Voice of Experience: Paloma Wang, Partner, Capital Markets Group, Shearman & Sterling

Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!

At just 37 years old, Paloma Wang’s rapid ascension to the partnership at global law firm Shearman & Sterling, where she specializes in initial public offerings (IPOs) and other corporate finance transactions in the firm’s Hong Kong office, is a tale worth telling. Her career achievements are a testament to the value of establishing a long-term vision and having the drive to make it a reality.

“You need to determine your own path and carve out your own unique identity,” Wang advises when reflecting on her career to date. “Don’t let anyone else dictate who you are as a professional or as a person.”

She adds, “By establishing your own priorities and doing the things that truly make you happy, you will drive your career path in the right direction. Don’t make concessions because you are junior or because you are a woman. Plant your feet firmly and set your sights on achieving everything you want.”

Career in Law

Born and raised in China, Wang graduated from a top law school and afterwards was offered a three-year, fully-funded scholarship to study law at Oxford. Wang received her training at a UK law firm in Hong Kong and in December 2005 she became qualified to practice law in Hong Kong.

Traditionally, the legal market in Hong Kong has been dominated by UK firms, but over the last five years, Wang explained, more and more US-based law firms are opening Hong Kong practices. Wang joined the team at Shearman & Sterling when the firm launched its Hong Kong law practice in January 2010. Currently, her practice focuses primarily on capital markets, representing both issuers and underwriters in IPOs. She also advises investors and corporates on private equity investments and listed issuers on compliance, general corporate and regulatory matters.

Although the majority of her practice is focused on Hong Kong, Wang noted that there is definitely an increase in large deals that require a lot of cross-border work and coordination with institutions in foreign jurisdictions, particularly the United States. “The integration of US law and Hong Kong law has been hugely successful at the firm’s Hong Kong office since many of the IPOs on the Hong Kong Stock Exchange have a US component as well,” she explains.

Changing Regulatory Landscape

According to Wang, the regulatory landscape in Hong Kong is very different from that of the US, but one of the most exciting aspects of her job recently has been witnessing the transformation of the Hong Kong regulatory regime.

“Last October, the new sponsors’ regime imposing prospectus liability on the banks came into effect,” Wang explains. “This means the banks are now on the hook and since April 1 this year, every single IPO application proof must be published on the Hong Kong Stock Exchange’s website. The rationale behind this tougher approach by regulators is to encourage quality IPO submissions from the outset with listing application materials being substantially complete so that the regulatory vetting process can be shortened. This is all ongoing right now and everyone in our practice is working hard to adjust to the new policies and practices.”

The new regulatory landscape has created important opportunities for Wang. She noted that while the defining moments of her career still lay ahead of her, the recognition she has received from her colleagues and firm leaders for her technical skills and knowledge of her field, her client care and business development capabilities has been extremely rewarding for her.

“It is also satisfying to hear positive feedback from the issuers and underwriters I represented in IPOs,” Wang says.

She recalled a special moment when the chairman of a company she represented expressed his gratitude and indicated that her leadership throughout the IPO process was critical to the company’s successful listing.

“All of these little moments are reaffirming and incredibly rewarding. They drive me to do what I do,” she adds.
Although Wang is on maternity leave at the moment, she is able to continue to work on deals and remain active in her role. “My son is my most challenging client right now,” she says, laughing. “But I’m thoroughly enjoying the experience of discovering motherhood.”

Women in Law

Although Wang has never personally felt like she has been treated differently than her male colleagues, she indicated that sometimes women may feel like they have to go the extra mile and demonstrate that they are just as skilled and knowledgeable, and thus worthy of the same career advancement opportunities as men.

“The Hong Kong legal market is very demanding and competitive,” she says, “and this requires you to be reliable, responsible and responsive. I have found that you need to be assertive and strong, without being aggressive or overbearing.”

“I think talent in Hong Kong’s legal field is generally recognized regardless of gender, age, or ethnic or economic background,” she adds. “However, the fundamental challenge for women continues to be maintaining a strong work-life balance.”

As a new mother, Wang is starting to experience how difficult it can be to strike the delicate balance between having a quality family life as well as being a career-driven professional woman.

Wang noted that having support from her colleagues at Shearman & Sterling – both formally and informally – has played a critical role in her success. She shared the story of how she was pregnant when she received the news from the firm’s senior partner, Creighton Condon, that she had made partner. She immediately assured him that she was committed to the firm and dedicated to returning to work as soon as possible.

“Our senior partner told me that he was looking at me as contributing to the firm as a partner for the next 30 years and that he was not concerned at all about the couple of months that I would be off on maternity,” she recalls. “This really meant a lot to me.”

Outside the Office

In her spare time, in addition to spending time with her son and husband, Wang is a serious practitioner of yoga. “Practicing yoga is one of the best investments I have made in myself,” she says. “It allows my mind to escape and it is great stress relief.”

By Michelle Hendelman