After guiding Adelaide-based mining giant Normandy through a $4.5 billion merger with US-based miner Newmont, Adelaide lawyer Peter Watson was not ready to hang up his boots.

Neither was he keen to return to the cloistered world of large law firms after finding he had a taste for in-house corporate work.

In a move he says is probably unique in legal circles, he set up a practice offering what he calls "out-sourced, in-house counsel".

He had been poached into the in-house corporate law realm by the now-defunct Normandy in 1999 after 27 years at big law firms.

Mr Watson says he can't remember why he became a lawyer but that there are two things he loves about the job: doing deals and helping businesses achieve goals.

"I love a deal, I really love a deal," he says. "I like to see the tought processes that go behind developing the opportunity; I like then putting the bones on it."

During the 2001-02 Normandy takeover, Mr Watson worked with Newmont's New York lawyers to bed down the merger details.

He was also involved in the late 1980s in the restructuring of Kalgoorlie's "Golden Mile".

"If that hadn't happened, Kalgoorlie wouldn't exist today," he says. "There was a smart man called Alan Bond."

"Love him or hate him, he was certainly smart in relation to what happened in Kalgoorlie. That was just terribly rewarding to be involved in an outcome that ensured the future of that town."

Mr Watson says being in-house counsel for Normandy spurred an interest in business-wide solutions, rather than just legal ones.

"It's fantastic to be at the coalface and be involved in a hands-on way in the business," he says. "I used to get involved in all sorts of issues at Normandy."

"I would put my nose in where sometimes is wasn't wanted."

Mr Watson left Newmont in July 2002. Wanting to stay in Adelaide, he weighed up his options, such as returning to a large firm, but found there was little attraction I that.

Working at the management level in large firms is, he says, "like herding cats: it's impossible... you get too many egos and it ends up not being any fun at all".

He says he was then encouraged to set up his own firm by Normandy founder and executive chairman Robert de Crespigny.

Along with other ex-Normandy and Santos executives, he moved into a Hindmarsh Square office.

"There had always been this objective of uniting a group of people who are ex-Normandy people in the one premises and seeing what we could do to help each other by being together," Mr Watson says.

The group, dubbed the "Hindmarsh Alliance", includes Creagh O'Connor and Rob Greenslade of finance, merger and acquisition consultants Gryphon Partners, former Normandy treasurer Ken Williams whose company, Balmoral Consulting, does finance consulting, and Paul Taliangis - formerly of Santos - who runs an oil and gas consulting business.

Mr Watson's new firm, Watsons Lawyers, combines his passion for business and his legal skills, offering "out-sourced in-house counsel" for companies who need - but can't afford - in-house counsel.

It involves engaging external lawyers to do some of the legal work for the company while you choose other work within your competency and do that yourself.

"And what we're really saying to clients is 'here are some people who really understand what it's like to be inside a business because we've been there'."

Mr Watson says full-service law firms claim to be able to provide the same service, but were locked into using their own lawyers, whereas Watsons could use specialist - often cheaper - forms.

A former Melburnian, Mr Watson believes there must be a psychological shift for South Australia to realise its economic potential.

"What makes a difference in an economic sense is attitude," he says. "There's a group of South Australians who will too readily make excuses. They say it's the government's responsibility, 'the government's got to cut this or do that'. There are more of us who are starting to think this is a great place."

"Let's talk it up."

Peter James Watson

Born: November 15, 1947, Riverstone, NSW.

Education: Aquinas College, Perth. LL.B (Hons) Melbourne University.

Career: Articled clerk, solicitor and partner Weigall & Crowther, Melbourne, 1969-1986. Retained by Perth-based Dallhold Resources Management (Bond Gold Management) 1986-1987. Established and managing partner, Sly & Weigall, Perth, 1987-1991. Managing partner, Sly & Weigall, Melbourne, 1991-1996. Partner, Andersen Legal, Melbourne 1996-1999. Group executive and group legal counsel, Normandy Mining (which became Newmont Australia), Adelaide, 1999-2002. Formed Watsons Lawyers, 2002.

Personal: Peter is married to Judy and has two adult children, Lucy and Tom. Interests include golf, thoroughbred horse racing and wine. He is also a trustee of a charitable trust that distributes more than $500,000 annually.