Muggle
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People Anatomy™
A spotter’s guide to the men and women of finance.
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Lawyer slang for one who is not legally qualified. May include those from sales, credit, COO or just randoms you meet on the street each day. Named after the ordinary punters in J. K. Rowling’s Harry Potter series. You know, like Uncle Dudley.
Great fun can be had at the expense of muggles when it comes to counter-intuitive legal concepts like branches, corporate personality, title transfer collateral arrangements, the basic law of contract, or the local council. Prime brokerage counsel are known to screech “rehypothecatio!!” at passing CASS compliance auditors.
“The practice of law would be so much easier,” lawyers are apt to say, “if one didn’t have to deal with clients”.