By 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.”
To work with M&A: Young Women Lawyers May Be Missing Out
Career AdviceWomen 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.”
Ask Yourself These Questions before Accepting That Job Offer
Career Advice, Next LevelOf 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
Best of Career Tips
Career Advice, Career Tip of the Week!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.
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.
Voice of Experience: Amanda Rubin, Managing Director, Global co-Head of Brand and Content Strategy, Goldman Sachs
People, Voices of ExperienceBy Cathie Ericson
“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.
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.
Voice of Experience: Leilani Farol, Executive Director, Program Management at J.P. Morgan
LGBT celebration, People, Voices of ExperienceBy Cathie Ericson
“Remember why you were hired, and you will continue to outperform. We brought you in not to conform but to shake things up,” is the advice JP Morgan’s Leilani Farol gives young women.
Soft Skills Make the Difference
Leilani is proof that grades aren’t everything. As a self-described C-student, she never let her grades hold her back.
In fact Leilani hoped to parlay her degrees in marketing and computer information services into a position with one of the big companies that was conducting on-campus interviews. She visited one of the IBM recruiters while he was planning for the evening meetings but he told her she wasn’t on the list due to her grades. She persisted, and he said she could talk to him while he prepped for the first real interview; she impressed him so much she got the job.
Her career took off with stops at IBM, 1-800-Flowers, Estee Lauder, Pfizer Pharmaceuticals and finally JP Morgan. This has been her longest tenure to date, a place she has stayed because of the variety of roles within the firm, from tech operations to cybersecurity and her current position in global technology infrastructure.
While she started out as a technical developer, she soon realized her social skills lent themselves to success as a business analyst; Leilani credits these soft skills with being able to attain “unexpected wins” despite her non-traditional background. In an environment where most people rise within the financial industry, she was recently promoted to executive director even though she came into the industry through a different route.
She’s also learned to trust herself. “I could have taken my ‘C-student-ness’ and said that was my path, but I know my ability and what I can offer to any organization so when I was given an opportunity I knew I would take it and run with it. It’s fun to come in every day and be thrown into the deep end.”
One area of particular fascination within the financial industry is technology risk, given the potential for cybersecurity incidents. “We always have to stay diligent with both active and passive plans to address any potential attacks. The hacker’s job is to attack, and mine is to thwart it. It’s a high-stakes game.”
Finding Support As a Woman and LGBT
Leilani counsels women not to put a gender barrier on themselves by assuming they will hit a ceiling. “I encourage them to work on realizing their value as a tremendous asset to the technology industry. You need to get out of your own way and be bold and fearless with all you bring to the table,” she says.
And women need to help one another. One moment that stands out was meeting the CTO who reported to President Obama at a Lesbians Who Tech Conference. At the time Leilani’s six-year-old hated computers, and she was trying to show her the many ways that women were successful in tech. “She gave me her card and asked my daughter to email her. This woman was so busy and did it anyway, and that meant a lot to me.”
In addition to her outside groups, Leilani appreciates the dedicated JP Morgan business resource groups such as Women in Tech and Women in FinTech and notes she’s always been able to find a supportive network of women in technology willing to bring people along.
She also recognizes great strides that have been made in the LGBT movement. She laughs that when she first started in the corporate world, there technically was a LGBT group, yet it was a “secret list.” Fast forward to 2015 when she co-chaired the Tri State Pride Network, marching her family proudly down Fifth Avenue. “It was positively overwhelming to look around and see the support.
“Being gay is a non-event for me in my corporate life, but it didn’t happen because I did it but because of the fact others paved the way,” she says.
Leilani says that her two daughters, age nine and two, are as different as can be — one more gender nonspecific and the other “a princess.” She appreciates her wife, who is a psychotherapist and has adjusted her schedule to be with the kids most of the time.
Originally transplanted to the east coast on a volleyball scholarship, she still enjoys sports, particularly following beach volleyball.
Are You Dying to Get to the Top?
Career Advice, Guest ContributionGuest contributed by Laleh Hancock
Image via Shutterstock
Find Yourself Negotiating with Your Significant Other as well as at Work?
Career Advice, Career Tip of the Week!, Guest ContributionGuest contributed by Simon Letchford
Image via Shutterstock
They say that opposites attract – but when it comes to negotiating, matching the other party’s style might be the key to a successful deal.
According to a study published in the Journal of Applied Psychology, negotiations go faster, are more congenial and have better outcomes when both negotiators have matching personality traits.
Given that it could be said that most relationships work better when personalities do not clash, that shouldn’t be surprising. Sadly, in the real world you rarely get to choose the individuals you need to negotiate with. There are, however, things you can focus on to improve your chances of a successful deal. While we don’t guarantee you’ll find your next soulmate in love, you are more likely to get a better deal in less time in other parts of your life.
Buyers are from Venus, Sellers are from Mars
Have you ever had to negotiate a deal with someone and felt like they were from a different planet?
We teach the art of negotiation to thousands of professionals each year, and they often express frustration with the way the other side talks and behaves…
Salesperson’s inner voice – “Why does this buyer keep asking for more and more detail? Why can’t he just make a decision so we can get to the fun stuff?”
Procurement: “I don’t care about your golf game, where’s my cost breakdown? And stop asking me about my personal life!”
Extroverts (most salespeople) tend to be socially open, future-oriented, and relationship-based. They prefer to communicate top-down, and are easily bored with details. The people they negotiate with the most, procurement folks, tend to be the exact opposite – analytical, more socially closed, interested in the here-and-now, and detail-oriented – making communication and negotiation frustrating to both parties.
So, step one is to recognize that we’re not all programmed to communicate the same way. You might even say we’re not all from the same planet.
Visit their planet to do the deal
Good negotiators are aware of their own communication style, as well as their opposition’s style, and they adapt their own style to the other party’s rather than relying on the other side to adapt to theirs.
Identify what planet the other side is on. Look for the cues that will indicate how they are “programmed”.
People-driven negotiators tend to be comfortable talking about their personal lives. Their offices are more likely to have lots of photos of friends and family, certificates, and even photos of famous people they’ve met. Your proposals to these types should be packaged and presented to accentuate image, vision, uniqueness and personal recognition.
Data-driven analytical types can find these people-driven topics tedious, or even inappropriate. Their offices will tend to have one or two family photos. Your negotiation proposals to these types should highlight data, profit and loss, information and ways to address business risks – keeping the personal discussions to a polite minimum.
Dominant personality styles tend to make statements rather than ask questions. They are comfortable challenging you, and tend to be more decisive. Proposals to these negotiators should be concise, and focused on the bottom line and results.
Passive styles tend to be more thoughtful and hesitating. They will ask more questions, express their opinions less often, and focus on risk. Proposals should be based on addressing risks, be factual and be supported by data, not opinions. You’ll need more negotiating patience here, as pushing for a quick decision can come across as intimidating.
Dress for the role you want
It’s not easy to adapt your style to another person’s; it takes skill and practice. If you personally have trouble connecting with the other side’s lead negotiator, (and let’s face it, sometimes two people just do not get on), think about introducing a second person on your team who has a similar style to them. As long as your team-member is aligned to your goals and strategy, they can sometimes help translate between you and your intermediary and help move the process forward.
In other words, if you’re having trouble translating from Venetian to Martian, consider bringing a Martian with you to the table.
Final two caveats
Firstly, I’m not suggesting you try to change who you are or your values or objectives. No personality type is better than the other – we just process information differently, so think carefully about how you communicate your issues to the other side.
Secondly, don’t confuse the substance of the deal (the pricing, terms, contract length and risk) with the tone and communication style deployed during the negotiation. Tone and style are only one factor in the art of negotiation – the skills of knowing your goals and limits, listening, asking good questions, making credible proposals and knowing how to respond to a “no” are also critical, and a topic for another day.
Simon Letchford is Managing Director of Scotwork’s North American business. Scotwork is a global negotiation consultancy that advises clients on negotiation strategy, and trains over 12,000 managers and executives each year in negotiation skills.
Disclaimer: Views and opinions of Guest contributors are not necessarily those of theglasshammer.com
Voice of Experience: Liesbeth Botha, Strategic Digital Transformation Leader at PwC Africa
Featured, LGBT celebration, People, Voices of ExperienceBy Cathie Ericson
Bringing diversity to any team is an advantage for the entire business ecosystem, says PwC’s Liesbeth Botha. “You get a different perspective from unusual backgrounds and combinations of influences. It’s eye-opening for so many people and paves the way for them to be themselves.”
Academia and Consulting – A Perfect Career Blend
“Interesting and diverse” are the two words that Botha uses to describe her career. A South African native, she earned her undergraduate degree in electrical and computer engineering and then her PhD at Carnegie Melon University, where she became a prolific publisher of research papers. Based on her publication record, she was sought after to become one of the youngest professors at Pretoria University in South Africa, where she spent 13 years.
She then joined the leadership of Stellenbosch University, a prominent university in South Africa where her portfolio was innovation and commercialization of intellectual property, establishing the policies for start-up companies at the university, as well as the digital transformation of the university. She started a unit that today is still an iconic representation of the university’s focus on innovation.
After six years at Stellenbosch University, she joined the Council for Scientific and Industrial Research, South Africa’s national laboratory, leading the Materials Science and Manufacturing business unit as executive director. In that role she led a number of national technological innovation programs such as the 3D printing of titanium for structural aircraft parts, in partnership with leading global aircraft manufacturers.
Most recently, in 2014, she moved to PwC, first joining the tech consulting practice before landing in her current leadership role in digital transformation. Her first significant accomplishment there was rolling out the G Suite (Google for Work) platform across PwC in 17 countries in Africa, a significant milestone in their digital transformation journey. Next she’ll be spearheading adoption of several other platforms, including Oracle Cloud for finance and engagement management; Workday, a human capital management system; and a new CRM platform, Salesforce. “It is exciting to implement these cutting-edge solutions in the market as a leader in the larger global PwC network,” she says. “It puts a spotlight on us, but we are up for that challenge.”
Being a leader in digital tech is a priority because of the opportunities for disruption and transformation, not only for PwC as a professional services firm, but the implications for clients as machine learning and Artificial Intelligence (AI) become a reality. She sees this as a particularly exciting time, since the theories around AI and pattern recognition have been developed since the ‘80s but couldn’t become a viable option until the proliferation of big data and cloud computing, which provided the data storage and power to allow companies to build and adopt real-world solutions.
As a woman in engineering, Botha says she wishes she had known about the many opportunities that a professional services firm could offer — global opportunities that span different industries and allow you the chance to see the world through totally different eyes than is the case for most people in engineering.
Embracing Her Position as a Role Model
“Having a lesbian woman in the highest position changes the perspective on everything, and I appreciate that I can be a role model for women, lesbians and anyone who’s different from the stereotypes people have in their heads,” Botha said.
She finds that although the structural barriers that impeded women’s professional progress a couple of decades ago have been largely removed, practical barriers remain as women are still the primary caregivers if they have a family, making it difficult to achieve work-life balance.
And, she notes, the other barrier is psychological: Since women don’t have as many role models, they are less likely to form a vision of the person they aspire to be. She sees this changing as women speak out about their experiences, pointing to Margaret Thatcher as holding the type of position that women can now see themselves aiming toward.
Gender is a very defining factor, she says, and the puzzle is that we often don’t know what influences gender-specific behavior. She herself has tried to introspectively determine how she was able to achieve her level of success in a patriarchal society, but can’t point to specific areas where her parents said or did something that influenced her. “I think we still don’t have an idea of how to bring up a child to behave in a gender-neutral manner, so you just do your best as a parent,” she says.
She advises young women not to limit their experiences, but to tackle anything that comes their way. “Just because there are no women in a certain kind of role doesn’t mean you can’t do it,” she says. “Set yourself up for anything that interests you.” She notes that she conquered her various career steps because she believed anything was possible, and that’s the type of approach that women should have.
The Benefits of a Supportive Corporate Environment
As the sponsoring partner for PwC Africa’s LGBT “Be Yourself” network, Botha is proud of the difference it is making for younger people in the organization who weren’t yet comfortable being out at work.
She herself notes what a relief it was to come out to different groups of people, to sometimes experience their surprise and then mostly their acceptance. “It builds self-confidence and trust in the world when you see that, and I’ve been pleasantly surprised each time.”
She says this acceptance won’t happen by itself: Companies must have specific, defined programs with targets because it provides an aspirational goal. “You have to be specific about what you want to achieve,” she says, adding that companies need to be careful not to fall into complacency.
Botha and her wife have been married for 10 years — ever since gay marriage became legal in South Africa –and have two children, a boy and a girl. “Being a parent is one of the most amazing experiences; I never could have anticipated what joy it is,” she says. And hard work. “I always understood work-life balance intellectually, but it is different when you are experiencing it,” she says.
The family loves traveling, especially adventure travel in their SUV. Botha also rides an on-off-road BMW motorcycle and grabs the opportunity for a quick ride whenever she can.
Anna Gorga Soderini, Vice President, Investment Management Division, Goldman Sachs
Movers and ShakersWhile it might be harder to find a role model who seems similar to you if you’re LGBT+, a woman, a different race or any underrepresented minority, it’s still very important to find mentors who can guide you in your career, notes Goldman Sachs’ Anna Gorga Soderini.
“When seeking a role model, look beyond traditional ‘diversity’ and focus on individual challenges people might have faced where you can find points in common that might not be obvious,” she says. “If you more broadly define ‘role model,’ you can find someone who also had to adapt to circumstances and conquered similar challenges, even if they might not represent your exact demographics,” she says.
A Meandering Path, With a Destination of Authenticity
For Soderini, the professional journey has been just as important as the destination, and she took what she describes as a bit of a meandering path. She began with classical education – Latin, ancient Greek and philosophy – yet ended up in a finance career. While in London completing her Masters in economic development at the London School of Economics, she was exposed to financial markets for the first time, and to the role efficient asset allocation plays in enabling economic development.
She initially joined a private equity firm that invested in emerging markets before spending two years in Mozambique following that country’s civil war, an incredible experience that made her keenly aware that opportunities emerge following significant periods of change. After her stint in Mozambique, Soderini enrolled at New York University’s Stern School of Business to pursue her MBA and enhance her knowledge and understanding of finance.
After graduating with her MBA, she took a position in M&A, covering and advising financial institutions. Soderini joined Goldman Sachs Asset Management in 2007 to pursue a role on the buy side.
After making a conscious decision to not share with her former employer that she was gay, Soderini realized this was impeding her ability to form deep relationships with her colleagues and managers, and knew she needed to be open in her next role if she wanted to be successful. She came into the interview process at Goldman Sachs identifying openly as LGBT+, and she says she was blown away by the inclusiveness of the firm and her future colleagues.
When discussing professional achievements of which she is proud, Soderini immediately mentions her involvement with Goldman Sachs’ LGBT Network. She cites her role on the Pride steering committee and subsequently being invited to co-lead the Americas LGBT network at the firm, as a significant moment in her career. Soderini notes that the position is one of great responsibility due to the advocacy and education element of the role, by ensuring the firm remains at the forefront of LGBT+ issues.
Shifting Industry Norms Provide Opportunities for Goldman
Currently, Soderini is excited about co-leading an effort to integrate new data sources into the investment process, as the industry comes to terms with the disruption brought about by technology. She believes the ability to capitalize on these changes will become increasingly critical to the investing process and thus consequential for GSAM’s business.
“This is an inflection point for the whole industry, as data is being created at exploding speeds,” she says. “The size and complexity will require new analytical tools, and we now have more processing power at our fingertips. Goldman’s breadth of strategies, technological sophistication and depth of resources will allow us to harness technology to the benefit of our clients in a way that less capable competitors can’t.”
Also related and top of mind is the debate about active versus passive management, and how Goldman Sachs can weather the current outflows from active management.
“Technology has made fundamental investing harder since it has democratized information and analytical tools. Some of the challenges of active investing are cyclical and will fade under new market regimes, but others, such as the technological disruption, are secular: The firms willing and able to adapt to the new environment will be the ultimate winners. “Goldman Sachs is one of only a handful of asset managers that has the wherewithal to experiment and execute across strategies as we begin to understand these shifts.”
Embracing the Corporate Paradigm
Soderini says she wishes someone had told her when she was starting out that doing a good job is a necessary but usually not sufficient condition to continue progressing in one’s career. She understood the financial sector to be a meritocratic environment, but had not realized how critical it is for everyone around you to see you proactively contribute, understand your career goals and believe in your ultimate potential as a leader.
But while you have to express your views and telegraph your goals and passion, she notes that it can be tricky to get the right balance, particularly for women and those who come from cultures that don’t promote assertiveness.
“At school you are used to being rewarded for executing well in a linear relationship with faculty, completing homework or passing a test,” she notes. “But the work environment is more complex and there are multiple constituents. You don’t work in isolation, and taking the initiative in engaging with your manager and colleagues, as well as championing your work is a necessity.”
Sharing the Proud Culture of Goldman Sachs
In addition to her work with the LGBT Network, Soderini is active with the Pride Summit, a recruitment event where LGBT+ employees and Allies interact with sophomore and junior undergraduates who are looking to learn more about the firm. She finds that people vastly underestimate the leading role the financial industry plays in advancing LGBT+ causes, so it’s incumbent upon the industry to conduct outreach and education.
She also appreciates the opportunity it provides for LGBT+ women to interact in an environment geared toward networking. “We can cast a wider net and create critical mass by bringing this group together at our office.” She loves being able to attract talented individuals from many backgrounds to showcase the firm.
“I talk about it with such enthusiasm because I would have loved to have had something like this when I was in college,” she says, noting that it really underscores the progress that has been made that these programs now exist.
In her spare time, Soderini loves traveling with her wife, primarily from the base they have established in Barcelona, a beautiful city and convenient location for exploring Spain and Europe.
By Cathie Ericson
Mover and Shaker: Kerry McBride, Director, Application Development, WEX
LGBT celebration, Movers and Shakers, People, Voices of ExperienceBy Cathie Ericson
Kerry McBride started at WEX on a four-day temp assignment and never left. As she recalls, she was there to do some filing and said “Do you want me to come back?” They did; she did; and after three months, was named an entry-level employee on the credit side.
Her initial reasons for staying were practical: As a recent college graduate in a tough market she was looking for a steady job and health insurance. It was also the beginning of the PC boom and she appreciated the in-depth training WEX was offering. She made the most of the opportunity though, and after five years on the business side, she was a recognized subject matter expert, which she considers to be the pivot point where she shifted her thinking from WEX as a job to a career. She subsequently took on business analyst and project management roles before there were formal teams, then a team lead role and a manager role and eventually was named director of applications development.
A Culture of Acceptance and Support at WEX
Another reason McBride meshed so well with WEX’s culture was because the nature of the organization was so far from her initial expectation of the corporate world. Her mother had worked in a corporate role and she remembered the cube-filled workplace as conservative, stressful and hierarchical. “I knew I never wanted to work in that sort of environment, so when I started at WEX I was delighted that it was such a different organization with so much flexibility to try different things. I have been very fortunate that the culture promotes stepping out of your comfort zone in a supportive way, with no political backstabbing,” she says.
She also noticed immediately that it was more diverse than she had expected — in age, skills and background – which was important to her, as she is able to be out at work. “It’s just one aspect of my life, but it’s who I am, and I appreciate that I can just be myself without a division of a ‘work persona’ and a ‘home persona.’ When you’ve been somewhere for 22 years, you develop friendships and so I mention my partner frequently,” she says, adding that when you’re pouring time and energy into a company, you want to make sure that everyone is respected and treated fairly.
She also appreciates that she’s had the chance to possibly open the minds of coworkers who might not have known many openly gay people before.
McBride’s tenure and trajectory at WEX has been helpful in her current position as she coaches her current team members in directions they may not have thought about. For example, she had a recent direct report who took on a stretch assignment as a lead; though he was a bit shy by nature she knew he had the right skills and indeed, his contributions to the year-long project were recognized at the company’s recent annual awards ceremony. “He was proud of himself, as was I. As I progress in my own career, I find the coaching role highly satisfying,” she says.
She considers it a way to pay it forward, based on her own positive experience at the company. Since she herself didn’t come in with a clear picture of what she wanted to do or idea of where she was going, she appreciated that her managers were wonderful advocates in helping create positions that suited her skills and helped open her eyes to qualities she had and how they aligned with her skills to create her successful career path.
After spending 21 years on the North American Fleet line of business, McBride was asked to take on an assignment to build a U.S.-based development team to support the International Fleet line of business. Building the team with talented in-house developers and coordinating the transition of two experienced developers from Auckland, New Zealand, provides a great opportunity for WEX to expand U.S.-based development capability.
She knows that while mentors and sponsor can facilitate opportunities, each person has to drive their own career, filling the void when there are leadership gaps and taking full advantage of an opportunity.
Career Lessons Learned From Childhood on Up
She considers her mom, who pulled double duty as a single working mother, to be her role model. “Since she was in the corporate world, that’s what I saw, so when my friends played house, I would play office,” McBride says. Of course, she also remembers the times her mom came home stressed and so now whenever she feels overwhelmed, she is able to draw on that memory of how her mom persevered.
She also modeled the smart risk-taking behavior McBride brings to her career. “Failure can happen, and I took a risk going over to the international side of the business.” Recent leadership changes, a new vision and new requirements mean that McBride will leave the international role behind her, but not without taking away the positives. “Right now, I’m setting the base and supporting the new strategy. Even though I won’t get to see the end result, I’m proud of what I started and want the team I put together to be successful.”
McBride also makes sure to take time to focus on her mental health. She took up running at the age of 35, gravitating toward longer distance running. She was surprised how much she loved it, and notes many parallels to success at work. “I love having a schedule and getting those runs in,” she says.