To work with M&A: Young Women Lawyers May Be Missing Out

female lawyers featuredBy Aimee Hansen

Women lawyers are underrepresented in M&A primarily because they are less likely to enter and stay in the field. But some M&A women partner lawyers wonder if young lawyers know what they are missing.

The gender gap in M&A

A study of more than 17,500 lawyers at 25 law firms nationwide found that women held 48 percent of first and second year associate positions (corporate: 43 percent, M&A: 40 percent) but only 18 percent of senior equity partner positions (corporate: 16 percent, M&A: 15 percent).

While a glaring gap in women between the associate level and equity partner level exists across law, the distinguishing M&A gap is at entry level. Female enrollment in M&A courses (37%) was also noticeably below enrollment overall (45%), showing that law students are disinclined to enter, and/or discouraged from entering, the lucrative practice of M&A.

The survey’s authors speculate that perceptions about M&A keep women out, such as being testosterone-fueled, more demanding, and not family-friendly.

Being a woman in M&A

Clare O’Brien, Partner at Shearman & Sterling, entered M&A as a third year associate only because the firm had a mandatory rotation policy back then.

“I actually didn’t really want to go to M&A because it had a reputation of being very ‘male’ …” says O’Brien. “That’s a cautionary tale, in the sense that if I’d had my druthers, I wouldn’t have chosen to rotate to the M&A team, but I was really glad that I did.”

M&A law is skewed male, and investment banks (with which M&A lawyers regularly interact) more so, but O’Brien says being a woman has not impeded her advancement.

“Nobody made me feel less competent or less able than any of my male colleagues. I got opportunities to do the same sort of work, the same level of responsibilities and the same exposure to clients as my male colleagues,” O’Brien shares. “From my point of view, my preconceptions were not, as a general matter, actually born out in practice. Maybe I was lucky to work with the people I did, or maybe the preconceptions are a little bit unfair.”

Here are some of the rewarding aspects of M&A that you may not know about:

Being central to people and process

“I think it’s one of the more interesting practice groups to be in, because in a transactional practice, M&A tends to be the hub, and so people who work on the M&A team are generally responsible for the transaction documents,” says O’Brien, “which means we get to solicit and receive input from other practice groups and then incorporate that input into the transaction documents.”

According to O’Brien, more exposure to the processes of client decision-making and multiple practices positions an M&A lawyer well if she or he decides to transition to an in-house or business position.

“You are more of a generalist than any other practice area,” says O’Brien, ”which, I think, makes you a better lawyer. And you generally have closer contact with the business people than people working in other practice areas.”

Learning on an on-going basis

“We have a very cross-border practice, so, at least in my work, you get confronted with different legal regimes and questions that you don’t know the answer to and have to find out, so you’re constantly learning,” says O’Brien. “That may be true of other practice areas, but my sense is that they are more jurisdiction-based than M&A.”

This growth opportunity includes the latitude to learn about M&A as you enter the field. Among a recent panel of six senior M&A women lawyers at BC Law, few had either interest or experience in finance during underground or law school.

Having satisfying work flow

M&A lawyers report that it’s gratifying to move through the finite deal-making process from beginning to end, and that a transaction-based practice offers a sense of completion.

“The work has a flow to it, which is satisfying in the sense that you get to work on a transaction, you get to understand at least some of what your client does, as well as the business that is the subject of the deal, you get to draft and negotiate the transaction documents, and get to a signing, and then a closing,” says O’Brien. “Each signing and closing represents a milestone, and therefore an accomplishment.”

In the panel, M&A lawyers also expressed that the hands-on immediacy of the work (as opposed to litigation on past damages) and tangibility make it rewarding.

Leveraging strategic and relationship-building skills

While M&A is more associated with masculinity, much of the skills required – collaboration, listening and consensus building – are more “stereotypically” feminine.

“I think you get to be a better listener, and to exercise diplomatic skills…What you’re trying to do is to find solutions instead of erecting roadblocks,” says O’Brien, “so you have to be creative and prepared to think outside of the box. You have to be able to listen to the other side’s concerns, why they don’t want to do what you want them to do, and then, where possible, find a compromise.”

“You can’t just pound the table and say ‘it’s my way or the highway’ because that often won’t work,” says O’Brien, “and your client won’t thank you for it because your client wants to get a deal done and wants somebody who can help it do that, rather than hinder that.”

When it comes to the broader benefit of women in deal-making, a recent study of S&P 1500 companies found that organizations with a higher proportion of women on the board pay less for both acquisitions (15.4 percent less for each female director) and takeovers (7.6 percent less for each female director).

What about the schedule?

Flexibility is increasing in firms and much can be done remotely during the valleys of work, but peaks are both exciting and intense. When signing or closing a deal, being in the same room for extended hours with the client and the other side is often still necessary.

“What can be hard is the unpredictability of your schedule,“ says O’Brien. “If your client wants to do a deal and it happens they want to do it over the weekend, you have to do it over the weekend.”

O’Brien emphasizes the importance of building up a support network you can rely on, and notes that M&A lawyers usually have the means to pay for that support. Also, finding flexibility, one senior M&A lawyer reports arranging her summers off with her kids.

“I think what you have to do is say OK, when I’m ready to have a family, I’m going to have a family,” says O’Brien. “If you’re waiting for the right time, there’s never going to be the right time, so you have to go ahead and do it when it’s right for you.” O’Brien’s own daughters are eleven and seventeen years old.

Is M&A for you?

Like any area of practice, M&A will not be for every women lawyer, but if you can get beyond the dissuading preconceptions, you may find yourself surprised.

“In my view, M&A is one of the most interesting, if not the most interesting practice area in corporate law, and the perceptions that women are less welcome, and are less successful, are overblown.” says Shearman & Sterling’s O’Brien. “If you decide that you want to pursue a corporate practice that is transactional, and if you’re interested in being intellectually challenged and interacting with people on a constant basis, you should seriously consider becoming an M&A lawyer.”

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Ask Yourself These Questions before Accepting That Job Offer

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Women-on-TabletHow exciting to get a new job offer! Perhaps you have been job searching for a while. Maybe you are relieved to finally secure a position that seems worthy of your talent and experience. After months of submitting resumes online and the seemingly never ending series of phone interviews that go nowhere, getting an offer is validation that you are still marketable.

Of course, our first impulse is to take the job. Yet, there are many things to consider when you receive a job offer at a new company. It’s common to focus first on the compensation and benefits package, the new title and responsibilities. We can get distracted by all this. But if you are ambitious and forward thinking, you also need to consider what the new company can offer YOU in terms of your long range career goals and potential advancement.

Here are some questions you should ask when evaluating a new company:

Are there women in senior executive roles?

One of the first things to look at is the organizational chart to determine if there currently are women in leadership roles. If there is some representation of women at a high level, where did these women come from? Were they promoted from within or recruited from the outside?

The answer to this question is important in order to determine if the company is invested in building a pipeline of women and committed to nurturing that pipeline to leadership roles.

Do senior women have P&L responsibility?

Many companies will boast that they have promoted women to assume leadership roles, but when you take a good look at the organizational chart you may discover that these positions do not come with any fiscal responsibility. In other words, the company may have gendered roles even at the senior level. A lack of female role models has been noted to be an obstacle for high achieving women.

Do women have power and influence?

What role do women play in the overall operations and strategy of the company? Do they have any involvement in setting the direction of the company? Are there women on the Board of Directors? Do women at all levels sit on committees that have a voice with senior management?

Does the company invest in developing women leaders?

Is there a women’s network? If so, is it supported by senior management? Does the initiative have a reasonable budget? The budget is a big clue! Many of these programs lack any financial support which most likely indicates the company is paying lip service to supporting the advancement of women. Very little can be accomplished without money or executive sponsorship.

Does the company have a program for high potentials?

If so, what is the representation of women in this program? Are the criteria for inclusion in the program clearly defined? Are women moving to leadership positions once enrolled in this initiative?

Does the company have a formal sponsorship program?

Once again, it’s important to determine if women are included in sponsorship programs because these programs provide the type of advocacy and support that lead to promotions. What is the result of their sponsorship? If there isn’t a formal program, are women being sponsored or are they stuck in the mentorship trap? Speak with HR to determine if sponsorship for high potential women is recognized as important and actively promoted with senior leadership support.

Does the culture of the company align with your values?

This question is perhaps the most important one of all. Does the overall culture of the organization align with your core values and your ambition? The culture can support you or stifle you and unless you take the time to meet with people and ask questions, it is extremely difficult to see what’s happening behind the scenes.

You can determine quite easily if there are flexible work options and other policies that are important to your ongoing success by looking at the employee handbook or consulting with human resources. Answering these questions will certainly help you to determine if the company is supportive of high achieving women and working mothers.

But on a very basic level, you should answer this question for yourself: What type of culture will best support my ambition? If you want to create visibility and credibility for yourself, are you more likely to succeed in a hierarchical structure or a consensus driven organization, a conservative or cutting edge culture? Where will you be able to voice your opinion and make a difference?

Every company has its unique culture and it’s dangerous to stereotype based on the industry; all the more reason to take the time to figure out if the organization aligns with who you are, how you like to work, and where you want to go with your career.

The bottom line here is that our eagerness to take a job offer in a new company may seem like the best move to make. But before you accept the offer, consider whether or not the company is the right company for YOU.

Bonnie Marcus, M.Ed., is the President of Women’s Success Coaching, where she helps professional women advance their careers. She is the author of THE POLITICS OF PROMOTION: How High-Achieving Women Get Ahead and Stay Ahead (Wiley).

Guest contributed by Bonnie Marcus

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Best of Career Tips

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Our resident Executive Coach and Organizational Psychologist Nicki Gilmour writes a regular inspiring and useful career tip column for theglasshammer that helps women navigate through their career.Nicki Gilmour

If you are interested in hiring an Executive Coach you may contact Nicki directly on Nicki@theglasshammer.com for a no obligation chat about our services.

Take a look at the some of the previous articles Nicki has written:

 

Leadership: How to be authentic at work and why sincerity can hinder that

The trouble with “authenticity” in the workplace is that there are many definitions of what being authentic is and in reality we are often defined by the role we play.

Why wanting more at work can be a good and bad thing

I am very guilty of living in the future and this can lead to not being 100% engaged in the present.

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Voice of Experience: Amanda Rubin, Managing Director, Global co-Head of Brand and Content Strategy, Goldman Sachs

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 By Cathie EricsonAmanda Rubin

“When you work with a group of intelligent and diverse people there are bound to be those who disagree with your opinion, but that doesn’t mean that you shouldn’t speak up,” says Goldman Sachs’ Amanda Rubin.

When first beginning a new position, she recommends focusing on excelling in the fundamentals of your role.  But once you have mastered some of your tasks, Rubin advocates communicating your opinions with confidence. “Sharing a thoughtful opinion backed by good judgment and facts will allow you to differentiate yourself and move forward in a meaningful way,” she says.

As your career progresses, Rubin advises that you are responsible for harvesting talent, and this means allowing junior members on your team to express their points of view: “Remember that your team is looking at you and your actions – from how you treat people and encourage them to be involved in the dialogue to how you engage in your day-to-day activities.”

An Evolving Industry, Ripe For Disruption

After earning her BA in Political Science from Emory University and an MBA from The George Washington School of Government and Business Administration, Rubin dove into the advertising world. She earned positions at top agencies such as Chiat Day, Ogilvy & Mather and DDB Needham Worldwide, where her MBA made her a perfect match with industry-leading financial services clients.

Building on her robust background working with clients in the space, Rubin joined Goldman Sachs’ Brand Marketing and Digital Strategy Group in the late 1990s, eager to parlay her experience into helping to establish the firm’s marketing department. At the time, the firm was just beginning to enhance its external communication efforts as it built its brand in advance of its initial public offering. In support of these efforts, Rubin helped launch Goldman Sachs’ first public website; developed a series of advertising campaigns designed to position Goldman Sachs competitively; and created recruitment marketing materials to further cement the firm as an employer of choice globally.

Almost a decade later as the financial crisis began, Rubin and the team had to evolve their strategy as the firm made a conscious effort to combat an increasingly negative narrative in traditional and social media. “We realized that a lot of people didn’t know what Goldman Sachs does, so we began to actively engage the public in our communication efforts,” she explains.  Previously Goldman Sachs had only targeted a limited set of stakeholders with its marketing outreach, but the crisis became a pivot point in her career as this set of constituents broadened and changed.

“While our approach may be different from other financial services firms who have more of a retail presence, our goal is the same: to demonstrate transparency and share the firm’s purpose and mission.”

Creating her team is the professional achievement Rubin is most proud of to date.  “When I look across the floor and see this talented group of people who are making an impact, it’s gratifying to consider the important role we are playing in shaping the firm’s narrative and explaining the role of Goldman Sachs in the economy and markets.  I am proud of what the team has accomplished and the profile we have earned for the firm.”

As Goldman Sachs has begun its foray into the retail space by taking deposits and making loans, her team has been working closely with the consumer group as they look at new ways to engage and leverage what she describes as “the most innovative toolkit available.”  From Facebook to Twitter, they are constantly seeking new ways to introduce Goldman Sachs’ thinking and expertise to new channels and audiences.

This focus is more important than ever given the general disruption surrounding the intersection of advertising, media and brands.  Previously, each was a separate pillar: a brand would depend on agencies to develop content, which media companies would then distribute.  Now, as brands have the ability to be publishers of content, it allows them to directly share insights with their audience.  “Lines will continue to be blurred, which creates opportunities to establish our own thought leadership platform, distribute content efficiently and partner with new entities,” Rubin says.

Continuous Learning Yields Growth

One reason Rubin has been able to thrive during this time of disruption in the traditional marketing environment is her enjoyment of continuous learning.

“It’s not possible to keep up with changes in this industry if you’re not willing to continuously learn and ask questions, which can be uncomfortable at times,” she acknowledges.  However, she believes being intellectually curious and leveraging talented people is a strength.

In addition to staying abreast of industry changes, Rubin advises that networking is also vital to success in the space.  “That’s the only way you can expand your day-to-day world and contribute in a valuable way to people beyond your immediate sphere,” she says.

An advocate for more formal networking involvement as well, Rubin served as co-chair of the Legal, Compliance, Internal Audit and Executive Office Women’s Network from 2010 to 2014.

“One of the greatest things about Goldman Sachs is our people, and you have a unique opportunity while working here to connect with and learn from a group of incredibly intelligent and accomplished individuals,” she says.

Work and Family: Mutually Beneficial

With two teenagers and a husband, Rubin embraces both her time at work and at home. She finds that being a mom gives her valuable perspective that helps her in the workplace, and in turn, her colleagues give her perspective that helps her be a better mom.

“My kids see me experience highs and lows; they see me working hard and succeeding, but they also see me face challenges, dust myself off and go back to work the next day. I am grateful that work provides me with a platform to teach them these life lessons.”

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