material Adverse Changes?" (2022) Legal Studies, has won the Best Paper Prize award of the Society of Legal Scholar’s (SLS) Annual Conference. It is the first paper in this area of law to win the award since the establishment of the prize. The Society of Legal Scholars’ selection panel said that they were "...impressed with the originality and reach of Narine’s paper, which they felt makes an important contribution to scholarship in the field". Narine’s paper “Material Adverse Change Uncertainty: Costing a Fortune if Not Corporate Lives” (2021) Journal of Corporate Law Studies is the top most read paper of all time in the JCLS and was featured on The Columbia Law School’s CLS Blue Sky Blog, The Oxford Business Law Blog, and mentioned by Professor Bainbridge’s Blog.

Narine holds a PhD in Law and Finance from the University of Cambridge, Faculty of Law (Sidney Sussex College). Her inter-disciplinary PhD thesis 'Uncertainty in Debt Finance: Reconceptualising Material Adverse Change Clauses' has won The York Prize of the University of Cambridge (2023), awarded by the Cambridge Law Faculty for a doctoral thesis of "exceptional quality, which make a substantial contribution to a field of legal knowledge". For her PhD, she was also awarded three merit-based scholarships, including The Hogan Lovells Scholarship in collaboration with the Cambridge Law Faculty. Narine also holds a Master of Law (LL.M.) degree from the University of Cambridge, Faculty of Law (Clare Hall College), for which she was awarded 6 scholarships, including the Cambridge Trust Scholarship. She was also selected for the award of The Pegasus Scholar of The Honourable Society of The Inner Temple. Her prior experience also includes legal studies at the American University of Armenia (The Vartkess M. Balian Merit Award Nominee) and the Yerevan State University.

Narine is currently working on her book on ‘Material Adverse Change Clauses’, which will be published with Oxford University Press (forthcoming) and is based on her doctoral thesis. The book offers an in-depth systematic analysis of MAC clauses and inter-connected provisions in debt finance and in M&A deals, providing comparative data on English, Delaware, New York, and other US laws. She is also presently working on a Law and Finance project called “Modern Capital Providers and The Firm". This inter-disciplinary project re-evaluates foundational legal questions due to the changes in the corporate finance landscape over the past years (2007-2008 global financial crisis, COVID-19, 2023 banking crisis), in particular, with respect to the development of private markets and the substantial growth of alternative asset classes (e.g., private credit).

In July 2025, Narine gave evidence to the House of Lords Financial Services Regulation Committee based on her work on private credit and Chameleon Capital.

PRIZES AND SCHOLARSHIPS:

• The Yorke Prize 2023 of the University of Cambridge for PhD thesis 'Uncertainty in Debt Finance: Reconceptualising Material Adverse Change Clauses'
• The Best Paper Prize 2021 of The Society of Legal Scholars (SLS) for 'Orchestrating Finance with Material Adverse Changes?'
• The Hogan Lovells PhD Scholarship (full) in partnership with The Cambridge Law Faculty
• Vicken I. Simonian Memorial Scholarship | Armenian Bar Association
• University of Cambridge - Max Planck Institute (Hamburg) Scholarship
• Cambridge Commonwealth, European and International Trust Scholarship
• Pegasus Trust Scholarship, The Honourable Society of The Inner Temple
• Clare Hall Scholarship, University of Cambridge
• Ethel Jaffarian Duffet Scholarship | AIWA
• Luys Foundation Scholarship
• Soroptimist International of Europe Scholarship
• Hirair and Anna Hovnanian Scholarship
• AGBU Scholarship
• The Vartkess M. Balian Merit Award Nominee (LL.M. nominee)
• AUA Scholarship for Academic Excellence
• YSU scholarship and stipend

• Hogan Lovells Scholar, PhD in Law, University of Cambridge (Sidney Sussex)
• Harvard Law School - University of Cambridge, Academic Exchange Scholar
• Max Planck Institute for Comparative and International Private Law (Hamburg) - University of Cambridge, Academic Exchange Scholar
• Master of Law (LL.M.), Faculty of Law, University of Cambridge (Clare Hall)
• Master of Law (LL.M.) studies (one academic year), College of Humanities & Social Sciences, American University of Armenia (AUA)
• Bachelor of Law (LL.B.), Faculty of Law, Yerevan State University (YSU)
• Diploma from the School of Advocates of The Republic of Armenia (Civil Law and Civil Procedure specialisation)
• Advocate of The Chamber of Advocates of The Republic of Armenia, Licence ID: 2416

AWARDS and SCHOLARSHIPS:

• SLS Best Paper Prize Winner 2021, The Society of Legal Scholars for 'Orchestrating Finance with Material Adverse Changes' paper (https://www.law.cam.ac.uk/press/news/2021/11/narine-lalafaryan-wins-society-legal-scholars-best-paper-prize)

• Hogan Lovells PhD Studentship in English Private Law (full, merit-based) (Cambridge PhD)

• Armenian Bar Association | Vicken I. Simonian Memorial Scholarship (merit-based) (Cambridge PhD)

• Armenian International Women's Association Scholarship (merit-based) (Cambridge PhD)

• MPl Hamburg - University of Cambridge, Scholarship (Cambridge PhD)

• International Bar Association (London) | IBA Trust Scholarship | Legal Policy & Reseach Unit

• Cambridge Commonwealth, European & International Trust (Cambridge LL.M.)

• Luys Foundation Scholarship of The President of The Republic of Armenia (merit-based) (Cambridge LL.M.)

• Pegasus Trust Scholarship of The Honourable Society of the Inner Temple (merit-based) (Cambridge LL.M.)

• Clare Hall Scholarship, University of Cambridge (Cambridge LL.M.)

• Hirair and Anna Hovnanian Foundation Scholarship (Cambridge LL.M.)

• Armenian General Benevolent Union Scholarship (Cambridge LL.M.)

• Soroptimist International of Europe Scholarship (Cambridge LL.M.)

• AUA Scholarship for Academic Excellence (merit-based) (AUA LL.M.)

• Vartkess Balian Award AUA LL.M. Nominee (AUA LL.M.)

• Ministry of Science and Education of the Republic of Armenia Full Scholarship for Academic Excellence (merit-based) (YSU LL.B.)

• Ministry of Science and Education of the Republic of Armenia Stipend for Academic Excellence (merit-based) (YSU LL.B.)

ACADEMIC and RESEARCH EXPERIENCE:

• European Commission (EU), Directorate‑General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), Capital Markets Union, "Analysis of Individual and Collective Loan Enforcement Laws in the EU Member States" report (2019). Research Assistant to Dr Felix Steffek (University of Cambridge). Provision of legal research assistance and leximetric data coding. (https://ec.europa.eu/info/publications/191203-study-loan-enforcement-laws_en)
• Research Assistant, Machine Learning Project, Cambridge Centre for Business Research (CBR), University of Cambridge (2021)
• Graduate Teaching Assistant, LL.M. Corporate Finance Law (Debt Finance), (2019-2020), Faculty of Law, University of Cambridge
• Company Law Supervisor, BA Tripos Law, (Part II), (2020-2021) (2019-2020), Sidney Sussex College, University of Cambridge
• Graduate Teaching Assistant, LL.M. Corporate Finance Law (Debt Finance), (2018-2019), Faculty of Law, University of Cambridge
• Law Admissions Interviewer (2020-2021), Newnham College, University of Cambridge
• Guest Speaker for LL.M. corporate finance students, University College London (UCL), Faculty of Laws (2021)

PROFESSIONAL EXPERIENCE:

• Legal Counsel, ZCMC CJSC/CRONIMET GRUPPE

• Legal Researcher (volunteer), International Bar Association, Legal Policy & Research Unit (LPRU)

• Pegasus Scholar/Lawyer, South Square chambers, The Honourable Society of Gray's Inn

• Pegasus Scholar/Lawyer, No5 Chambers (London), The Honourable Society of the Inner Temple

• Pegasus Scholar/Lawyer, 11KBW chambers, The Honourable Society of the Inner Temple

• Junior Associate, Harutiunian & Partners Law Firm LLC

MEMBERSHIPS and BAR ADMISSION

• Life Member, Clare Hall College, University of Cambridge

• Member, The Society of Legal Scholars

• Licensed Advocate of the Chamber of Advocates of the Republic of Armenia

• Benjamin Franklin Fellow (Alumna) of the Benjamin Franklin Transatlantic Fellowship

GRANTS:

• Youth in Charge Civic Engagement Seminar, Wake Forest University, North Carolina, Benjamin Franklin Transatlantic Fellowship
• Young European Peers (Berlin, Germany), (Brussels, Belgium) Youth in Action Programme, The European Commission, European Union (joint grant with other co-founders)

OTHER EXPERIENCE:

• Pegasus Scholar, The Honourable Society of the Inner Temple (Pegasus Trust founded by Lord Goff)

• Co-founder, Organiser, Teacher, Young European Peers, Youth in Action Programme, The European Commission, European Union

• Benjamin Franklin Scholar, Benjamin Franklin Transatlantic Fellowship, The United States Department of State (Wake Forest University)