Only somewhat related, but in my line of work (corporate law), where we work on a lot of different kinds of transactions, I find that my experience of working on a particular type of transaction can be roughly divided into five stages:<p>- Stage 1: The first few times you work on a particular type of transaction, you are completely lost. You've never seen these documents before, it all feels alien and scary (bearing in mind you are probably at an early stage in your career at this point). You need someone more senior to hold your hand through it all, and you feel like you're asking a million questions.<p>- Stage 2: You've gotten your head around the basic structure and don't feel so useless. You're learning a lot with every deal, which is exciting. You're still asking a lot of questions but they are more intelligent questions, and you are able to contribute meaningfully.<p>- Stage 3: You are by now quite experienced at this type of transaction. You can pretty much run things yourself. You love doing this work because you are good at it, you can speak confidently about it and people trust you with it. Hopefully by this stage, you have someone more junior who is just feeling their way through Stage 1, and you can support them.<p>- Stage 4: You've done so many of these deals that they all start to feel the same and it gets a bit boring. Hopefully by this stage the junior has moved on to Stage 2. They can at least handle the most tedious stuff, and with your support they are also getting familiar with the more complicated stuff.<p>- Stage 5: Your junior (not really a "junior" anymore) has moved on to Stage 3 and can take the day-to-day running of the deals out of your hands. You remain involved mainly in a supervisory role, making sure quality of service remains high and dealing with the occasional novel issue that crops up. But in general you have a lot more time now, to work on other types of transaction, and of course to go out and build out new client relationships so that the work keeps flowing. And hopefully you have a second junior moving into Stage 1 to repeat the cycle.