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In US, upper market it means more substantive first drafting, middle market is more of a coin flip. Both sides are sophisticated clients so not much difference in the sophistication of the issues you are pursuing. More junior grunt work sponsor side because you are producing corporate ancillaries etc but that greater comfort with company side issues is helpful for exits. Most beneficial to development to do some of both sides if you can.
In London yes I think so as you hold the pen on the documents so good experience drafting and negotiating as well as managing the deliverables. I much prefer being lender side.