Voice of Experience: Doreen Lilienfeld, Partner, Executive Compensation & Employee Benefits Group, Shearman & Sterling

By Melissa J. Anderson (New York City)

Doreen Lilienfeld, a partner in the Executive Compensation & Employee Benefits Group at global law firm Shearman & Sterling, has established her reputation as a leading executive compensation lawyer through exceptional client work and thought leadership initiatives like article writing and speaking opportunities.

But when it comes to career advancement in the legal profession, Lilienfeld believes that establishing and maintaining relationships is key. In her experience, networking matters.

“Everyone is a potential contact,” she says. “You never know where the people you meet along the way are going to wind up. You see people move from one path of life to another. To the extent that you can network earlier in your career rather than later, and keep those contacts, it is incredibly useful later in life.”

Part of that networking should be internal, she suggests. Having climbed the ranks at Shearman & Sterling’s Frankfurt, London, Bay Area, and New York offices, Lilienfeld emphasizes that the benefits of finding a role model can be considerable. “Get a mentor,” she says. “It’s the most critical piece of advice I can give anyone for career success.”

But earning the support of colleagues is not automatic. It requires delivering on commitments and nurturing key relationships all along the way. “You need to stay connected and have a team dedicated to your success throughout your career,” she explains.

Career Path in Executive Compensation Law

Lilienfeld began her career with plans to be a tax lawyer. Instead, her first assignment was an executive compensation deal. “And I never stopped,” she recalls with a laugh. “Working for a smaller group on large transactions, I got a lot of substantive work at a junior level. It was just addictive.”

These days, as a noted executive compensation partner, Lilienfeld says she still gets motivated by the opportunity to help her clients in difficult situations. “The part of my job that I enjoy the most is counseling corporate executives and clients through crisis situations – for example, CEO transitions, mergers and acquisitions and, generally, addressing economic recovery. This is always very challenging, and achieving good results for my clients is always personally rewarding.”

Lilienfeld says the increasing focus on corporate governance following the economic crisis has been fascinating. “The big thrust for us is in the intersection between compensation and corporate governance,” she explains. “Today, the institutional investor is interested not just in what people are getting paid but how that compensation is delivered.”

That means investors are asking more questions about risk, checks and balances in the boardroom, clawbacks, and other procedural mechanisms.

Lilienfeld also leads the executive compensation research for Shearman & Sterling’s annual Corporate Governance Survey, an annual report on the compensation-related corporate governance practices of the largest 100 US public companies. “This is our tenth year,” she says. “What’s particularly interesting is that, in the past decade, going from Sarbanes Oxley to Dodd Frank, we’ve seen real change in how companies are approaching compensation.”

Advice for Women in Law

Lilienfeld believes many women are uncomfortable with the notion of power – and, she says, that needs to change. “It’s not shameful for women to be ambitious. It’s not shameful to want to be at the table.”

In fact, she continues, she’s observed some female colleagues holding themselves back professionally. “I think the major bar to success for many women is themselves. It reminds me of (Facebook CFO) Sheryl Sandberg’s theory about checking out before you check out. I’ve seen so many talented women over the years leave the profession and it’s incredibly distressing.”

Even as an associate, Lilienfeld knew she wanted to become a partner at the firm. “I made no disguise of that fact and made no apologies about it,” she explains. She counts making partner in 2002 as her proudest professional achievement. “I really felt like I had started my career at that point,” she says.

Finding role models and mentors can help women stay on track. “When I first started, my role model was the strong woman who led our group,” Lilienfeld recalls. “And my first mentor was a partner the firm assigned to me. He happened to be a man – but an enlightened one. He was always interested in what I had to say. And morally, ethically, socially, substantively, he was the type of lawyer I wanted to be. He still challenges me to be an even better lawyer. I also had an unofficial mentor in another partner in our group who is often my sounding board, and that sort of mentoring can be a fantastic way to advance your career.”

She also encourages senior women to support their junior colleagues. “Don’t forget you were the new girl on the block for a little while! Keep your eye open for those informal mentoring opportunities,” she says.”

“It can seem like a small thing from a senior woman’s experience, but it’s not small from a junior woman’s perspective. Things like talking over coffee, making comments on a draft, or sending a quick thank-you – these things can make a big difference.”

Lilienfeld is co-chair of WISER, the firm’s women’s network. “I’m just at the beginning of my two-year term,” she says. “During my tenure as co-chair of WISER, I’m hoping to focus on helping our younger female lawyers to begin thinking about business development sooner.”

In Her Personal Time

For Lilienfeld, time outside of work is generally family time spent with her four-year-old son and her fiancé. “Being a parent is a wonderful experience and an awesome responsibility,” she says. “My four-year-old son is incredibly important to me. I want to instill in him the values that I think are important and make sure he’s somewhat of a feminist.”

Lilienfeld also spends her “free time” on pro bono work. “It’s a great way to feel like you are working in the community and it’s incredibly rewarding,” she says.

She has been particularly involved with Lawyers Alliance for New York, a pro bono clearing house for community-based programs, and with inMotion.org.

“I have a strong affinity for inMotion,” Lilienfeld explains. “It’s an organization devoted to justice for low-income women. This year I was part of a team that was recognized with an award from the group, and I’m particularly proud of that.”