Tag Archive for: Partner

Thought Leader: Elizabeth Diep, Partner, Asset and Wealth Management Practice, PricewaterhouseCoopers

Elizabeth DiepBy Cathie Ericson

Don’t be afraid to pursue the big assignment or job even if you think you don’t meet 100 percent of the qualifications,” says PwC’s Elizabeth Diep. She urges women not to limit themselves because although you won’t always hit it out of the park, you learn from every experience, and often even more from the ones that don’t succeed. “Big jobs are scary but the only way you learn is by practicing.”

And, she cautions, if you say no too many times, people will start assuming you’re not interested and you’ll no longer be on the list for consideration. “Along the way you have to take calculated risks.”
As an assurance partner in the audit practice, Diep focuses on alternative investment clients, which include endowments, hedge funds and private equity clients, ranging from highly complex, multi-national companies to smaller, locally based equity funds. As Diep puts it, that is her “day job,” as she is also involved in other firm business, including assisting with people initiatives as a Human Capital (human resources) partner, where she focuses on helping a group of about 150 more junior colleagues navigate the firm, providing guidance on their development, education and experience.

A Changing Industry Full of Challenges

Because the asset management world within the financial services industry is still fairly male dominated, Diep sees it as one ripe with opportunity. “If someone wants to thrive and be challenged every day, this is the field for them,” she says, noting that in an ever-changing industry, there are constantly new financial instruments being created. “As the world gets more complex, the industry gets more complex,” she says.

The industry also is appealing to anyone with an international mindset. “The opportunities that lie abroad push you to be more open to the world because we’re interacting in a global society every day.”

The industry also calls for flexibility since your day can change with every phone call or email articulating a new client need. “I might have a client interested in investing in transportation out of Greece and Panama so I need to see what resources PwC has to support those needs,” she says. And that’s why success lies in delivering relationships before you need them.

“You’re not just working with people in your office, but other partners and members of the global network. You have to be resourceful and know who can help you find the answer you need. Those connectors become critical to your success.”

She says that today’s workforce is different from generations past when people were expected to have all the answers. Today, it’s more important to know which expert can help you get the answer rather than being expected to know everything personally.

Flexibility Remains a Challenge

Diep cites a recent PwC survey of millennials that explores the importance of flexibility, and unfortunately, she finds that while many firms promote work/life balance, employees still worry that taking advantage of these programs could have a negative impact. And that translates into a pervasive feeling among many women, especially working moms at the mid-career level, that the industry is too demanding if they want to perform well and also have a family.

One program designed to help is the “He for She” program, of which PwC is a sponsor with a goal of having 80 percent of the men join. “At the end of the day it’s primarily men sitting around the table so we have to get them involved in this conversation and advance women’s causes,” Diep says. “When we move away from just women talking about the challenges but have men supporting them, it will be a game changer.”

She says that she has been bolstered in her own career by mentors and sponsors who served as role models with a balance that she has learned to emulate. “It’s not always equal,” she says, noting that sometimes they were working late hours but then they still always made time to disconnect on vacation or take off for their kids’ birthdays. “They gave me an example of how you can use the day how it works best for you, to balance all your key life relationships, while always completing high-quality work.”

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Voice of Experience: Martha Ruiz, Partner, PwC

Martha Ruiz, PwC For Martha Ruiz, having a family provided an unanticipated career boost. “I learned that it’s ok to say no and become comfortable with what’s best for me,” she says, noting that as her priorities shifted, she experienced an increased confidence. “Family sets a counterbalance with your career, and you become better at knowing what’s important and setting priorities.”

PwC has been the perfect environment for her to grow her successful career, joining the firm’s general tax practice directly out of college. She soon migrated to the entertainment and media group in Los Angeles, where she provides tax compliance and advisory services to a variety of entertainment clients throughout Southern California.

It’s a vibrant field, given the new ways that consumers are consuming content that change long-held industry paradigms. Broadcasting has evolved to become tailored to a more fragmented audience, a shift that will continue as video on demand and streaming technologies continue to grow. “The industry will continue to mold its business around these changes and it’s to the benefit of the consumer,” she says.

An Oscar-Worthy Performance

This specialization in the entertainment field is what provided her the honor of becoming the Oscars® balloting co-leader in 2015, overseeing the team and balloting process that takes place during nominations and the finals. As such, Ruiz was only one of two partners who knew that Spotlight would be named Best Picture.

“It’s a unique spot to realize that you know the final winner before the rest of the world,” she marvels.

But even the golden glow of the Oscars® pales when she is asked to name her biggest professional achievement, which for her was becoming partner in 2011. “I joined the firm for all the opportunities it availed me and took advantage of all the doors that had been opened to me,” she says, mentioning mentors and coaches who have helped her funnel career decisions. “When I started, it wasn’t with the objective to be a partner but only to get experience; however, as I progressed within the firm and saw what an achievement it was for those around me, I began to have the desire to become partner. Now I can help coach others within the pipeline.”

Mentoring Others

The pipeline is an important aspect to Ruiz, who balances busy client engagement with a leadership role on recruiting efforts. “Talent is our future, so we are invested in making sure we have the right skill sets and the best and brightest coming through our door.”

She’s also active in the “Aspire to Lead” program, where students from various campuses experience the firm and join in panel discussions via a webcast that links all the PwC offices. This year the event focused on gender equality and featured Geena Davis and Dawn Hudson.

As she works with younger talent, she reminds them that it’s especially important for women to learn to build their confidence and tools to use their voice. “We have to train ourselves to say the things that are on our mind even when it feels hard,” she says, adding that’s one of the benefits of diversity – different views.

Mentors can play a valuable role by providing a different experience or perspective when tackling an issue or challenge.

“Reach out and talk through a situation with someone with whom you feel comfortable,” Ruiz advises. “You don’t have to go it alone because they have been there.”

And, it certainly doesn’t have to be formal relationship. “Throughout my career, I’ve had a variety of people I can bounce ideas off of and seek perspective, which gives me a better sense of how to tackle something.”

Now she can share that vantage point when talking to younger associates, helping them see the bigger picture. And she urges her peers to take the time to do the same, as they will reap the benefits when they take time to foster others’ career success.

“You might be working with someone indirectly, and as time flies and you see them flourish and become your peer, the value and enrichment you get from having watered that plant is so important.”

Family First

Ruiz is a big proponent of the family leave that PwC offers, having utilized it twice when her kids, now 11 and 7, were born. “Many of my contacts at other companies were envious of the flexibility I had to decide when I was coming back, and then when I did return, I felt really supported by partners with the transition. There has been an enduring sense of gratitude that the firm is doing the right thing.”

She says that the firm’s culture embraces flexibility and the ability to do work anywhere. “PwC takes the broader view that every individual may be going through different stages, and therefore, flexibility can look different for each person.”

For her that means dedicated vacation time, including a recent family trip to Hawaii that included her parents and siblings. “It was a calm, relaxed setting that allowed us all to catch up and for the kids to spend quality time with their grandparents.”

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Voice of Experience: Marie Louise Kirk, Partner, Goldman Sachs

Marie Louise Kirk, Goldman Sachs“If you’re surrounded by inspiring people, junior or senior, you’ll be able to work through complex problems,” says Marie Louise Kirk. “They become your source of energy and creativity.” She recommends that professionals develop friendships with the colleagues around them and notes that the relationships she has cultivated throughout her career at Goldman Sachs have helped her succeed. “We all have tough days once in a while, but you have to move on and not let those frustrations inhibit your success. My office friends always help me do that,” Kirk advises.

As Kirk puts it, she is “Goldman Sachs born and bred,” initially joining the firm as an intern. She is now head of FICC Client-facing Engineers for the Americas, responsible for client strategies and solutions. Kirk also serves on the Firmwide Technology Risk Committee and the Securities Division Client and Business Standards Committee.

Originally from Denmark, she was the first in her family to attend university abroad, after being accepted to Harvard. “I come from many generations of Vikings so it was a huge deal when I got a scholarship to attend Harvard from the Crown Prince of Denmark.” She also ended up meeting her now-husband as a classmate at Harvard University.

She describes her experience at Harvard as “eye opening and life changing,” and now serves as a trustee on the board of the Crown Prince Frederik of Denmark Fund for Harvard University.

Although many companies came on campus to recruit, Kirk says that she was won over at her first Goldman event hosted on campus, because of a connection she made with a senior female professional at the firm. “She was so relatable and passionate about her work,” Kirk said. After interviews in Boston and London, Kirk was offered an internship in London on the trading floor. She began working full time as an interest rate derivative trader following graduation. “Trading was at the heart of where things were happening,” she says, describing it as very dynamic, though with a steep learning curve, where she received lots of opportunities to learn.

Data Shows the Way

After several years on the trading desk, Kirk realized that she wanted to become a financial engineer because she enjoyed the quant work, but also wanted to work with clients. Reflecting on this role Kirk says, “This is what I’m passionate about.”

In 2006, Kirk transitioned to the engineering team, and in 2008 she was asked to move to New York to lend her expertise. She arrived in New York two weeks before Lehman Brothers went under and at the time there was a need for her derivative skill set: “Quant skills come in especially handy in tough times,” she says.

In her current job, she appreciates that the role allows her to find solutions for clients – she says she does her best to help clients make money and manage risk and their businesses better.

The advancements in data science and machine learning for how the firm services its clients better are exciting aspects of her work. “We are really figuring out how we can be more relevant to our clients at the right time with the right content.” Kirk notes that her team lets “data be a leading indicator to help guide us and give clients the best and most relevant service possible.”

Although the firm’s risk-management activities have always been driven by data, Goldman Sachs is now starting to apply data to a much larger extent in other areas. Data can create huge efficiency improvements, Kirk says, as well as smarter, more scientific decision-making in areas that were previously driven by more subjective analysis, anecdotes and gut-feeling.

“The change that has taken place in the last couple of years and what’s predicted for the near-term is mind blowing,” she says. “Through data and technology there will increasingly be ways that machines can perform the more manual functions that humans have had to do. It will allow all of us to focus more on the high-value activities in our business.”

Proudest Achievement is Facilitating Success for Next Generation

Kirk says she was proud to be named a managing director in 2009 and partner in 2012, but that she’s most proud of her role in building next generation. “Recruiting talented people, coaching them with the right mix of support and push and ultimately seeing them flourish is wonderful,” Kirk says. “Helping create the next generation of successful leaders is a true legacy. And now seeing them naturally turn around and start supporting and pulling up the generation behind them makes me even prouder and, frankly, quite emotional.”

As Kirk says, “It’s gratifying to know there is a virtuous cycle that will benefit generations that will last way past any one person’s time at Goldman Sachs.”

Savvy Advice on Perfectionism

When asked what advice she wishes she’d known earlier in her career, Kirk notes that no great advice can replace the personal growth that comes from a journey of ups and downs. “No life is perfect. No career is perfect. The sooner you find peace with that truth, the sooner you will find your path to success.” She cites Winston Churchill’s quote: “Success is not final; failure is not fatal; it’s the courage to continue that counts.”

She sees that many people in the workforce, especially those of us with Type A tendencies, become obsessed with perfection and the perception of perfection, but she advises peers and junior employees to be comfortable with not always trying to be perfect.

“To be really creative and innovative, you have to push boundaries and give it your all,” she says. “You have to keep the right balance between being on your toes, but not so obsessed with perfection or fear of failure that you become scared of your own shadow.” Managers are critical in providing the psychological safety to help overcome some of these issues and create an environment of authenticity and ability to be your own diverse self, she says.

Kirk warns that when you apply that same standard of perfectionism to marriage, kids and friends on top of work, you will break.

“If you aim for perfection, you may feel you have to choose between being the best at work and in your personal life and that you can’t do both. But if you change your attitude and approach, you may end up doing both better.”

Throughout her years at Goldman Sachs, Kirk has been involved in many of the firm’s internal programs, and she has found that one element they have all had in common is the social glue of community and connectivity, which have helped her remain excited to go to work every day.

A Full Life Outside of Work

Currently expecting her third daughter, Kirk says she has her hands full with two other girls, ages 10 and 5, and a husband with a thriving career of his own.

Yet she still finds time to nurture girls on the path to STEM careers. “It’s upsetting when I see them lean out, and often at such a young age, all because of stereotypes,” she says. “It’s fine to make a conscious choice at 16, but sometimes they start opting out at age 6 before they understand their true talent and interests.”

In her family, it’s easy to focus on women who are successful at math. “We good-naturedly ridicule dad, who’s not a math guy,” she laughs. “For now my daughters think math is a girl thing.”

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Voice of Experience: Denise M. Grant, Partner, Project Development & Finance Group, Shearman & Sterling

Grant-DBy Melissa J. Anderson (New York City)

A strong proponent of mentoring and the continued expansion of women’s leadership roles in the legal industry, Shearman & Sterling partner Denise Grant also believes it is important to step back and take a broad view.

“At the end of the day, when thinking about the challenges and barriers for women in law, they’re relative,” she explained. “Growing up the daughter of a diplomat and now as an international transactional lawyer, I’ve traveled all over the world. I’ve seen women denied basic rights and opportunities, like going to school, being able to vote, being able to speak for themselves. In relative terms, the barriers we face here pale in comparison.”

She continued, “The real challenge for each of us is to find our own path. You may bump into a wall, but the challenge is for you to decide how to get beyond that wall. Do you scale it? Do you dig under it? Do you find a way around it?”

Grant, a partner in Shearman & Sterling’s Project Development & Finance Group and co-chair of the firm’s Diversity Committee, was also the firm’s first black partner. She is proud of her career and the opportunity to open doors for others where there may have been a wall before, and she encourages other senior female role models to not only open doors but to help usher women through them.

A Lifer at Shearman & Sterling

Grant, originally from Guyana, grew up in the United Kingdom, Canada, Belize and several countries in South America, and came to the US with her family – her father was Guyana’s Ambassador to the United States – to attend college. She studied International Relations at George Washington University and then attended Georgetown University Law School.

“I’m a lifer at Shearman & Sterling,” Grant began. After working at the firm as a summer associate during law school and then becoming a full-time associate in 1989, Grant climbed to the top of the ladder at the firm and became a partner in 1998.

“With my background in international relations, my initial goal was to garner some experience at a private law firm and then eventually join an international organization like the World Bank, the IMF, or IFC,” she recalled. “But my work here at Shearman & Sterling has always felt like a great fit.”

“Shearman did – and still does – have a significant platform in Latin America, and so the firm was my first choice based on the ability to practice law on cross-border transactions in the region where I grew up,” she continued. “And, best of all, I’ve actually done some work for the IFC and have worked on matters involving the IMF and the World Bank.”

Today, over 20 years later, Grant continues to focus on financings in Latin America. In fact, she said, one of the most interesting things she’s experienced during her career has been the evolution of transactions and the players in the region.

“When I first started doing work there, Latin America was considered an ’emerging market’ and the region was comprised of ‘developing countries,’” she explained. “But now I’ve seen many of those countries emerge. It’s very exciting to see that transformation, to have the opportunity to represent Latin American companies and financial institutions that have actually grown to such a magnitude as to acquire companies in the US and to lead internationally syndicated financings.”

For example, Grant has played a key role in supporting the expansion of Brazilian beef producer JBS, which made an important acquisition outside of Brazil and into the US with the 2009 purchase of Pilgrim’s Pride, a major chicken company. She has worked with JBS on subsequent financings for its US subsidiaries.

In Grant’s view, JBS’s expansion is indicative of a bigger trend – a changing and growing acquisition finance market for Latin America. “The more acquisitions you are seeing from Latin America into the US means that that the market is going to shift,” she said. “It’s growing more similar to US sponsor – style leveraged financing.”

Sources of Pride

In a career filled with significant professional achievement, one special accomplishment stands out, Grant says. “The professional achievement I’m most proud of is becoming the firm’s first black partner,” Grant said. “It’s historic, and also a source of pride for my parents.”

“Really, it’s a professional and personal achievement,” she continued. “Professionally, my election helped to open doors to others coming after me. On a personal level, when I was deciding what I wanted to do with my life, I knew it would include making the road easier for those coming behind me. This is very important to me.”

Political Risk and Diplomacy Skills

The road to achieving this professional success has been paved with hard work. Grant’s practice is multifaceted and calls upon so many of her skills.

“When working on cross-border transactions you often times have to deal with issues of political risk — we’re talking about expropriation, nationalization, currency conversion issues, etc. We’re also talking about war and political insurrection,” Grant said. “All of these issues come into play in my work.”

She continued, “In the past, mitigation of political risk was dealt with by lenders and investors buying an insurance policy against such risks occurring. For example, in the early 2000s, when Argentina decided to redenominate all US dollar-denominated obligations into Pesos, which created losses for many foreign lenders and investors, many of our clients made claims under their political risk insurance (PRI) policies.”

Grant explained that the insurance companies pushed back, arguing that “pesofication” was not covered by the standard PRI policies. Of course, the policyholders disagreed. As a result, many of the claims were taken to arbitration. “We had to arbitrate a number of these political risk claims – and we were successful on a number of them – but not without a lot of cost and time to our clients and significant questions about the effectiveness of these types of policies,” she said. “So now, many people try to structure their deals in such a way to work around these political issues.”

Recently, for example, Grant worked on an acquisition financing in Peru that was closing right around the time of the country’s elections. This meant that she had to assist her clients in navigating that transaction in a way that didn’t offend either political party, but at the same time provided the client with adequate protection. This called for strong diplomatic skills.

“Maybe this is genetic, because of my father’s career, but I’m interested in using diplomacy skills to have a variety of interests come together to consummate a deal, to meld all of these things together,” she explained.

Wisdom for New Lawyers

Grant’s sound practical perspective has benefited her outside the deal environment.

“One of the things I wish I had been more cognizant of when I was first starting my career was the importance of building relationships and networking. The earlier that starts, the better it is for you,” Grant advised. “It’s a small world, and it’s helpful to know as many people as you can. That includes business relationships and the like, but it also means mentoring.”

She continued, “Another point I do raise with young people is that it will help enrich your life to build up your personal profile and take stock of what you have attained. I always remind associates in our firm to enjoy the journey. Sometimes you’re so worried about what’s next that it’s hard to step back and maintain some perspective. Time goes so quickly that you’ve got to be able to stop for a moment and celebrate your achievements.”

Advice for Women in Law

“For more than half of my career I have been fortunate to be in practice groups at the firm led by women,” she said. “The women partners here at Shearman & Sterling are very supportive, and we meet regularly to discuss challenges we face individually and collectively and to support and advocate for our women lawyers. I have seen women succeed and do very well — I do think there are challenges to find the right path for each person.”

She continued, “I would be remiss if I didn’t mention that I’m also a mother of two young children. And finding that equilibrium – to be an excellent parent and, at Shearman & Sterling, an excellent lawyer, partner and business developer – is challenging.”

“We always want to give 100% to all aspects of life – it’s not a barrier, but it comes with a lot of work, to achieve the success you’d like to achieve as a mother and a partner at a successful law firm. But at the same time, my son, for instance, really wants me at his violin concert. And I want to make it look easy – I want my daughter to believe she can do anything she wants to achieve. You don’t want to let them see any chinks in your armor.”

“Luckily, I have a wonderful support system at home which really makes a huge difference,” she added.

For women entering the legal profession, Grant advises that they not allow themselves to be wallflowers. “Make sure you’re visible,” she said. “From the time you get into the firm, make sure you’re noticed. You have to do a little bit more than just be an excellent lawyer. You have to create your own opportunities.”

She added, “Do not hesitate to promote yourself at work. I do see our male counterparts doing it regularly. In fact, I see how my son already takes credit for many things, but my daughter will hesitate. We encourage her to be more proactive and not to be shy. I would say the same thing to young lawyers.”

She continued, “One of the other important things I would mention is to always remember where you came from and who helped you get to where you are. And you need to be able to afford others that opportunity.”

“Often when you are successful, it is easy to forget how important it is to mentor and help people. Here are Shearman & Sterling, even as we partners gain greater seniority, we work hard to build that next generation of partners. And in client relationships, we need to make sure to include junior women and minority lawyers in our transition plans,” she advised.

“We need to continue to build that cadre of women and diverse partners throughout the firm. The only way to break through any ceilings or walls is to work together.”

Diversity at Shearman

Grant serves as co-chair of Shearman’s diversity committee, a committee she co-founded in 1992 as a third-year associate at the firm, with John Cannon, a partner and practice group leader, and Anna Brown, a colleague and today the firm’s full-time director of global diversity and inclusion. “We have a strong culture in place here at Shearman & Sterling, and women can see that they can do very well here,” she said. “It is about charting your own path with support from others.”

In Her Personal Time

While her work at Shearman & Sterling is challenging and time consuming, Grant does work hard to maintain some important priorities.

“I’m a staunch believer in doing pro bono work,” she said. “Right now I’m working on a microfinance matter for a social business fund investing in social businesses in Haiti. This is something I’m passionate about. I also sit on the board of Edwin Gould Services for Children and Families, which is a New York State-sponsored adoption agency.”

Finally, she said she manages to take a few moments for herself. “It all comes down to that equilibrium,” she said. “You can’t forget about your self. I’ve found that it’s helpful to take a moment to take a deep breath and let it all sink in.”

“You do need to do that for yourself, even if it’s just ten minutes on the weekend – which is what I usually get!” she added with a laugh.

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