Voice of Experience: Carolyn Vardi, Partner, M&A Practice, White & Case

By Melissa J. Anderson (New York City)

Carolyn Vardi, M&A Partner in White & Case‘s New York office, says one of the primary challenges for women in the legal profession is the relationship between time and family responsibilities. “The practice of law is based fundamentally on time: the time you spend with clients, the time you spend on deals, the time you spend on cases. It’s a kind of war on time in how you allocate those hours,” she said. “For women, the question is how to maximize the efficiency of your time.”

Vardi continued, “How do you devote enough time to your career, your families and friends, and anything else of interest? Balance isn’t the right term – there never is a balance. It’s all about where you allocate time at any given moment so you’re most fulfilled.”

“It’s really hard to fit everything in on any given day. That’s true for anyone in the industry, but can be uniquely true for women,” she added.

So what is Vardi’s advice? “Taking ownership and actively managing my time. No matter what your seniority level, it’s never too soon to take ownership over what it is you are doing. As soon as I began taking ownership over my work and career path as well as my personal goals, my picture became clearer and my goals more defined. Without a doubt there are challenges left and right, but when you take ownership over your time, managing everything seems a bit more feasible.”

Career in Law

Vardi started as an associate at White & Case right out of Columbia Law School. “I thought I’d be a securities lawyer,” she recalled. “Or go into bank finance. I didn’t automatically see myself as an M&A lawyer right from the get-go.”

Over time though, she found M&A work the most interesting. “I realized that if I had to be in the office at 2am reading an agreement, I’d rather it be a purchase agreement than a credit agreement,” she said with a laugh. “And I continue to agree.”

Vardi became a partner in White & Case’s M&A practice in 2010 and the next year, she was named on The M&A Advisor‘s “40 Under 40” list of outstanding lawyers. “When I think about all the things I am proud of – being promoted to partner or leading complex acquisitions and sales – when I really think about them, the times when I am most proud are when a client calls me for something that is not deal-related, but because they want my advice on something they are thinking about.”

“It makes me realize that I’ve become a trusted advisor rather than just legal counsel, and to me, that’s very special, adding value beyond something that is commoditized.”

Currently Vardi is working on deals, and living the evolution of the private equity industry closely. “I do a lot of private equity work and it is an interesting time for private equity. Ever since 2008, everything has been turned on its head,” Vardi explained. “Investors are more conservative these days,” she continued, “and there’s a lot of capital that must be deployed. I don’t think people are as confident in the economy as anybody thought they would be by now.”

Vardi, as the Chair of White & Case’s New York Lawyers Committee, is also enthusiastic about a new initiative to help train younger attorneys and create better ways to share information firm-wide. “The legal industry is changing and we have to ensure we are always responding to client needs and giving the best legal service to our clients. At the same time, we need to be sure we are mentoring and training junior and mid-level attorneys constantly.”

“The goal is to make sure that we are training attorneys constantly, pushing the envelope in the best way to provide service, harnessing institutional knowledge and complementing it with external knowledge, and pushing it forward so everybody knows about it.”

Advice for Women in Law

Vardi encourages young people to speak up more often at work. “There are so many times that attorneys find themselves sitting in meetings or on phone calls, and think they know the answer or have a good idea, but are intimidated from speaking because they are junior or in the minority. Be confident and express yourself. Ask questions and share ideas. Be sure others know the value you are contributing. It’s important that people make themselves known.”

She believes that women shouldn’t let future personal considerations change their career plan when they are first starting out. “Don’t count yourself out. Especially for young women who are so early in their lives and career trajectory. There are so many ways to contribute.”

“It’s such a shame when women foreclose on the opportunities that present themselves because of preconceived notions about what their abilities and choices are. Give yourselves every opportunity to succeed.”

She advised women who are more senior to stay focused on the big picture. “Don’t get distracted by little things. It’s so important that we keep an eye on the big picture. Develop your careers overall and create paths forward for junior women in becoming the best lawyers that they can become.”

“Sometimes because of the tension of time, because of time challenges, women can become distracted and focus on the minutia. It’s important to step back and keep your perspective on what it is you are trying to achieve.”

Women at White & Case

In addition to taking part in the firm’s women’s initiative, Vardi is spearheading a global M&A women’s initiative. “We want to bring the best practices with respect to flex arrangements to bear for women in our group.”

She explained, “The firm offers a flex policy framework for reduced scheduling. But one challenge facing women is that they don’t come forward with their needs until it is too late and they are forced into specific solutions.”

Vardi and her team are working to ensure they address the concerns of women across White & Case’s global M&A offices, and ensure women know their options. “I benefited from a flexible arrangement, and was able to take advantage of the cyclical nature of M&A work, while still being responsive to the needs of clients. I was able to give everything to my career and to my family.”

In fact, Vardi was the first female partner to do this at the firm – she would be 100 percent on during a deal, and then take advantage of downtime when the deal was over. It was something she developed and presented to senior leadership, and has worked well for her. She is trying to share that success with other women in M&A.

“We are working to change the view of part time work, in that the traditional approach to part time doesn’t work. It assumes the nature of our own work will change once a woman decides to work reduced hours, and the woman isn’t able to learn or take on as many responsibilities. That leads to resentment on both sides. We need to think about part time in a more flexible way,” she continued. “That allows women to be everything she can possible be as an attorney while devoting meaningful time to her family.”

In Her Personal Time

Vardi spends a significant amount of time volunteering for her daughter’s school. “It’s very service oriented, teaching children about art and other things.”

She also enjoys spending time outdoors as much as possible with her family. “I’m trying to introduce the kids to nature, to appreciate the world around us and give back.”