Voice of Experience: Gail Cohen, Vice Chairman and General Trust Counsel, Fiduciary Trust Company International

By Tina Vasquez, Managing Editor

Gail Cohen says that her career in law “happened by happenstance.” Out of college, she was hired by a trust and estate attorney because she could type, but ended up staying with the firm for 10 years during which time she became a paralegal, attended law school, and became an attorney.

“When I finished college and began working for the law firm, I thought about going to law school, but I had no clear direction,” Cohen said. “I had no idea what kind of law and honestly, at the time I had no idea what trust law was.”

After working at her first small law firm, Cohen spent several more years working for a large international law firm, Cohen then took a position with Fiduciary Trust, where she has spent the last 20-years of her career, now serving as vice chairman and general trust counsel. Currently, she is in the process of opening up a new office for Fiduciary Trust located in Boca Raton, FL.

“This is the kind of work that truly excites me because it’s entrepreneurial,” Cohen said. “I’m spearheading the project and it’s a lot of responsibility: a new office in a new market, requiring that we build our reputation. It’s almost like a start-up. It’s thrilling!”

The Challenges of Leadership
As vice chairman and general counsel, Cohen is a leader at Fiduciary Trust and as such, her biggest challenge, she says, mirrors the challenge leaders in any industry encounter: making sure the people you’re working with can do their job well.

“Day-in-day-out, that is a big responsibility and a big challenge,” she said. “The goal is to give people the tools, resources, and knowledge they need to accomplish their role and fulfill their responsibilities.”

Cohen isn’t convinced there is such a thing as a “natural leader”, instead asserting that everyone who steps into a leadership role has something to learn, though some learn better than others.

“The advice I would give to anyone who wanted to eventually enter a leadership role, especially women, is to be fearless,” Cohen said. “We tend to doubt our opinions and be afraid to speak out at meetings. Trust your instinct and your judgment and speak up. Early in my career I had moments where I wanted to say something but didn’t and a few minutes later, a man would say something similar and get called brilliant. I would kick myself and sit there thinking, ‘Why didn’t I just say it?’ Push that hesitancy away.”

Another major leadership role – one that Cohen sites as one of her proudest career achievements – is her February 2013 appointment as chairman of the New York Bankers Association, elevating her to the top tier of influential bankers in the U.S. She is the first woman to head the association.

“It’s been very eye-opening for me because I’ve been forced to learn about issues I don’t deal with on a day-to-day basis, issues not related to investment and trust. I’ve really loved it, especially working with legislators and providing an education on trust goals. When I look back at my career, this accomplishment will always be very special to me,” Cohen said.

The Importance of Role Models
Cohen says that Fiduciary Trust isn’t a very large firm, but the most valuable piece of the firm’s culture is that so many women are in leadership roles.

“There’s nothing that can replace that, by a firm of any size,” Cohen said. “This is a true meritocracy; people rise or fall based on their capabilities, not on their gender. Fiduciary Trust respects what women bring to the table. As a woman, it’s so important to have women role models in your firm. It can make all the difference.”

One Thing Too Many
When working at the law firm as a paralegal during the day, Cohen attended law school at night and was considering having children. It was during this stressful time that she received a piece of advice that has stuck with her.

“I think at the time this applied mostly to women, but I was told you can only do two things well. If you add a third, the first two things can suffer,” the chairman said. “At the time I had school and work and if I added more to my plate, I think my life could have turned out very differently; having kids at that time in my life would have tipped the scales. I think many of us want it all. We want to do everything at the same time; we want to be doing three, four, five things at once. For me, I believe in focusing my energies on two big picture items.”

Free Time
Cohen did eventually have those children she wanted. She had four, as a matter of fact. She also has one grandchild, though she’s hoping for more in the near future. In the meantime, she’s somehow found the time to teach an estate planning course at a law school. She says that for those with the time and inclination to teach, it will be a life-changing experience.

“It’s stretched my mind in ways I never imagined,” Cohen said. “As we become more settled in our career and our routines, we don’t get to engage with the young workforce as much. Teaching them, talking to them, it helps you continue to grow. I just feel very fortunate. I have work I love and a family I enjoy. I couldn’t ask for more.”