Voice of Experience: Lois Herzeca, Partner, Gibson Dunn

LoisHerzecaBy Melissa J. Anderson (New York City)

“When I was in law school I fully intended to become a litigator,” began Lois Herzeca, Partner at Gibson Dunn.

After graduating cum laude from Boston University School of Law, Herzeca joined the Antitrust Division of the Justice Department in Washington, D.C. through its Honors Program. Based on her experience working in the Antitrust Division, she decided to move into the private sector as a litigator, and took a position at Fried Frank in New York in antitrust litigation.

“Then I realized I was much more interested in corporate practice,” she explained. “I enjoyed the creativity in structuring deals and the strategic thinking involved in executing deals. I felt I could become a real advisor to clients.”

Eventually, Herzeca became a partner at Fried Frank, spending over twenty years with the firm. Then, three years ago, she moved to Gibson Dunn. “I felt a larger global practice created a better platform for my client base,” she explained. She is now a member of the firm’s Mergers and Acquisitions and Capital Markets Practice Groups, and she is co-chair of its Fashion, Retail, and Consumer Products Practice Group.

She says one of her proudest recent achievements was being named a Dealmaker of the Year for 2012 by The American Lawyer. “I’m honored to be among that group. There are relatively few women partners in law firms who work on contested M&A transactions,” she explained. Additionally, she continued, she is extremely proud to have been honored with her alma mater’s Alumni Pro Bono award in 2009 for her many pro bono activities.

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Movers and Shakers: Jean Balfour, Director, Bailey Balfour Consulting, Ltd.

jeanbalfourBy Melissa J. Anderson (New York City)

“Dare to dream,” advised Jean Balfour, Director of Bailey Balfour Consulting. As an organizational development consultant and coach for executive women, Balfour has extensive experience working with women across many industries, and she said one of the key things she has learned from them is the importance of developing your aspirations.

“Dare to think big and dream big,” she continued. “And along with that, find a mentor and sponsor right from day one, who can help you achieve your dreams.”

She advised senior women to “really, really proactively support younger women, and encourage your male peers to mentor or sponsor young women as well, so they have as much support as they can get to move along in their careers.”

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Pride Month Primer: Being an Effective Ally and Champion for Gender Diversity

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iStock_000016657279XSmallBy Melissa J. Anderson (New York City)

“I’ve been involved with LGBT groups since 2002, and I first noticed the term ‘straight allies’ around 2004,” recalled John Henry Watson, Vice President at Citi. “I saw an ‘A’ at the end of LGBT and wondered what it meant, and when I found out, it seemed like a no-brainer.”

Now co-head of Citi’s LGBT network chapter in New York, Watson said one of the areas he focuses on is sustaining Citi’s ally program and keeping allies involved in the long term. “Straight allies are definitely a crucial component of a diversity strategy and they help to demonstrate and sustain a supportive, inclusive culture.”

In its report on straight allies [PDF], the UK group Stonewall explains how support from straight employees is critical in achieving inclusiveness in the workplace.

“Good straight allies recognise that gay people can perform better if they can be themselves and straight allies use their role within an organisation to create a culture where this can happen. Straight allies might be at the very top of an organisation or a colleague in a team. Either way, they recognise that it’s not just the responsibility of gay people to create a workplace culture that is inclusive of everyone.”

Watson believes, “If a straight ally goes through the effort to understand the issues that LGBT coworkers face, it’s not only energizing, but it can have a positive business impact.”

What can straight allies do to provide this critical support? Here are three ways straight allies can make a difference in workplace inclusiveness.

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Voice of Experience: Julia Hoggett, Head of Covered Bonds and FIG Flow Financing EMEA and Head of Short Term Fixed Income Origination EMEA, Bank of America Merrill Lynch

juliahoggettBy Melissa J. Anderson (New York City)

One of the most important lessons Julia Hoggett learned early in her career was the importance of being herself. Now Head of Covered Bonds and FIG (Financial Institutions) Flow Financing EMEA and Head of Short Term Fixed Income Origination EMEA at Bank of America Merrill Lynch, Hoggett explained, “Bringing your whole self to work can only help you advance.”

Early in her career, she hadn’t quite learned this lesson. “There was a sense that I needed to assume a professional face, both as a woman and as an investment banker. Luckily I learned that bringing the real me to the office made me better at my job.”

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Lale Topcuoglu, Portfolio Manager, Managing Director, Co-head of Global Investment Grade Portfolio Management, Goldman Sachs Asset Management

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Lale TopcuogluOriginally from Turkey, Lale Topcuoglu studied economics and politics at Mount Holyoke College in Massachusetts and then took a job as an analyst at Goldman Sachs in 1999, where she quickly ascended the ranks, being named a managing director just ten years later. “That’s probably my proudest achievement,” she said, “getting promoted to Managing Director and co-head of the Investment Grade business. We manage $70 billion in assets and I co-lead a team of 22 people in the US, Europe, and Asia.”

“When I look back at my career, Goldman Sachs has been a land of opportunity for me,” she added.

How did she rise so quickly? Topcuoglu said one of the skills she’s glad to have learned in her career is the ability to negotiate. “Nobody really teaches you this,” she explained. Getting a sense of how your company really works is also important for career growth, she continued. “I learned pretty quick on the job, if you can understand how organizations work, the administration, it will help you.”

Finally, she said, learning self awareness was important for her advancement. “Be aware of your little professional quirks,” she said. “Sometimes I make knee jerk responses, and I’m learning to start with a yes, instead of a no.”

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35 Under 35: Angela Best, EMEA Group Tax Controller, Nomura

AngelaBestBy Melissa J. Anderson (New York City)

According to Angela Best, EMEA Group Tax Controller at Nomura, one of the lessons she wishes she had learned earlier in her career is to be more open to new experiences. “It’s to be less serious and enjoy life – not to be frightened to make mistakes,” she explained.

After graduating from the University of Kent, Best began her career at an accountancy practice, and when she received her chartered accountancy certificate, she moved to the investment banking industry, working in tax. “It was a smooth move,” she said. “I haven’t encountered any stumbling blocks.”

“When Lehman happened in 2008, I saw an opportunity that I was unlikely to encounter again.” Nomura acquired parts of Lehman Brothers’ Asian and European investment banking, fixed income and equities division, she explained. “It was the opportunity to marry two very different cultures together, however, it wasn’t just the people factor, but also the new working practices. It was a very challenging and unusual time.”

In fact, Best says her most interesting roles have involved working through technical projects in the context of change. In her last role, she led a team designing how a unit of previously outsourced work would be brought in house. “As part of it, we had to recommend the software we’d be using – which meant presenting to senior management, performing due diligence, and selling how it would work in house.”

Participating in the team brought her significant visibility with senior management, she explained. “I had to prepare and present our cost benefit analysis – it was very exciting.”

Currently she is working to coordinate with Nomura’s Indian service center, and enjoying the unique opportunity to learn about a new culture. “Within my department I look after European taxes. There’s a lot of reconciliation work that we’re looking to offshore to India,” she explained.

Best said she is paying keen attention to the challenges the banking industry faces. “There are reputation issues currently. It’s something everyone in our industry should be following, just to see where the industry is going.”

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35 Under 35: Toni Mohammed, Client Manager, Marsh USA

ToniMohammedBy Melissa J. Anderson (New York City)

One key element in career advancement, according to Toni Mohammed, Client Manager at Marsh Inc., is being assertive about your goals. “I would advise young women to not be afraid to ask for what you want, work hard, keep pushing, and be patient.”

The other, she said, is building relationships. “This industry has a lot to offer. It’s also a very small world, so leveraging your networks early on will help you get to where you want to be.”

“I like to say I’m a child of insurance,” she said with a laugh, explaining that her mother worked in the industry for 25 years in Trinidad. “I kind of grew up in the industry.”

Born and raised in Trinidad and Tobago, Mohammed came to the United States on a scholarship, and went on to study math and actuarial science at Howard University. After completing actuarial internships at CIGNA, Nationwide, and Deloitte, she realized she wanted more client interaction, and took a position as an insurance broker at Marsh in Washington DC. As part of the firm’s Risk Analyst program, she developed a keen interest in Multinational, and within months of attending training in Atlanta, Georgia, she started working for the Multinational Client Practice as an International Property and Casualty broker.

Now Mohammed is a team leader and Multinational Advisor at Marsh, and co-leader of Pride@Marsh (the company’s LGBT affinity group). Mohammed has also become a sort of Middle East insurance expert. She recounts one of her proudest achievements as her work in this area.

“One of my defense clients had an auto fleet in Afghanistan, Iraq, Lebanon and other Middle East countries where certain local coverages were contractually needed. You can imagine in this economy it was a great challenge getting insurers to even offer these coverages, much less consider the aggregation risk concerns and cost,” she explained. “Fortunately with the expansive Marsh network and partners in London and the Middle East, I was able to find a solution for our client.”

“But I really have two jobs,” she continued. “My day job and my ‘gay’ job.”

“My day job of advising clients on what’s going on with international insurance and trends that can affect them is very exciting. Sharing knowledge with my teams and being part of a dynamic environment means that I’m always on my toes to see what works, how to improve, and how to change,” she explained.

“Balancing compliance with international regulations and cost analysis for international insurance programs are of key interest to me. With increased global scrutiny and the poor economy, there is greater tax activity by local governments when there is non-compliance with the insurance regulations. In some instances there are also hefty fines and penalties, including imprisonment, that our clients may be exposed to, so helping to explain international insurance regulations is key.”

“In my ‘gay’ job,” she continued, “we are also on the verge of change. With my co-leader Cris Castillo-Brizard, we have re-energized the LGBT group at Marsh called Pride@Marsh. We are getting involved in community and education. We are creating ties to business in ways that have never been done before. I am very proud the Marsh leadership is behind us and continues to do the right thing.”

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Voice of Experience: Sarah Walker, Executive Director, Enterprise Data & Services, Global Head IT & Data Operations; Securities Reference Data, Morgan Stanley

SarahWalkerBy Melissa J. Anderson (New York City)

Throughout her life, Australia-born Sarah Walker, Executive Director of the Enterprise Data & Services Group at Morgan Stanley, has demonstrated a devotion to solving problems and efficiency. Energetic and direct, she described how she entered the world of IT after becoming frustrated with the indirect pace of her university education.

She entered university intending to study journalism. “I wanted to be a writer,” she explained. “But I quickly decided I hated university! I thought I could pick up a book and learn anything they were going to teach me on my own. So I convinced my parents to say yes to me dropping out if I could find a job.”

“I think they only said yes because they thought I would never find one!” she said with a laugh. But, she continued, she did find work. “It was the early ‘90s and I got a job doing operations reconciliation work at Citigroup in Sydney. I had a big computer sitting on my desk, yet everything was still being done manually. I thought, ‘why are we doing this with a calculator and pencil and paper?’”

Walker turned her computer on, and worked out a way to turn the 8-hour ordeal into a 1-hour process. “From then on, I’ve been hooked. My career has been about making processes more efficient and solving problems.”

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Why LGBT Inclusiveness is a Business Matter for Everyone

Nicki HeadshotBy Nicki Gilmour, Founder and CEO of The Glass Hammer and Evolved Employer

I am delighted to introduce our 2012 Pride month coverage on theglasshammer.com, starting with this week’s profiles of LGBT women.

Our profiled women this week are also the panelists at our event in London on the 26th June called “Managing Multiple Identities at Work.” The event is part of our career management series exploring social identity and how it relates to building your network and advancing in the industry.

I am sure at this very moment, there are readers who are shaking their heads and saying, “If you work hard enough, it doesn’t matter who you are.” I would beg to differ. Our very existence on the web would suggest that competence alone does not get women to senior management.

Most of the research around gender issues at work is done around straight white women, and in fact, adding degrees of difference from the so-called “norm” (such as being LGBT [PDF] and/or being multicultural) to the mix often creates additional barriers to advancement, due to harmful stereotypes that, incredibly, are still alive and well in 2012.

This is where a supportive company culture motivated by good leadership, along with the right sponsors and a powerful network, can play a huge role in ensuring the success of talented people of all stripes. It’s only when everyone accepts that we aren’t all the same and are able to “own” their social identity that they can begin to understand that privilege is usually greatest for those who find themselves in the dominant group – the group which gets to set the societal, and consequently, the workplace norms.

Diversity should not simply be relegated to the diversity department to “sort out,” nor is diversity a matter of taking a Noah’s Ark approach so commonly seen in the form of box ticking and compliance. We all play a part of what makes up a company’s culture, as culture is really how work gets done beyond the organizational chart. That is why we welcome men as gender champions to our upcoming event, as well as straight allies to come and be active in their support. It’s also why I’m delighted to announce that we will be offering leadership development courses around diversity and inclusion through our consulting and research arm Evolved Employer.

LGBT issues, as with gender and ethnicity issues, are business issues, and we must stop asking these groups to prove their legitimacy. The business and talent benefits will come if relationships are built in an inclusive way. However, that is not to say that we want everyone to “suck it up and fit in.” Otherwise we are encouraging assimilation and ultimately group think. All that energy around fitting in could be used to innovate products and invigorate business relationships.

Let’s not apply the golden rule of treating others the way that you wish to be treated, and instead, treat others how they themselves want to be treated. The competitive advantage will go to leaders who can spot who gets silenced at work, and who will prevent unconscious biases from being rewarded.

I hope we can be the role models that the next generation wants and needs us to be.

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Leadership Lessons You Learned on the Playground

HurryContributed by The Runaway MBA

I have reached the stage of my life where my friends are becoming parents daily. We often discuss how they plan to raise their kids and the lessons and values that they hope to instill in their children. After these discussions, I cannot help but reflect why some of those lessons from early childhood are so important throughout your life. Life is a journey, and the best lessons learned on how to be successful along that journey come from the lessons on the playground.

  1. Learning how to stand up to the playground bully and solve other conflict.
    When I reflect upon my childhood, often my mother was so protective of me. When she heard of a fight at school or someone making fun of me, she sought to protect her cub. She never hesitated to reach out to the opposing parent and negotiate an apology or solution to the brawl. She acted instinctively on guard because her child was at risk. However, she failed to let me learn how to defend myself appropriately, work out my own issues, and stand up for my beliefs.
  2. Learning how realize that you are wrong, say you’re sorry.
    As the only boy and youngest cousin, often my brother was coddled to the point where he strutted along like the little prince. In his eye he could do no wrong. But occasionally he made a mistake or two and deflected with, “Well, I am the boy.” He did not have the ability to recognize a mistake, apologize, and rectify the situation. Learning how to make amends and maintain your composure is a skill of a winner.
  3. Learning how to work well with others.
    I remember joining a soccer team and fearing that if passed the ball onto another team member, they might not receive the ball. This fear of trusting my teammates drove me to excel as a singles tennis player. But it did not solve the main issue – I needed to learn how to work well with others. As a professional, trust is the key element of teamwork. Sometimes we may not agree with the style of play of our teammate; but because that person is on our team, we need to put forth the effort and let them know that we have their back and respect them even when our opinion is different.
  4. Learning how to dust yourself off when you fall down and move on.
    My parents so wanted me to succeed in my elementary school days that I now believe that they guarded the path with bumpers as a precaution in case I should fall. This path was so strictly guided that there was little room to be misguided, to accidentally get lost, or to test out different routes. It was sufficiently cushioned that I did not have to learn how pick myself up and keep moving because it was always moving for me. I suppose that it would have helped me develop a thicker skin to handle rejection and alternative choices sooner. Life will not always go according to plan. Sometime I need to redirect energy focused on what went wrong towards the direction of getting back up, dusting myself off, and moving forward to accomplish my goal even if it takes longer.
  5. Learning how to be a true competitor and handle loosing with respect.
    Often on family vacations we would play card games like “go fish” or “old maid” on rainy days. In these games I played to win and occasionally I lost. Instead of viewing those instances like a setback, I stormed off in a huff looking for excuses to blame my loss and hide my embarrassment. Instead of retreating, I lacked the self-confidence to enter a competition with the knowledge that sometime winning is not always possible and with an ability to shake the competitor’s hand when in defeat. Sometimes what matters is having a winning attitude and doing everything possible to work towards that goal. Establishing self-confidence early in life is so important in order for one to head into any situation with the appropriate attitude in order to move on regardless of the situation’s outcome.

I recognize that being a parent is one of the toughest roles that a woman can fulfill in her life. I often wonder what kind of mother I will be. I hope that when the opportunity comes that I remember these lessons above as a guidebook to raise a strong and confident child.

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