Mover and Shaker: Cassandra Cuellar, Associate at Shearman & Sterling

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Cassandra Cuellar

By Cathie Ericson

Being inquisitive and asking a lot of questions is one of the best ways to move ahead, whether you’re working with a partner or client, believes Shearman’s Cassandra Cuellar.

In addition, she recommends that professionals always maintain a positive attitude, showing up and treating every day like a new day. “It’s a stressful job, and you have to recognize that your role is to find a way around issues, to find a solution that will meet the client’s ultimate goal whether it’s an internal or external client.”

Honing a Specialty That Always Has Emerging Challenges

After growing up in a small town in Texas, Cuellar came to Austin in 2003 to attend University of Texas – the first lawyer in her family — and has been there ever since. While attending law school, she clerked with the firm Andrews Kurth, where she received an offer to work with the Emerging Companies group. She worked there for seven-and-a-half years until this March when the group of 14 attorneys and associated support staff moved over to Shearman and Sterling LLP.

Currently she is working with companies that are exploring very cutting-edge fields. For example, she is enjoying the challenge of developing two areas in the practice — cryptocurrency and digital assets – and helping move them more into the mainstream. “We have to take them out of the hands of the fringe groups and make them more accessible so people will become comfortable with crypto and blockchain,” she notes.

Another exciting area of growth is in AI. She has a client who focuses on looking at manuscripts and movie scripts for patterns that resonate, which she says is the type of task that AI will revolutionize by applying a more systematic approach.

Learning By Doing

Cuellar describes her first two years as an “unending learning moment.” At the time, she was working with several junior attorneys who left for various reasons so she seized the opportunity to fill the gaps. While it entailed many late nights, in hindsight she sees that taking on these various extra projects was the best possible thing she could have done to propel her career. “I was able to learn from mistakes and now have a vast background which helps me recognize things that I wouldn’t have noticed before.”

While embracing those kinds of opportunities can grow your career, she also finds incredible benefits in taking advantage of mentoring, whether formal or informal.

In fact, at an earlier position that didn’t offer a formal program, she sought out other attorneys to help give her advice. “People are more than willing to have conversations with you when you show you appreciate their time,” she says.

At Shearman, she recognized the culture of mentorship and support the minute she came over. “Female partners whom I don’t even work with have reached out, which was so impressive that these busy women would welcome me and offer their support,” she says. One in particular who stands out is partner Sarah McClean, whom she notes has been very conscious about developing a team of great women and inviting her to immediately get involved.

Another option Cuellar took advantage of was getting involved with industry organizations, which she finds particularly important for minority lawyers. She has enjoyed the four years she’s been involved with the Hispanic National Bar Association, which offers avenues for professional development and advancement; for example, she has had the chance to make pitches to corporations and gleaned immeasurable professional development opportunities from sitting in and learning from other attorneys

Because she places great importance on developing the pipeline of younger lawyers, she’s also been involved with a UT group called Minority Women Pursuing Law, which works with first-generation law students to offer counsel on job hunting. Each year Cuellar presents on what they should know as college students about what law schools and law firms are looking for to help give them a leg up.

Married with two dogs, Cuellar loves to cook and barbeque at home, and she and her husband enjoy frequent visits to their families in south Texas.

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Mover and Shaker: Liliana Bauer, Marketing Director, WEX Latam

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By Cathie Ericson

“I once heard that we should listen before acting and think before reacting.

The adage is one that has stuck with me and that drives my leadership style in a significant way,” says WEX’ Liliana Bauer. “Thinking for ourselves, rather than just repeating the ideas we hear, makes a big difference in how we conduct our lives and make appropriate choices.”

And she adds, “If we seize opportunities, take our goals seriously and maintain our enthusiasm—always respecting everyone else in an ethical way—we will arrive at the destination we choose.”

A Career Built On Accepting Challenges

That ethos has helped Bauer build a multi-layered career. She attended school in Brazil, earning both a bachelor’s degree in marketing and communications from Mackenzie University and an MBA from Fundação Getúlio Vargas University.

After graduating, she began her career with Coca-Cola, holding roles in divisions including promotions, product management and customer loyalty. She then spent nearly a decade at Citibank, responding to the centralized structuring and implementation of the B2B and institutional marketing in Brazil, where she handled marketing strategy, as well as overseeing PR and corporate communications for all business units. Her last role at Citibank was as a regional marketing manager for the Latin American region’s 24 markets, reporting to Miami and New York.

In 2011, she joined HSBC Latin America as a senior marketing manager, responsible for global banking and markets, private banking and asset management. She also oversaw planning and marketing effectiveness for HSBC’s corporate segments, where together with the countries and the global team, she developed the department’s strategic and business information for the executive committees of the region, as well as results analysis and financial control. In addition, she was responsible for the Latin American marketing for the Global Banking and Markets segment, reporting directly to London.

Prior to joining WEX, she served as a marketing executive at credit card issuer Banco Bradesco Cartões, where she oversaw strategic marketing management and payments solutions studies.

She then joined WEX Brazil as a marketing director, responsible for implementing strategies to strengthen the company’s market presence through business plan and strategy execution.

A self-described “builder,” focused on getting things done in a straightforward manner, Bauer says that one of her major achievements at WEX so far has been creating a strategic marketing mindset, from building a successful team to shaping, driving and maximizing marketing activities, including focusing on analyzing results and repositioning products.

One of the projects she is most excited about right now is her role with one such repositioning of their major product—focusing on the value proposition definition and planning larger market penetration that is driven by market research and customer surveys.

That quest for data inspires her whole career, as she finds that much of her success comes from constantly questioning assumptions, both in information she hears and where the market is trending, what the target audiences are exposing and how her team is reacting. “When making decisions about the direction of my career, I try to take a high-level, long-term perspective, based not only on what things look like, but on what they really are, what is behind each scenario, and what the legacy of my decision will be,” she says.

Surrounding Yourself With the Right People and Company Culture

Over the years Bauer has been fortunate to work with many inspirational professionals, and she’s appreciated their role in patiently showing her how to meet their expectations while advancing her own career. “I’ve always paid a lot of attention to their behaviors and decisions, learning how to drive efforts in a more constructive way, while achieving the best and fastest results,” she says.

One role model who stands out is Francine Suescun, whom Bauer describes as “a great teacher and a wise leader,” adding, “She has a broad range of experience and the ability to integrate actions in an end-to-end process, guaranteeing successful delivery of every project. Besides that, she always tries to make wherever she is a better place—thinking of others rather than just taking actions that benefit herself,” an example that Bauer is quick to thank her for, telling Suescun that she is the one responsible for the professional profile Bauer has today.

In addition to surrounding herself with smart role models, she has wisely chosen the company she works for, saying that at WEX all people are seen and equally accepted—and recognized for their achievements—regardless of gender, age, department, education level or other defining elements. She finds that during business meetings, leadership summits or social celebrations, people from different locations and ages, men and women alike, interact on equal footing, listening to one another and keeping an open mind.

The same dynamic occurs on her team, where position and gender don’t matter. “If an employee is committed to doing good work, bringing relevant information or just taking advantage of an opportunity to improve their understanding about something, we respect them the same way,” she says.

Another important part of the WEX culture is the focus on work-life balance. Bauer has been able to devote time the past two-and-a-half years holding various roles for a social entity teaching English to low-income students, from ages 10 to 83. “It is such a valuable opportunity to learn from those students as they develop, and those people have played a crucial role in changing my life,” she says. “Interacting with others who have the same objectives, intensity and wishes is what makes us feel part of a society in such a special way.”

An avid traveler, Bauer has visited more than 50 cities in Brazil and 15 countries around the world. “When we interact with people from a different culture, with different points of views and experiences, we are able to rethink the prejudices we have and our previously established opinions and see how the vast resources of ideas can move the world forward,” she says.

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Square Zero: Hidden Habits Females Need For A Successful Career in Tech

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Working In Tech - Space Station

 Guest contributed by Andrea Goulet

Quick question. Let’s say your friend gave you a list of fruit: apples, oranges, bananas, and strawberries. She asks you to bring her the item that’s labeled as number three on the list, which one would you pick?

Bananas? That’s the logical one, right? When we count items in most spoken languages, we list things out starting at one: first, apples. Second, oranges. Third, bananas. Ah! Grab a bunch and off you go. To your surprise though, when you bring her your bright yellow fruit, she looks disappointed. You clearly didn’t bring her what she was expecting. So, where did you go wrong?

Here’s what we didn’t tell you. Like many programming languages, your friend uses what’s called zero-based indexing. That means she starts her counting at zero, not one. So she was expecting you to bring her strawberries. In her world, apples = 0, oranges = 1, bananas = 2, and strawberries = 3. She was operating under a different framework from what you’d learned your entire life. Knowing this unwritten rule would have been incredibly useful, right?

Building a career in technology is much the same way. While there is a tried and true path to success, it’s often quite different than what many of us learned in school.

There are invisible forces at play that are obvious once uncovered. However, if you navigate your career without understanding this hidden framework, you’ll usually come up with the wrong answer, just like in the above situation.

Let’s take a peek at some of these hidden habits that are likely holding you back. It took me YEARS to uncover some of these. Hopefully, by seeing them now, you’ll save yourself a lot of aggravation and frustration.

Stop Calling Yourself “Non-Technical”

“Are you technical or non-technical?” Me? I’m both. And I went on a long journey of soul searching to figure that out. Saying you’re “non-technical” means you have absolutely no clue on how to interact with technology. That’s not really the case, right? Chances are, your technical skills are relative, not binary.

You can also get incredibly technical about a wide range of topics. On a recent podcast, the host was surprised at how much technical knowledge I had about cognitive empathy. What’s a topic where you have a deep understanding? This single language hack was the most profound for me on my journey to developing a career in tech.

Get Comfortable with Discomfort

Speaking of getting stumped, get used to it. It’s impossible to understand everything. The industry is so big and moves so fast that it’s tough to keep up, but that’s the fun part. Learn to enjoy the process and see challenges as a way to stretch the brain and grow. Dr. Carol Dweck, a researcher on the topic, suggests the following:

“The passion for stretching yourself and sticking to it, even (or especially) when it’s not going well, is the hallmark of the growth mindset. This is the mindset that allows people to thrive during some of the most challenging times in their lives.”

The fixed mindset says, “I’m not technical. I’ll never learn this.” Then they shut off their computers and stop trying. A growth mindset says, “Wow! This is such an interesting challenge. How can I find resources to help me?”

Mind the Confidence Gap

A few years ago I was at a luncheon for women in business and learned about a study that found women wouldn’t apply for a job unless they met 100% of the criteria on the description. Yep. That felt about right, I thought. Then I learned that the average man would have applied if they met 60% of the criteria.

Katty Kay and Claire Shipman have tackled this topic at length. “Success, it turns out, correlates just as closely with confidence as it does with competence: underqualified and underprepared men don’t think twice about leaning in. Overqualified and over prepared, too many women still hold back. Women feel confident only when they are perfect. Or practically perfect.”

Knowing that men are taking risks without having all the information has made a huge difference in how I approach my work. I may not know everything about a specific technology right now, but I trust my skills, attitude, and abilities. I know that I can learn whatever I set my mind to. That trust in myself has boosted my confidence and led to some amazing opportunities.

Acknowledge Your Biases

At one of my very first software conferences, I was one of two women in the room out of nearly three hundred attendees. It’s really tough to stand confidently when you feel like you so clearly don’t belong. Luckily, I knew from my marketing days that the brain relies on hacks and shortcuts to make decisions. Learning about these biases has helped me not take things so personally.

That person who assumed I was a recruiter when they first met me? That didn’t have as much to do with me as it did with confirmation bias. That person held the belief that women aren’t technical, so when they were met with a new input, they sought to confirm their existing world-view.

Familiarity with the Dunning-Kruger effect, where people believe “the incompetent are often blessed with an inappropriate confidence, buoyed by something that feels to them like knowledge,” is also helpful. In software, when people would scoff or use lots of jargon to make themselves look smarter, I initially wondered if it was me who wasn’t smart enough and didn’t belong. I stopped asking questions and noticed that I felt intimidated by how “technical” other people were. I stopped trying. Turns out, that ended up being another bias that crept in — imposter syndrome. Being aware of these unintentional posturing techniques makes a huge difference when it comes to committing to the long and difficult path of learning to code.

Andrea Goulet is the CEO & Co-Founder of Corgibytes in Richmond, Virginia. She was named a LinkedIn Top 10 Professional Under 35 in Software.

Disclaimer: Views and opinions of Guest contributors are not necessarily those of theglasshammer.com

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Voice of Experience: Ximena Herrera-Bernal, Counsel in the International Arbitration Group; Shearman & Sterling, London

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Xinema

By Cathie Ericson

For counsel Ximena Herrera-Bernal, a multi-cultural background offers plenty of advantages including better emotional intelligence about how to adapt to different cultures and changing environments. Versatility and resilience also come as the result of operating in different legal cultures.  “Starting my career in Latin America, where barriers for women are perhaps more evident than in more developed countries, forced me to developed a thicker skin for the challenges of being a woman lawyer,” she says.

“Early on I found the professional world wasn’t as gender-neutral as might be hoped. You have to learn to deal with those barriers and not let it get to you. However, one can find one’s own strength actually developed because of such obstacles”, she says, adding that it is highly gratifying to see positive change over the years, particularly in Colombia where the number of women working in prominent positions is increasing.

Her multicultural background also ensures she can successfully relate to a diverse clientele, which has been beneficial throughout her journey.

Pivoting to The Ideal Law Specialty

While earning her JD in Colombia, Herrera-Bernal began working at a local law firm, finding it valuable to gain practical experience while completing her studies. She then clerked for two Justices of the Constitutional Court of Colombia. She found this to be an exciting experience, given the country’s historical moment, which involved constitutional reform and the transition of a guerrilla group to civil society. She felt that she was involved in making a difference.

After completing her LL.M. degree at Harvard, Herrera-Bernal practiced corporate law in New York. But she soon realized that she preferred the more “contentious side of law”. So when she was offered the opportunity to work on an arbitration, she discovered an appealing new career direction. “When you’re fresh out of law school and your choices are all open, it can be challenging to decide on your career path. Many people don’t take the time to decide what they really like. When you’re planning on a long career, it’s worth taking the time to explore the different areas that are available.”

And Herrera-Bernal has never looked back from her career trajectory. From there she interned in the Latin American team at the ICC International Court of Arbitration in Paris and then joined Shearman & Sterling’s Paris office. She practiced there for over eight years, until four years ago when she and some colleagues went to England to expand the firm’s London arbitration team.

While being named “of Counsel” last year was a significant achievement for Herrera-Bernal, she stresses that it’s also important to recognize the smaller achievements throughout your life and career that are less evident. “Every time you overcome a new challenge, realize that you can do it and do it right, even if you were initially unsure. That makes you become a better professional. Those moments are ultimately just as important and rewarding as the major milestones we tend to focus on.”

Herrera-Bernal’s current cases are wide-ranging, including two arbitrations that she describes as “David vs. Goliath” cases. She finds all her cases fascinating, including the many investment treaty arbitrations that she does. She enjoys them particularly because they combine international dispute resolution with public international law. She is also involved in a case with historical and legal implications.

Recognize Your Strengths as a Woman

Herrera-Bernal believes that women have many advantages in the world of dispute resolution, including their ability to appreciate different angles of a situation. However, she has noticed that women lawyers often hesitate to speak up in front of their colleagues.   “It is imperative to believe in your abilities and to make your views appropriately known,” Herrera-Bernal says.

This does not, in her view, mean becoming unnecessarily aggressive. She believes that women can be equally successful by staying true to themselves, without adopting an artificially aggressive shell. “When you’re doubting yourself, imagine that you are giving advice to a female friend who is experiencing the same issues. Then listen to your own advice,” she suggests.

Herrera-Bernal also notes the benefits she has received from being part of firm initiatives such as WISER (Women’s Initiative for Success, Excellence and Retention). “I have been fortunate to have wonderful woman partners at Shearman who are role models, and a head of practice who is supportive of women in the workplace.”

Even in her “off” time, she is devoted to the practice of law, conducting pro bono work in public international law. One highlight of that work was her secondment in 2012 to the UNCTR in Arusha. But despite the hectic pace of her professional life, most evenings Herrera-Bernal indulges herself in the luxury of pleasure reading, to disconnect from work and relax, along with her two dogs. She also ensures that she takes holidays in a new and exciting place every year.

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Voice of Experience: Lina Woods, Director, Global Digital Go-To-Market Leader, PwC

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Lina WoodsBy Cathie Ericson

When you’re just starting out, you’re not an expert in anything and that’s ok, says PwC’s Lina Woods. “There were times of stress when I should have realized it was ok to learn along with everyone else, and I see now that I could have harnessed that perceived vulnerability and realized you should just dive in and do your best.”

Using Her Expertise To Educate Up

Woods’ career began in the agency world, where she worked for respected public relations firms, including Fleishman Hillard and Brunswick Group. When the opportunity arose to join PwC, she knew that the in-house experience would be the perfect complement to help her understand the full construct of communications programs pubic relations. Her agency skill set has been a major benefit in her role in public relations and social media for PwC’s advisory consulting arm, as she has learned that client management is similar whether the clients are internal or external.

Given how large and diverse PwC is, Woods has found that her department is invaluable to creating a cohesive narrative within a multi-channel strategy. “My passion right now is digital tech and using the firm’s current digital transformation to tell our story,” she says. No longer is there one “silver bullet” or single approach to strategic communications, as the disciplines and available tools intersect. Whereas earned media used to be the main way that companies could tell their stories, now blogging and social media are powerful ways to cut through the clutter with strong visuals and messages, she notes, adding that it is an exciting time for communications professionals to truly add value.

As the communications function, marketing and PR continue to evolve, part of her role is educating leadership on what she does and why she does it. They might cling to tried-and-true PR tactics like press releases, but she is able to work with them to show how to reach audiences in a way that engages them, even though sometimes that means moving away from techniques and tactics that people are used to. “We are driving the line of service in a different way as we modernize it to better reach today’s consumers,” she says.

Part of Woods’ role has been to help to rebuild the PR team as they work to stay ahead of trends and push people outside of their comfort zones by developing an integrated approach to telling the PwC story. Her leadership has helped create a team that is confident in sharing their expertise and counseling the senior leaders of PwC’s largest line of service.

A Multicultural Background Helps Create Success

A native of Colombia, Woods says that growing up in a multicultural environment has helped boost her career because she has learned that people may understand the same message differently. “Effective communication has never been something I’ve taken for granted, and that is one of the reasons why I love working in this industry,” she says.

In fact, she learned the importance of communication early on when her family fled Colombia when she was 12, leaving everything and coming to the United States for their safety. Woods says she “became her mother’s voice, making use of the English I had picked up in my bilingual grade school to help navigate our new community,” including enrolling herself in school, and negotiating with landlords. That early experience helped shape her ability to speak up in situations where others might feel uncomfortable, a skill that has proved useful throughout her career.

Working in agencies, for example, you are surrounded by diverse viewpoints but you have to show that you deserve to be at the table, even in situations where you might doubt yourself. “Sometimes that’s easier for men but it’s really important for women to be confident and find their voice,” she says. “Trust your gut; you’re there for a reason and you should add value and not be afraid to be loud and proud.”

She also urges women to support one another and advocate for each other, becoming a community where as a leader you allow your team to be themselves and help them to thrive and grow in their roles. Woods says that within her PR advisory team she looks up to her leader, Caroline Nolan, who always makes sure everyone has the information they need and empowers her team members to improve every day.

An avid traveler, Woods particularly loves seeing new places and having unexpected experiences. Last October she visited India and hopes to go to Australia and Vietnam for her next adventures. She loves challenges and learning something new; whether it’s a new culture or just putting together a puzzle.

A strong supporter of Save the Children, Woods notes that growing up with a mom who dedicated her life to help children as a psychologist has helped inspire her to do her part to educate women in the world.

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Voice of Experience: Patricia McCarthy, Managing Director, Goldman Sachs

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 By Cathie EricsonPatricia

It’s your responsibility to proactively guide and shape your career, recommends Goldman Sachs’ Patty McCarthy. “Being an active networker ensures that people think of you when opportunities arise, but it also allows you to be better at your current job,” she says. “Networking allows you to form relationships with people in your respective field, and provides avenues to solicit feedback and guidance from others.”

She also noted that finding strong mentors and nurturing such relationships is crucial to your career development, as you can solicit frank advice in order to constantly improve.

A Career Built on Seizing Opportunities

McCarthy credits her personal network with her career path, which she describes as “Mr. Toad’s Wild Ride,” the loopy ride at Disney theme parks.

After earning a degree from Harvard Law School, she worked at a large corporate law firm for several years, supporting clients pursuing mergers and acquisitions, before joining the Spanish-language media company Univision, where she worked in business development. However, she soon discovered she missed working in the financial services sector, and began to explore other opportunities.

After connecting with a recruiter, to whom she expressed her interest in both private wealth management and real estate, she was excited when she was recommended to apply for a role on Goldman Sachs’ Private Wealth Management (PWM) legal team. She got the job, and following six years on the PWM legal team, she transitioned to the global management team. Commenting on her movement between different teams, McCarthy said: “Goldman Sachs prides itself on offering opportunities for internal mobility and I’m glad to have been able to take advantage of that.”

Throughout her time in PWM, she has built a reputation as a “go-to” person when key projects – big or small – need to be completed. “More than achieving a title or promotion, my biggest source of pride is establishing a personal brand as an individual who can improve a process,” she says. That’s why her current position is such a perfect fit, as she analyzes new technologies and procedures to constantly improve client service.

Lending Her Career Expertise To Others Across the Firm

McCarthy cautions women to combat their tendency to just put their head down and work hard. “In general, women usually are concerned about being perceived as too aggressive, but it can impact your career if you are afraid to speak up.” She frequently tells young women not to come to her after a meeting to share their great idea, but encourages them to speak up during a meeting.

“When you have good ideas, you need to voice them and add value. Remember that your job is to contribute to your team, and that entails being confident and pushing yourself beyond what your perceived role is,” she notes.

McCarthy acknowledges that confidence will come from building and relying on a strong network of peers with whom to discuss career transitions and work/life balance, and she cautions that the need for this type of support continues as your career progresses. “Sometimes, when you become more senior, you forget that you still need mentors and a sounding board, and often your peers step in to fill that role.”

As co-head of Goldman Sachs’ Hispanic Latino Network, McCarthy is proud to draw on her Cuban heritage to educate others about Hispanic culture, as well as further the development and retention of Hispanic and Latino professionals. She felt honored when she was recently asked to participate in a panel discussion on intersectionality, which focused on the potentially hidden aspects of diversity and the importance of bringing your whole self to work. The panel was co-sponsored by several Goldman Sachs affinity networks.

In addition, she is a member of the firm’s Women’s Network, which provides mentorship opportunities and hosts events to help guide women throughout their careers. McCarthy noted that she has benefitted from network sessions that provided information to aid in work/life balance, such as women’s health and education planning for children.

Outside of the office, McCarthy enjoys spending time with her husband and two daughters, ages 11 and 9, engaging in active outdoor water sports. In fact, she laughingly says that since she loves water in any form, she’s even embraced “frozen water” and taken up skiing, where she can enjoy the challenge of learning something new.

As a board member of the Thyroid Cancer Care Collaborative (TCCC), she also works to educate and support those affected by thyroid cancer. “Thyroid cancer often affects younger women, and it can be really scary when you initially receive a diagnosis. I appreciate the chance to help arm others with knowledge as they begin their journey towards a cancer-free life.”

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Voice of Experience: Priscila Palazzo, Legal Director, WEX Latin America

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By Cathie EricsonPriscilla

“While law might appear to be my main job, I also excel at understanding people and their behavior,” says WEX’s Priscila Palazzo. “It’s important to be open to new ideas and thoughts, but especially to feedback. If you seek it out and reflect on it, it can help show you areas where you can grow and improve. As women, we tend to follow our hearts and intuition, but we need to balance that with feedback.”

Law and Business Combine for Success

Palazzo’s “career” began at an early age when she worked with her dad as a child, making two pennies to start. But as she got older, he started including her in meetings which gave her a flavor for work situations. Although she had hoped to eventually work with him, she ended up pursuing a law degree. In her native country of Brazil, you can begin working as soon as you start law school, and so on her first day of class she started as a trainee in a law firm, experiencing the challenge of balancing work and school simultaneously.

With a specialty in labor and consumer law, Palazzo moved to the United States as soon as she graduated to take summer courses at Harvard, and on her return joined a firm specializing in business law. She became a partner at a young age, which gave her more exposure, and a larger law firm soon invited her to join the M & A team where she assisted the former company that became WEX.

She says that when WEX took over, she made what at the time was a joke that maybe they could actually sign her paycheck, but it wasn’t long before she realized that she was interested in leaving the law firm to go to the corporate environment. Though she had initially worried that she wouldn’t find it as inspiring to work for just one client, Palazzo has been there four years now and continues to appreciate the variety of work.

Recently she was invited to lead an exciting project that focuses on business, a fascinating intersection that keeps her connected to people all around the company. “Being a lawyer is amazing, but it’s also exciting to be able to reinvent yourself. I’ve had to learn how to communicate with different audiences, other than exclusively with lawyers,” she notes.

While she names her dad as her first sponsor, she also appreciates the foresight of the main partner at the boutique law firm who offered her a trainee job. As Palazzo says, since then she has been surrounded with good people who have been helpful in providing advice – and sometimes, most helpfully, sharing what not to do.

A Multi-Cultural Heritage Contributes to Success at the Global Company

Palazzo is delighted to be able to use her Latino heritage to make a difference; as WEX expands to multiple regions, the company has begun translating its internal communications into Spanish, and she has enjoyed sharing her knowledge.

That multi-cultural bent extends to her mentors, including José Roberto Kracochansky (CEO for WEX Latin America) and two colleagues, Hilary Rapkin and Keith Rodda, with whom she’s been working for four years. “Hilary is Canadian and Keith is from South Africa, so it’s not only language but behaviors and customs we have to integrate,” she says, adding that everyone has a different idea of the ideal model for practicing law.

                 Being attuned to different cultures is something that’s always been part of her makeup, with a big family who is half Spanish and half Italian. She speaks several languages and is an avid traveler, which began at an early age when she participated in exchange programs. Over the years, she has grown to appreciate the significant upsides that come from meeting new people and learning about their cultures. “The more you learn from other people, the more you can relate to others and learn cues to their behavior,” she says.

“I am also not a traditional lawyer; I laugh out loud and am not the buttoned-up stereotype you might imagine,” Palazzo says, to the point that she finds sometimes people are surprised to learn her occupation.

“I was always encouraged to live outside the box, and it has paid off in my ability to face different challenges,” she says.

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Hispanic Heritage: Why Corporate America Needs to Shake Up How Boardrooms Are Filled

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Image via Shutterstock

By Aimee Hansen

As U.S. corporate boardroom diversity continues to fail desperately at reflecting the country’s rapidly shifting consumer power base, the question is no longer whether there are enough Hispanic or Latino/a leaders in the candidate pool to fuel diversity in the years to come.

But rather, how do companies redefine the candidate sphere to achieve greater diversity now?  The real issue is that Corporate America doesn’t need a few more Hispanic faces trickling into the boardroom.

It urgently needs a boardroom selection strategy that is focused on magnetizing and magnifying diversity as the primary imperative to business.

Already the New Mainstream Consumer

More than 1 in 6 Americans claim Hispanic origin. As written in The Huffington Post, “The shifting demographics in America are an eminent reality.” By 2044, the U.S. will be a majority-minority nation according to U.S. Census Data, as “minorities drive 100% of population growth.”

“The Hispanic Imperative” report by Korn Ferry pointed out some compelling statistics on consumer spending power. Hispanic families were responsible for 51% of homes purchased in 2015. They also drove 73% of Toyota’s 2015 U.S. sales growth. Hispanic buying power was estimated at $1.4 trillion in 2016, more than Mexico’s gross domestic product and bigger than the economies of all but 14 countries.

“Hispanics are the new mainstream consumer, and if you’re not addressing them, you’re not going to be in business,” said international business executive Sol Trujillo, putting them above Millennials in purchase power.

Driving Entrepreneurial and Economic Growth

Latino entrepreneurs began 86% of new businesses across 2007-2012, with Latinas leading the charge. According to the 2016 State of Women-Owned Business Report, the number of Latina owned firms skyrocketed by 137% vs. 45% for all women between 2007 and 2016, with Hispanic-owned companies growing at a rate 15 times more than all other firms according to the U.S. Hispanic Chamber of Commerce.

Meanwhile, a lack of access to capital and resources hinders the massive economic revenue boost these new businesses could represent. Latina business owners earn on average 36 cents to the dollar versus their non-minority female counterparts, meaning $172 billion in untapped potential.

Drastically Underrepresented in Corporate Leadership

Cid Wilson, President and CEO at HACR, writes, “Given the demographic and economic clout of our community, the absence of Hispanics in the boardrooms of Fortune 500 companies continues to be a missed opportunity for long-term growth and market dominance.”

In a gross underrepresentation relative to population and contribution to economic growth, “Hispanics represent barely more than 2% of directors of boards of Fortune 1000 companies,” per the Korn Ferry report.

“The Missing Pieces Report” showed that among Fortune 500 companies, Hispanics/Latino/a held a total of 3.5% of board seats in 2016, and Hispanic men gained 8 seats between 2012 and 2016 while Hispanic women lost two.

Among Fortune 100 companies only, Hispanics/Latino/a held 4.5% of board seats, with men losing 2 seats and women gaining 4.

Diversity is greater among Fortune 100 companies, with women and minorities holding 35.9% of board seats, compared to 30.8% in the Fortune 500. There are also small but significant signs of progress in new appointments.

This year, two Latina women have broken into top leadership roles in politics and corporate America. Geisha Williams became the first Fortune 500 Latina CEO in March, after being selected as CEO and President of PG&E Corporation. Senator Catherine Cortez Masto (Democrat, Nevada) became the first Latina member of the U.S. Senate.

After Heidrick & Struggles 2016 Board Monitor (which measures composition, experience, turnover and diversity) documented a seven year plateau for Hispanic new board appointments among Fortune 500 firms, their Board Monitor 2017: Is Diversity At an Impasse? report revealed an all-time Hispanic high of 6.4% of new appointments in 2016, up from 4% in 2015, where it’s lingered for years. 59% of these appointments were to consumer boards where Hispanics took 12% of available seats.

While a 60% year on year increase, it comes after a seven year flat and builds on a small base relative to nearly 18% representation in the population. It also comes with the first backwards slide on female representation since the report began, dropping 2 percentage points to 27.8%, ending a seven-year run of small annual gains, and causing Heidrick & Struggles to once again push back their predicted date for 50% women representation in the boardroom to 2032 (pushed back last year from 2026, and previously from 2024.)

Why The Candidate Pool Approach Is Broken

“Unfortunately, U.S. companies have a long way to go to achieve diversity in their boardrooms and their executive ranks,” said Deborah Gillis, president and CEO, Catalyst. “Progress is glacially slow and boardrooms don’t look anything like the customers and stakeholders they serve and represent. It takes intentional, bold action to accelerate meaningful change.”

Boards continue to pull from the usual suspects for new appointments – the opposite of intentional, bold action – which in turn keeps diversity influx low and slow by default, since most of these suspects are non-minority men. But every single opportunity to choose diversity matters.

“There is less director turnover than people think,” said Antonio Garza, former US Ambassador to Mexico, in response to the Korn Ferry report. “Boards must recognize that they will have a limited number of opportunities to diversify their composition.”

According to the Heidrick & Struggles report, new board appointments pooled from current and former CEOs and CFOs dropped a bit from 73% in 2015 (a high) to 66% in 2016, but still make up the vast majority. Nearly 75% of appointments had previous board experience.

In the Korn Ferry report, Patricia Salas Pineda, group vice president for Hispanic Business Strategy for Toyota Motor North America, speculates s that focusing unduly on finance expertise in boardroom recruitment may have contributed to stalling Hispanic advancement over the last years.

Redefining the Candidate Sphere to Drive Meaningful Change

“Boards need to be responsive to shareholders; that’s the traditional view,” said Gerry Lopez, CEO and President of Extended Stay America in the Korn Ferry report. “But they must also be attentive to all sorts of other stakeholders, which means, depending on the business that you’re in, employees, customers, regulators, other in influencers, and the population at large.”

Shareholders are no longer the only stakeholders and the population is broadening, which means broadening the boardroom selection process.

“Boards that are seeking to broaden their capacities may will be considering candidates from sectors far from their enterprises,” according to Latino Leaders. “If nominating committees narrow their searches too early, fail to reach out in appropriate ways to both rising and established but unfamiliar talent, and elect to limit interviews to too few aspirants, organizations can miss out on opportunities to make their boards deeper and more inclusive.”

In short, selection committees needs to look beyond the traditionally deemed boardroom ready CEOs and CFOs candidates. Boardrooms need to be accountable for diversity itself and abandon the idea that the best directors come from one predictable background.

“While great boards should have CEO as members, there are other strong skill-sets and experiences that can be found in those holding other senior positions, such as chief marketing officers, chief hr officers and chief finance officers that really enrich the board conversation,”Bonnie Gwin, vice-chairman and co-managing partner of the global CEO and board practice at Heidrick & Struggles, told Forbes. “In those roles, you will find more diversity and therefore more diverse options for the boardroom.”

“…farsighted boards have moved beyond viewing those backgrounds as the sole gateway and are looking to other skills that will add value in the boardroom,” said Garza in the Korn Ferry report. “The bottom line is that it takes real planning on the part of the board in order to use their opportunities wisely, and then the vision to commit to looking beyond traditional notions of who should be in the room.”

It’s official when it comes to Hispanic and Latino/a growth. Diversity itself has become a high stake matter (amidst diverse stakeholders) for U.S. boardrooms.

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Voice of Experience: Anita Romero, General Counsel, Global Consumer, Citibank

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Anita RomeroBy Cathie Ericson

It is who you know. That’s what Anita Romero figured out over the course of her career, and wishes that she had known earlier. “When you’re first starting out, you’re so focused on doing excellent work that you don’t realize the many benefits of seeking advice from peers in your network,” she says. “People learn over time, but had I known that up front it would have really helped.”

From Government to Finance

Romero started her career at the New York City Economic Development Corporation (EDC), which is the City of New York’s primary economic development vehicle. During her tenure with the EDC, her goal was to help keep business in the city, including the redevelopment of Disney’s New Amsterdam Theater and other magnets in Times Square.

After 12 years she went to work for the Traveler’s Group which merged with Citicorp, creating what is today known as Citi.

Since her career up to that point had been in government, she didn’t have direct product experience at a financial services firm, so she completed a rotation through different legal areas of this financial services company. She said that although the experience felt a bit like being a first-year associate again, it was valuable in helping her stretch outside of her comfort zone – advice she offers to other professionals.

“Many attorneys are very focused on a career path that only goes up, as opposed to horizontally, but sometimes doing something complementary can really help you develop, whether you are new to a job or are more seasoned in your career.”

After a year of rotation, she chose a permanent home in corporate law, principally doing securities work as well as mergers and acquisitions, an active area since the company was in a buying mode.

Subsequently, Romero worked as Deputy General Counsel of Citi’s international business segment, in which she had to face one of her first challenges, the 2002 Argentine crisis, which involved lots of “firefighting” as she says. She then returned to the corporate law department to oversee corporate legal functions that support the company as a whole, including human resources, employment law and M&A. Now, she serves as General Counsel for the global consumer business and Citibank NA, the largest subsidiary of Citigroup.

The team that she’s built at Citi is the professional achievement she’s most proud of. “We are committed to having a high-quality and diverse team,” she says. As the Legal Management Committee sponsor of the company’s Talent Development program, she actually spearheads that function for the legal department as a whole.

Technology As an Industry Game Changer

As technology evolves, so will the industry. “Startups are seeking to disrupt what we’ve been doing as banks in the digital experience, and while some do it well, they are operating under a different regulatory environment,” she says, noting that fintech entities aren’t required to be licensed the same way that banks are. “The world has changed for banks in terms of regulatory expectations, and so we are constantly analyzing and adapting to the new model.”

Romero says that Citi is whole heartedly focused on radical digitization, always seeking ways to reduce friction for customers and improve their banking experience.

Promoting Hispanic Culture through Mentoring Others

Citi supports a number of employee networks, including Citi Women, a corporate-wide diversity effort for attracting, developing, advancing and retaining female talent at all levels within Citi.

Since one of her passions is to give back to the community where she lives, Romero, who is of Puerto Rican and Cuban descent, is the sponsor of the Hispanic Heritage Network for the New York tristate area.

“It’s a terrific organization that is trying to connect network members to each other. Our members appreciate the opportunities for both networking and career development.”

They have sponsored initiatives, such as Café con Leche, where participants have the opportunity to talk with senior professionals within the organization. “They can use them as a sounding board on their career, in an intimate environment where it is comfortable to discuss their career path or other specific situations,” she points out.

“It’s all about developing and advancing our people and realizing that we can harness our different backgrounds and heritages to promote workplace success.”

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Voice of Experience: Grissel Mercado, Counsel, Shearman & Sterling LLP

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grissel mercadoTo succeed in any industry, you have to create a profile for yourself both internally and externally, says Shearman’s Grissel Mercado. “Young attorneys tend to focus on delivering excellent work, which is important, but also expected. You also have seek out opportunities to network,” she says.

Her area of capital markets has been particular fruitful in this regard, since the work is with client teams at her same level. “It’s a great way to build relationships with clients, and Shearman has supported this throughout in my career,” says Mercado, noting that partners would encourage her to network with the team after a deal – a practice that has paid off. She also was encouraged to join industry groups and write articles and find other ways to subtly promote herself in addition to producing great work.

Devoting Her Career to Latin America Issues

Mercado studied international economics and Latin American affairs at Georgetown, not initially intending to be an attorney. But after a stint as a legal assistant at Sullivan & Cromwell on the project development and finance team, mainly working on Latin American transactions, she decided to pursue a legal career, earning her degree from NYU.

She became a summer associate at Shearman, pursuing the firm based on the strength and depth of its Latin American practice, but also because it’s where she felt most comfortable during her interviews. “I was drawn to the collegial and friendly environment from Day One,” she says, adding that she senses less hierarchy than at many firms, and more opportunities to work directly with partners.

She rotated through several departments and ultimately chose capital markets because it affords her the opportunity to be a lawyer half the time and a trusted advisor half the time. “It offers elements of both the theoretical and practical,” she says.
One of the professional achievements she is most proud of is the first transaction she led in only her third year. “The partners in the Latin America practice were willing to give substantive work early on, and it was both challenging and rewarding to be a leader and team player,” she says. While her first two years were devoted to thoroughly learning different aspects of a transaction, she noted that “you often don’t stop to realize how the pieces fit together, but then it all comes to fruition when you’re leading a transaction”.
Right now she is working on a transaction representing a company who will be the first corporate issuer in its country to offer bonds in the international markets. “As a capital markets attorney, I can add value to deals like this as most of my clients don’t have exposure to the international market. I become very personally attached to my clients and deeply invested in their success,” she says.

It’s also gratifying to see how a transaction in a developing country can be a turning point, opening the door to foreign investment. “When you do the first deal, investors become more open to investing in that country,” she notes.

Latin America is an area where they’ve seen numerous innovative deals, like green bonds, which is a structure where proceeds are designated for environmentally friendly projects, such as financing renewable energy projects like wind generation.

She has also seen increased liquidity come into the region, as well as changes that have occurred in collective action clauses in sovereign offerings as a result of the difficulties faced in the Argentine debt restructuring process. Mercado enjoys helping her clients work through the ongoing changes in rules and regulations.
“As a Dominican-American I want to see the region advance,” she says. “I am directly connected to what I do.”

A Woman in a Man’s World

Mercado cites a dearth of women in Latin American markets: Although the status quo is slowly changing at companies, it’s not uncommon to be the only, or one of very few, women in the room. “It’s a well-known challenge everywhere, but Latin America is at a different level,” she says. Nevertheless, that has never affected her performance; one reason she cites is the culture at Shearman which has a significant number of women partners in leadership positions. In fact, one of the female partners she’s collaborated most closely with heads the Latin America practice and has served as the head of the capital markets practice.

She encourages young women to speak up. “Nobody is a better advocate for you than yourself,” she says. Women are more apt to think that their work will speak for itself and hesitant to self-promote but as she has become more senior, she sees that male junior associates are more confident about speaking about themselves. “Women need to take more initiative,” she says. “If you’re talking with the team before a call, mention a success, just as a man would.”

For women who are her peers, she encourages them not to “give up too soon.” She sees women leaving private practice thinking they will achieve a better life balance elsewhere, but she thinks that can sometimes be at the expense of substantive work. “We can create a balance at a law firm, especially as we explore technological advances. You can be the best possible attorney for your clients, and still carve out the personal time you need.”

Since joining Shearman, Mercado has been in involved in WISER (Women’s Initiative for Success, Excellence and Retention), always finding an event that will boost her skills. Just recently she participated in a speed networking program where participants got tips on how to spark a conversation in a short time; if, say you’re heading up an elevator with a senior executive. She also participates in Lean In sessions, where she gleans information on how both women and men are processing work/life balance issues.
An advocate for formal mentoring both inside and outside your practice group, she also finds informal mentoring to offer a career boost as it allows one to create connections with others in a very organic way.

Globe Trotting

While she’s had the opportunity to travel extensively in Latin America, Mercado loves to experience different cultures, such as in Peru or Guatemala, even if it’s for a short period. She also recently returned from a trip to Thailand, China and Hong Kong.
Outside of work, Mercado still enjoys giving back by participating in pro bono assignments for groups such as New York Family Court, where she provides legal advice to families in short consultations. “It’s very rewarding and as different from capital markets as you can get,” she says. “Shearman is a big proponent of pro bono work and offers an excellent program where we can do what interests us.”

Mercado has also been active in Cafecito, an informal network of Latina women lawyers and law students in the New York City area which meets about once a month. She believes it is a great forum to share common issues and celebrate Latinas’ accomplishments across various different fields of law.

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