The Alexander Group

Month: October 2024

The Alexander Group, recognized as one of the country’s top CEO executive search firm, presents “Five Questions With Outstanding Leaders,” our interview series with visionary industry leaders. In this installment, Managing Director Sally King interviews Michael Caplan, COO of Lowenstein Sandler, discussing leadership style and advice for those seeking a Chief Operating Officer role at a large professional services or law firm.

Michael Caplan believes in diving in.

All in.

It’s how he connects with his team, peers, partners, and clients. Caplan is intentional about his leadership style, setting expectations and seeking growth opportunities. He interacts, listens, and strategizes with the goal of positively impacting his professional leadership team, attorneys, and firm.

With more than 30 years of experience in the accounting, financial, investment, and consulting industries and 20 years of corporate legal and law firm experience, Caplan takes a holistic approach to his role.

He combines his understanding of the business of law and his financial acumen with effective communication skills and a strategic approach to challenges.

Caplan joined Lowenstein Sandler in March 2024. A national law firm with over 350 lawyers based in New York, New Jersey, Palo Alto, Utah, and Washington, D.C., the firm represents leaders in virtually every sector of the global economy, particularly emphasizing investment funds, life sciences, and technology. It is recognized for its entrepreneurial spirit and high standard of client service.

Caplan believes Lowenstein is poised for exponential growth, and he is ready to lead the way.

Read on for Caplan’s “Five Questions With Extraordinary Leaders” conversation with King.

You recently joined Lowenstein but have served in this kind of role for over 10 years. How did you navigate your transition from Professional Services firms to law firms?

I’m a business-oriented COO, and I have a client’s perspective.  This approach has served me well in corporations across various sectors and serves me well as COO at Lowenstein.

Learning about law firm culture requires an understanding of practice groups, building relationships with partners, and how these elements work together in a competitive industry. But effectively leading any organization requires knowledge of basic business principles: What is

demand? What is productivity utilization? How should we think about our business differently? Why is revenue different from profit?

Additionally, I am very focused on how the law firm’s professional staff should be involved in client development, specifically in areas of operational expertise. I take these basic tenets and incorporate them into what I call “the business of law.” At Lowenstein, we have even branded these as “BEST—Business Enterprise Solutions Team.”

As a law firm COO, I work with both the attorneys and the business professionals who support them to facilitate the firm’s success. Internally, we are a team, and every participant understands their own value —what each of us brings to the firm. Externally, we need to differentiate ourselves from our competition in an increasingly competitive environment. One of the ways we do this is by helping clients with their operational effectiveness and operational excellence.

Lowenstein was looking for a leader on the business side who could help them think about how the firm can grow and adapt in the future —across different categories and different work streams. I am now part of the leadership team that is discussing and planning how to scale the firm. This was a big part of what attracted me to join Lowenstein.  After working in legal operations for two decades, this opportunity was more than being strategic.  It is leading-edge and innovative, and leading a team that can engage in driving revenue and the business is pretty cool. 

I relish having this seat at the table at Lowenstein, where the partners are eager to discuss best practices and growth strategies.

Recently, we’ve been focused on a strategic plan that leverages the business of law to serve our clients, our colleagues, and our communities.  We are looking at lateral partner hiring, innovative technology and solutions, data and business intelligence, cross-selling, conflicts, and lateral partner hiring, and we are looking at these elements in new ways. This approach will enable the firm to grow, be competitive, and STAY competitive— not only in our tier-one practices but how across all of our different groups from a cross-selling, collaborative perspective.

What have some of your biggest challenges been in law firms? Having 20/20 vision in hindsight, what might you change, and what might you do exactly the same? 

    The role of a COO is different today than it was ten—even five years ago. A COO must communicate with partners so that the focus is on attracting profitable clients and efficiently running the business and practicing law. In addition to building a focus on lawyers, the firm must also invest in firm infrastructure and non-legal talent.

    Today, we are seeing law firms that resist change.  The COO can play a big role here. Firms have to allow their COOs to have a voice, and partners with senior leadership need to promote and mandate that the COO have a voice. A strong COO with excellent communication skills can bring the partners in and drive change. On the other hand, if a firm has a COO unwilling to get out in front of a partnership that’s not letting the COO get out front, it will be ineffective in taking its law firm to the next level.

    It is important for any COO to establish relationships with partners so that they feel heard.  Trust is very important. Once that is established, a COO can then effectively communicate to the partners how investing in the firm will help their practice. Any strategy will only be successful if the culture and partnership support it.

    Currently, there is a highly competitive marketplace for clients and C-Suite leaders. I’m trying to hire chief officers, different levels of directors, and others within my professional staff with a strategic view of the business. Of course, every other law firm is seeking the same type of talent! However, Lowenstein Sandler offers an excellent proposition for highly qualified candidates because our firm truly values the opinions of its business strategists.

    Now, looking back as an 11-year tenured COO of a law firm, I don’t get too bothered by the challenges that I faced earlier in my career. I’ve learned to take challenges in stride, reflect, and partner with other people to solve problems. I spend a lot of time with partners and our Chiefs brainstorming, strategizing and thinking about messaging and how to handle people challenges: how do we think holistically about where we want our teams to go and how do we get them there?

    Running a law firm is not that difficult from an operational standpoint. But running a firm of partners and professional staff is the hardest part of the job. The people part of the job is challenging because you are literally managing “talent.” Every day can bring up new challenges from a people standpoint, but it is both challenging and invigorating as a leader.

    What are some of the challenges you see on the horizon that you will need to address, and what is your game plan? 

      AI presents an opportunity, but it’s a challenge. Where do we begin? How much data do we have? What is the data that the clients have? How are we thinking about our rate structures? How are we thinking about our hiring plans? How are we thinking about leveraging our profitability model? How are we getting in front of these communication plans with our clients?

      AI presents a significant opportunity to engage clients, attorneys, and professional staff, but how do we address this? What comes first, second, third? Every vendor has a solution. I get 500 emails a day from unfamiliar vendors who want to solve all my problems.

      Our chairman, Gary Wingens, and our full leadership and strategic planning committee are very focused on AI information and innovation. That is how we are managing this roadmap of products, data, communication, and client relationships as we guide our firm’s growth.

      The other challenge is the growth of the lateral partner market. As a competitive national law firm, we want to grow our practices and become a destination firm for our key practices with lateral partners. But we are competing with many firms for the same lateral partner hires. The challenge is how we continue to be that destination firm and grow with the strategic plan of lateral partner hiring; as COO, I have to evaluate how to scale my teams to meet our projected growth.

      If we hire 200 lawyers in the next two-and-a-half to three years, how many BD people do I need? What does practice management mean? How do we manage paralegals? How do we look at conflicts? How do I look at my recruiting team? How many billers and collectors do we need? Yet, at the same time, how do you manage the expense growth before the revenue comes in when you’re making partners so you continue to be very profitable?  This analysis requires a strategic view of how to manage the challenges of expense and investment, along with the revenue that will come in behind it.

      What do you look for when hiring your chief team or people who will report to you, and how do you ensure you have a good mix of leadership attributes amongst your team?  What is your leadership and communication style? 

        I believe that chief officers all need to have real leadership.  To me, this is table stakes. I operate as a COO, and I manage a team of people, but it’s a very flat organization. I love to embrace leaders and resources at all levels because I really try to truly create career aspirations for the folks who are on my teams. I want my teams to invest in their careers. It is not just about title and promotion, but there’s responsibility. Learn the firm, learn the partners, learn the practices, lead at every level. I’m really looking for people that are hungry, people that love to work, are excited and have ideas, and are not afraid to talk about them.

        What advice would you give someone wanting to be a COO at a large professional services or law firm? How does Lowenstein manage succession for these roles, and how do you think other firms manage that process?

          First of all, my advice to somebody who wants to be a COO is that you have to really invest in getting to know that firm. You have to truly take on the job as an owner.

          I tell everybody whom I hire to take the first six months to a year and get to know people, build relationships, learn the firm, go on a listening tour, get on airplanes, go to different offices, make sure you work out a lot because you’re going to have a lot of meals and a lot of coffee, but listen and learn.   If you really truly want to be successful at the job of the COO, you have to build trust with your partners. And then you also have to build trust with your team under you, so that they will embrace you as the COO and keep you in the loop.

          A reputation can be made or broken very quickly. You have to be willing to make those investments and sometimes sacrifices to be a very successful COO. The other piece of advice I would give is you’ve got to understand the financials. You have to truly get how the firm makes money, how we bill, how we collect, how we look at rates, how we price, what profitability means, what staffing and leverage utilization, productivity, demand go down the line, what is contribution? If you don’t understand the numbers of a law firm, it’s very hard to be a COO.

          Brian Sakala has joined Akin Gump Strauss Hauer & Feld LLP as Chief Financial Officer.

          Mr. Sakala is a highly regarded accounting and finance executive with a proven track record of delivering client value by leveraging key technologies, providing financial analyses and creating efficiencies.

          Learn more about Mr. Sakala here.

          Managing Directors John Lamar, Jean Lenzner and Director Sarah Mitchell conducted and completed this search.

          Wendela von Munching has joined Clifford Chance as Chief People Officer.

          Ms. von Munching has more than 25 years of strategic and operational human resources leadership experience with major multinational firms. Previously, she served as the worldwide Chief People Officer for Freshfields.

          Learn more about Ms. von Munching here.

          Managing Director John Lamar, Director William Lepiesza, and Senior Associate Anthony Ott conducted and completed this search.

          Leadership puzzle piece symbolizing the CIO role in law firms as a crucial element.
          Leadership puzzle piece symbolizing the CIO role in law firms as a crucial element.

          Historically, the CIO role in law firms has required an innovative strategist with an ironclad technology background to drive success. However, as law firms and client needs continue to evolve in the wake of artificial intelligence and client needs and expectations, so does the legal CIO role.

          The Evolving Responsibilities of the CIO Role in Law Firms

          A 2023 survey conducted by CIO Magazine reported that 47 percent of technology executives said security management and improving IT operations and systems performance were their top two responsibilities. Tasks such as business innovation, identifying competitive differentiation opportunities and business strategy were at the low end of the to-do list.

          Fast-forward two years, and CIO feedback is changing along with expectations. CIO Magazine reports that the same technology leaders see driving business innovation as a top priority.

          The surveyed CIOs said increased levels of business-focused strategic responsibilities will become part of their daily agenda, with technological emphasis being handed to other tech professionals within the firm.

          It’s a sentiment echoed by The Alexander Group’s coterie of managing directors and directors, who have conducted dozens of CIO searches for law firm clients over the past four decades. We know the specific needs of law firm clients seeking forward-thinking CIOs who cover the tech infrastructure and bring leadership, communication, and innovative thinking to the table.

          What will the expanded role of the law firm CIO look like in 2025, 2026, and beyond? Our team weighs in on this evolving role’s position requirements and responsibilities.

          Insights from The Alexander Group on Law Firm CIOs

          As the CIO role in law firms expands, so does the skill set required to excel. Today’s legal CIOs are expected to be more than just tech-savvy—they are strategic leaders, collaborators, and innovators. Here, The Alexander Group’s seasoned managing directors and directors share their perspectives on the essential qualities and evolving responsibilities that today’s top law firm CIOs must bring to the table.

          “Today’s​ ​CIO​ ​possesses​ ​a​ ​combination​ ​of​ ​technical​ ​expertise​ ​and​ ​strategic​ ​leadership.​ ​They​ ​have​ ​become​ ​client-facing and ​ ​seek​ ways​ ​to​ ​enhance​ ​the​ ​client​ ​and​ ​lawyer/employee​experience.​ ​

          Clients​ ​and​ ​lawyers​ ​are​ ​demanding​ ​innovative​ ​and​ ​cost-efficient​ ​technology​ ​solutions.​ ​​Artificial Intelligence continues​ ​to​ ​dominate​ ​potential​ ​technology​ ​solutions, and although it’s in​ ​its​ ​infancy,​ ​it​ ​will​ ​certainly​ ​increase​ ​and​ ​automate​ ​various​ ​billable​ ​activities. However,​ ​​it​ ​poses​ ​many​ ​challenges​ ​around​ ​ethics,​ ​security​, and​ ​compliance.”

          John Lamar, Managing Director, The Alexander Group

          “Just as law firm marketing has evolved into strategic business development, so has information technology. Now, stemming from IT roots, you will find chief innovation officers, chief security/data security officers, and chief knowledge management officers roles. All of these require an understanding of technology, both firm-side and that of their clients.

          That said, IT infrastructure and support are table stakes. The CIO role and these newer, evolved roles begin with understanding business and client relationships, actively collaborating with clients, and finding ways to make those client relationships sticky.”

          Amanda Brady, Managing Director/Chief Client Officer, The Alexander Group

          “In the past, CIOs were primarily concerned with the network and infrastructure side of technology, but that has changed considerably. Many firms now understand the applications, various databases, and ease of use by all constituents is a much more valuable set of skills.

          The amount of data collected by law firms is huge, and this, coupled with cross-level cyber security and AI, means that a top-flight CIO has to have extraordinary technical skills and understand what solutions may help lawyers in the practice of law and business professionals run the operations of the firm. 

          The entire landscape is considerably more complex. An effective CIO must also be a strong teammate to other chiefs and an excellent manager of people who are perhaps not as blessed with good communication skills.”

          Sally King, Managing Director, The Alexander Group

          “The CIO role has been in the spotlight recently–from mitigating increased cyber-security threats and addressing client-driven information security requirements to shepherding and leading the migration to robust and reliable remote-work capabilities; to evaluating and deploying next-generation AI tools and pilot programs. And as a result, the level of institutional change management, business acumen, and firmwide strategic leadership skills have become equally important as technical expertise and operational know-how for top-tier CIOS.”

          William Lepiesza, Director, The Alexander Group

          “Law firms are increasingly hiring new CIOs. Historically, the IT function has been a critical operational function for law firms. The increasing demands on the technology function to be a driver of the business, as opposed to a supporter of the business, has led to a need for more business-savvy, forward-looking, strategic CIOs.  

          The job description has evolved from infrastructure, software, and support aspects of the CIO role to a much greater emphasis on information security and technology innovation (including, but certainly not limited to, AI).

          Many of our law firm clients have created separate, peer-level Chief Information Security Officer and Chief Innovation Officer roles to elevate those functions and work arm-in-arm with the more traditional CIO.”

          Sarah Mitchell, Director, The Alexander Group

          Essential Skills for a Forward-Thinking CIO

          The law firm CIO role is evolving to become a top-to-bottom position emphasizing strong internal and external communication skills and the ability to be nimble in all aspects of the role. The CIO is a vital element of firm administrative leadership and will have the opportunity to contribute to a firm’s future in ways not previously imagined or expected.

          Progress and innovation lie at the heart of technology, making this time in the CIO life cycle more dynamic and challenging than ever before and setting the stage for what’s next.

          Visit our website for C-suite recruitment services tailored to law firm leadership and navigating the evolving CIO role in law firms.

          With 2025 just around the corner, we’re looking to the future of legal industry trends, anticipating and planning for what’s next. While we don’t have a crystal ball, we do have 40 years of executive recruiting experience, a deep well of data, and the trust of our clients, who express their leadership needs to us as they plan for 2025 and beyond.

          Managing Directors John Lamar, Amanda Brady, and John Mann, Directors Sarah Mitchell and William Lepiesza and Senior Associate Anthony Ott share their thoughts and insight on expectations and trends for 2025.

          John Lamar, Managing Director, The Alexander Group

          “AI continues to dominate people’s thought process in making the firm efficient and profitable. Tech is a driving force, but it’s not where it needs to be. Everyone’s doing window dressing right now, hiring chief innovation officers, but in reality, firms are buying off-the-shelf software products. That will change in the years to come.

          Another trend garnering attention concerns partners getting paid ungodly amounts of money. They are offered multi-year 25- to 30-million-dollar deals. How long can the industry sustain that?

          I’m hearing a lot from chairs about work-from-home. It’s interesting in Europe; they all comment that everyone’s back 100 percent; the U.S. is the only country with three days in the office. It’ll be interesting to see what happens next year. Do firms hammer the idea of return to office? Maybe you will spend four days in the office, but you won’t be sitting at home on a Monday. The associates will give them the best work in the office, but the partners are not leading. It starts with them. They are in a bit of a conundrum. People are struggling with it. You have to hit them in the pocketbook so that people can start showing up.

          Mergers and Acquisition activity is not slowing down within legal as the industry continues consolidating. A few firms at the top are leading the way–and there’s more to come.

          Amanda K. Brady, Managing Director/Chief People Officer, The Alexander Group

          “Synthesizing data to inform strategic growth.  (Some) law firms are becoming more sophisticated around coordinated growth initiatives. Business intelligence is evolving beyond the typical matter, partner, or practice profitability analysis into deep dives into all that touches firm and practice growth. It combines knowledge management on the practice side with knowledge management on the business side, merging information from CRMs, experience databases, historical financial metrics, targeted industry research, and honest assessments of the firm’s talent. It’s all data. This is most successful at firms with cultures that allow their leaders to be innovative – not business as usual, set ambitious business goals, develop corresponding growth strategies, and pull the puzzle pieces together to make things happen.”

          John Mann, Managing Director, The Alexander Group

          “In 2025, strategic legal recruiting functions will be crucial for law firms, as they focus on proactively identifying and recruiting top talent with specialized skills aligned with client needs.

          Artificial Intelligence will continue to impact the legal industry by automating routine tasks and enabling more efficient client service. It will ultimately transform how legal professionals work and deliver value.

          In 2025 and beyond, law firms will continue to build sales-focused client development teams who generate revenue much like public accounting firms and are responsible for driving business growth by developing client relationships, identifying new business opportunities, and promoting the firm’s legal services.”

          Sarah Mitchell, Director, The Alexander Group

          “The return to office push/pull is still strong, but law firm leaders seem to be “over” the discussion. Unlike the trends we see with technology companies and banking, very few firms seem willing to implement any mandate. They are shifting to making the office space somewhere that lawyers and business professionals want to be—not with pizza parties, but fresh, thoughtfully designed office space that feels “alive” and opportunities to connect.

          Discussions around generational differences are being discussed more forthrightly, and I think it might become more pronounced in the next couple of years. We currently have four well-defined generations working together, and they each tend to have distinctive attitudes concerning technology use, adaptivity to change, RTO expectations, dress, and communication. One law firm COO mentioned they have introduced training around generational differences as part of their professional development curriculum, and it has been well received and actionable.”

          Bill Lepiesza, Director, The Alexander Group

          “As I consider legal industry trends for 2025, I believe we will continue to see the rise and evolution of the Chief Innovation Officer role.

          We will see the further integration of firmwide talent/strategic human resources functions across lawyer and business professional populations and the continued elevation in caliber, leadership expectations, and strategic value-add of law firm business executive roles.

          Anthony Ott, Senior Associate, The Alexander Group

          “Each year, there is a swing of trends. I anticipate seeing more Baby Boomers retiring, and vacant leadership opportunities will be available for those who have earned a right to be in consideration.

          As work-from-home policies shift, so will their impact on the candidate pool. Jobseekers will be willing to explore new industries in order to receive job title advancement and increased compensation. Similarly, law firms will look at candidates from other professional services companies outside of their industry.

          We will also see people on the move to improve their quality of life. As the cost of living increases, it may encourage people to explore opportunities in new cities for a better quality of life and employment opportunities. For example, people may be able to afford larger homes less expensive in major metropolitan cities, so they move to grow their families or be open to other career opportunities.”

          Empty conference room with modern chairs and a large table, symbolizing the impact of a board member resignation on corporate governance.

          Board member resignation—especially mass resignation—can destabilize a company, affect investor confidence, and disrupt shareholder relations. Understanding how to navigate these crises is essential for leaders, stakeholders, and aspiring board members.

          News Item: All seven independent directors of 23andMe’s (NASDAQ: ME) eight-person board resigned en masse, leaving CEO Anne Wojcicki, co-founder, as its only director. Ms. Wojcicki reportedly owns more than 20% of 23andMe’s common stock and 49% of its voting rights. In their resignation letter, the independent directors said after working for months after Ms. Wojcicki announced her desire to take the company private, they had yet to receive a proposal from Ms. Wojcicki that was in the best interests of the non-affiliated shareholders.

          Over the years, we’ve dedicated quite a bit of our blog real estate to board searches:

          This article builds on that foundation to examine the recent 23andMe resignation and other examples of board upheaval. We’ll explore the role of corporate governance in managing these crises and provide actionable strategies to rebuild trust and stability after boardroom challenges.

          What Is Corporate Governance?

          A corporate governance system is the framework of rules, practices, and processes by which a company is directed and controlled. The corporate governance definition broadly encompasses the mechanisms through which an organization balances the interests of its various stakeholders, including shareholders, management, customers, suppliers, financiers, government, and the community. At its core, corporate governance ensures that a company operates in a way that is ethical, accountable, and transparent while striving to achieve its strategic objectives.

          Effective corporate governance is essential for maintaining investor confidence, improving investor relations, reducing risks, and ensuring sustainable business practices. It often encompasses key elements such as board composition, leadership structures, decision-making processes, and shareholder rights.

          By establishing clear guidelines and oversight mechanisms, corporate governance helps organizations like 23andMe and others navigate complex business challenges, align management strategies with shareholder interests, and foster long-term success.

          Handling Mass Board of Directors Resignations

          When a mass board of directors resignation occurs, it often raises significant questions about governance, strategy, and accountability. As seen with 23andMe, such resignations typically follow disputes over leadership direction, shareholder interests, or internal communication. In these cases, the resignation letter from the board can provide critical insights into the root causes, whether they stem from dissatisfaction with the CEO, strategic disagreements, or broader governance issues.

          Mass resignations can leave organizations vulnerable, requiring rapid responses to rebuild governance structures and maintain stakeholder confidence. This underscores the importance of proactive governance practices, clear communication, and a robust succession plan for board leadership.

          Board Member Resignation: A Rare but Impactful Event

          23andMe saliva collection kit for health and ancestry testing, highlighting the corporate challenges following its board member resignation.

          After the news of the independent 23andMe directors resigning en masse, we knew another board-related article was in order. 

          The shareholders elect directors to represent them and play a pivotal role in maintaining strong shareholder relations through fiduciary responsibility and transparent communication. They owe shareholders a fiduciary duty of care (act in good faith, exercise reasonable business judgment, and effectively serve as the direct report of the Chief Executive Officer). Collectively, a board should work together cooperatively, collaboratively, and effectively to act in the best interest of the shareholders. When a corporation retains The Alexander Group to conduct a board search, we meet with the board or nominating and governance committees to discuss the experience and chemistry–both essential to being an effective board member.

          In our years of conducting board searches, we have only been asked to replace an entire board once. For context, it was a wholly owned publicly traded subsidiary of the fabled Enron failure and took place in 2001. It’s fair to say this is a rare occurrence.

          In the case of the 23andMe board resignation, the seven directors who stepped down in September 2024 said in a letter they had yet to receive “a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders” from the chief executive after months of efforts.

          Wojcicki responded to the resignations in a memo to employees, published in a securities filing, saying she was “surprised and disappointed” by the directors’ decision.

          The genetics testing company went public in 2021 and reported a net loss of $667 million for its last fiscal year, more than double the loss of $312 million for the year prior.

          A less high-profile but still stunning board of directors resignation preceded the 23andMe news in May 2024, when Gildan Activewear (NYSE:GIL) CEO Vince Tyra and the entire Board of Directors stepped down after three months in his role. Gildan is a leading manufacturer of everyday basic apparel, including activewear, underwear, and socks.

          In the press release, the outgoing board said Browning West, an activist investor group, had secured replacements for the Board of Directors, effective immediately.

          While Gildan had a backup board plan in place, as of October 2024, 23andMe’s Wojcicki is still the only board member. However, the company said, “We will immediately begin identifying independent directors to join the board.”

          Learning from a Recent Board Member Resignation

          In truth, total board attrition is rare, but when something seismic occurs within the corporate board space, it’s worth considering the why—and the what’s next.

          Matthew Scott, an editor at Chief Executive Magazine, offers the following suggestions to the now-defunct 23andMe board and other directors looking to maintain a healthy board.

          Urgency To Improve Company Performance

          The strategies of 23andme’s board and executive team over the last five years were ineffective, yet the two sides watched the stock price drop without making significant changes to stop the decline. This suggests a lack of urgency to correct the problems causing the poor performance, a lack of cooperation to address key issues as the stock price continued declining, or agreement on a series of failed strategies. Boards and CEOs must show greater urgency to preserve value for shareholders than seems to have been exhibited here.

          Monitoring of Communication and the Relationship Between the CEO and Board

          How does a company’s stock price continuously decline, but the board and CEO don’t have substantive conversations about solutions? If the board and CEO are communicating transparently and effectively, especially in times of crisis or declining revenues/income, they are putting the company at risk. Board oversight includes recognizing when communication between the board and management is inadequate and immediately addressing it. Boards must insist on clear and effective communication between the board and management team to maximize their efforts to improve shareholder value.

          Understand the Voting Structure of the Board

          According to the letter the independent directors sent CEO Wojcicki, her proposal stated that she would “oppose any alternative transaction” to taking the company private under the terms she proposed. Once the directors realized that the CEO and her affiliates had voting power to overrule the independent directors’ efforts to “fully assess whether there is interest from third parties,” they resigned. Sometimes, directors may have to reconsider how effective they can be at oversight when there is a majority shareholder. Virtually every executive who joins a board does so, expecting to have an impact. If board members can’t have an impact, they may find it easier to leave, individually or all together.

          Reflections on Corporate Governance Challenges

          When looking beyond the headlines, it’s important to remember that 23andMe is a cautionary tale in several respects. 

          When a company goes public, raises a massive amount of capital, and is led by a former hedge fund executive, it generates lots of buzz. Despite the heady start, the company’s future is in doubt partially because of differences with the Board and the Board’s inability to prevail over a controlling shareholder. 

          There are lessons and questions here for both CEOs and board members. Those joining the board of a private or public company with a controlling shareholder should assess how the shareholder will work with the board. Can they challenge the CEO or the controlling shareholder? How will they negotiate conflict? Who are the other directors, and why are they on the board?

          It’s better to ask questions, even the difficult ones, early on than to be left with an empty boardroom and no plan for the future.

          For more information, visit The Alexander Group’s blog: The Loop.

          International Women’s Day is not just another Hallmark card-inspired commemoration honoring our godparents, dogs, cats, cousins and anyone else that would generate business for florists and candy companies. International Women’s Day recognizes and celebrates the social, economic, cultural and political achievements of women. It is not identified with any particular country or political party, although it is a call to action to accelerate gender equality.

          Most non-women or non-activists look at this holiday only in passing. I find it useful to view it in its personal (to me) context. After all, we do create and plan our desired futures against the backdrop of our pasts.

          Looking Back

          When I started college, my family’s greatest hope for me was that I could someday be a secretary for a president of a company. Sure, that was only 45 years ago, but that gives you a perspective of what the landscape was for women entering the workforce.

          I did well in college, majored in Economics (one of only a handful of women doing so), and applied for management training jobs with banks in major cities that had night law school and MBA programs. I was hired by the largest bank in Houston as one of three female management trainees out of a class of 50. We were paid less than men and our rotational assignments tended to be more administrative than credit underwriting. When I applied for a position in the bank’s national department I was turned down because the position would involve travel, and how could a woman travel with a man co-loan officer?

          Once I was promoted to loan officer (one of the first with the bank) I had men customers who said “I refuse to ask a woman for money.” It seems almost laughable now, doesn’t it?

          I was a loan officer by day and a law student at night, and then joined a law firm as the third woman attorney of a then 40-lawyer firm. After four years of practicing law, I entered the executive search realm joining behemoth Korn Ferry. At the time there were 200 male partners and two female partners.

          Korn Ferry was no different than any other executive search firm. C-suite executives were men and gave search work to the men they hunted with, the men they’d served with in the military, and the men they knew. Their executive world had few women. I was once turned down for a search because I was not a member of the exclusive, all-male Jonathan Club in Los Angeles while my competitor was. Many times, in the early days, clients instructed us “we only want men for this role. Nothing against women, but they would not feel comfortable here.” Sometimes they were right, but mostly they were not.

          And Here We Are Today

          A lot has changed in the 40 years since I entered this endlessly challenging and fabulously fun industry, as it has in the business world generally. Women partners are common, though still not in the majority. A number of law firms and professional service firms have women chairs. Two women ran for President of the United States this election season. Thirty-seven of the Fortune 500 companies have women CEOs, an increase from 24 in 2018. All of the Fortune 500 companies have at least one woman on their board, which happened for the first time last year.

          But Still

          As far as women have advanced, the numbers do not lie, and they are a worrying group of numbers. Although the number of woman CEOs of Fortune 500 companies has increased, the percentage of women in these roles still accounts for only 7 percent of the whole. Research has found that resumes from women or minorities do not get as positive a response as men’s resumes. Women in the United States still make only $0.79 for every dollar men make, and that does not include bonus compensation, which widens the gap. Most of the discrimination is subtle.

          Women frequently are characterized as abrasive and ball-busters (even though it is sometimes meant as a compliment), but men are labeled as forceful leaders. Looking at our presidential race, Senator Amy Klobuchar was described as abusive to her staff while Joe Biden, who is known to have a temper, was described as a demanding boss. This comparison may not be identical, but the words struck me as gender-loaded.

          Although not determinative, it is illustrative: the House of Representatives did not have a women’s restroom until 2011 even though there were 76 female representatives at the time.

          On the worldwide stage, the news is even more disheartening, as the latest World Economic Forum Gender Gap Report now estimates it will take a staggering 257 years to close the gap on economic participation for women – compared to 202 years in last year’s report. Only 16 women lead the 243 countries of the world.

          Moving to a Future of Gender Equality

          There is much to be done, and I sometimes wonder if I am being unfair to the cause by being grateful that so much has changed for me in my lifetime, and for the most part I am not judged by my gender. And indeed, women executives younger than I are much more impatient and frustrated about the lack of gender parity. As one wise, rising young executive said, “You have to look at the issue individually, collectively and globally.”

          Too often, women executives have been assigned to a group or task force to improve gender equality, only to find it all women. Until men take ownership of the issue as well, we are spinning our wheels, they lament. They are disheartened over handling the majority of the childcare and household responsibilities while climbing the career ladder. Another common complaint is that grey-haired men with wrinkles are lauded as distinguished where women with grey hair and wrinkles feel pressure to look young and attractive.

          However we look at the current state of affairs, women who have achieved any measure of gender equality must now help others and the cause. Men, you have a role, too. Here are my suggestions:

          Hiring, hiring, hiring. If your company engages a search firm, insist on a diverse candidate slate. Hire diversity search firms or firms with a record of identifying and recruiting diverse candidates. While quotas do not work, be willing to be less rigid about diversity candidates. If candidates apply for positions by resume, consider ways to make all resumes blind resumes.
          Mentorship. Evaluate your company’s turnover. Is it disparately women and minorities who are leaving? Why? Create mentorship programs that will provide opportunities for women and minorities to connect and seek advice from senior men and women with experience and knowledge.
          Sponsorship. Mentors advise; sponsors advocate—there is a need for both. As a senior leader (male or female) in your organization, identify a female rising star. Campaign for your protégé; use your organizational capital to push for visible, high-stakes assignments; provide support for risk-taking; and push for this person’s promotion.


          Maternity Policies. Put policies in place to help families—not just women—deal with childcare. What can be done to assure that you retain women managers without their falling off a career track?
          Educate. We all have an obligation to deal with our hidden biases. Yes, the ones where we call women “difficult” but men “forceful.” Women are women, not girls—a lesson many men and some women have yet to learn. It is especially painful to me to hear women refer to themselves in the workplace as girls. This is so disempowering. We all have these biases, and companies that develop ways to acknowledge their existence, and work through them will be leading the way to gender equality.
          Everyone benefits from a more gender equal society. Let’s use International Women’s Day to forge new pathways through this challenge.

          Several years ago, I was a guest on the Price of Business radio show discussing what to do if you lose your job. Back then the economy was doing well nationally, but Houston was starting to struggle. Since December 2014, the start of the energy downturn, energy job losses nationwide have totaled over 155,500, and the current downturn in the energy market looks mild compared to what has happened globally as a result of COVID-19. The numbers are staggering. As of July 2020, according to the Bureau of Labor Statistics, the unemployment rate is at 10.2%, while the current number of unemployed persons is reported at 16.3 million. Although no one is predicting that the worst is over, the country is starting to adapt to an uncertain future, and there is hope for those out of work. What to do?

          Pause

          The first thing most people say is, “I’ve got to get my resume done ASAP. I’ve got to get going.” I counsel people to put in the clutch for the day, maybe a weekend. Anytime you’ve been laid off, whether it’s expected or not, it’s the death of a part of your life, a part of your career. It’s really important to pause and grieve for the loss—the financial loss, the career hiatus, the loss of self-esteem and confidence, whatever loss you may be feeling. Pause and reflect, feel the sadness, and go through your grieving process. If you’re angry, reflect on that too because anger and sadness will not help you get another job.

          Take Inventory

          What do you want to do? Would you like a different type of job? Do you want to work in a new industry or culture? Are you considering a different location? Look at the loss of your job as a clean slate to explore new and different opportunities. Who do you know working in the field to which you aspire? Talk to them, reach out to former mentors and managers. If you know people who have been laid off and are now working, get their insight on what did and didn’t work. If you want to change fields, have at least two resumes—one for the field you come from and one tailored to that which you are interested. For 30 years I have recommended the book “What Color is Your Parachute?” It is updated every year and always offers good advice for those searching for the ideal job.

          Get Going on a Resume

          Most people already have an up-to-date resume; hopefully, you do too. My philosophy is: no matter how happy you are in your current role, have an up-to-date resume to record your accomplishments in each role you have held. If you need to prepare your resume, understand that you may need help. Just as it’s hard to be your own doctor or lawyer, it’s hard to compose your own resume. Ask friends to proofread or use one of the many professional resume writers, which can be a good investment. However, make sure that the person you hire can give you references, a fixed price, and examples of resumes that he or she has prepared for people holding similar positions.

          Start with LinkedIn—A No Brainer

          LinkedIn is a valuable tool that you can use in several different ways. Look to other LinkedIn members who hold similar positions to yours or the one you aspire to for profile examples. It’s also very important to understand how LinkedIn works; the more people you are connected to, the more easily you can be found by recruiters and corporations who use LinkedIn. LinkedIn is so finely tuned that if an employer wants to hire a Texas A&M; grad who went to graduate school at the University of Colorado and works in finance, they can tailor their search for those results. It is that easy. Additionally, you can only connect with people who are one, two, or three degrees away from you, so the more people you connect to, the more likely you are to be found. We have written several blogs in the past about using LinkedIn. You may find them useful.

          A Few Quick LinkedIn Tips

          1) Have a fairly detailed background with a profile picture. One study found that you are 16 percent more likely to be called or contacted if you have a picture.

          2) Spend time updating your connections via LinkedIn. Connect with your previous colleagues, managers, and mentors. If you’ve dealt with outside consultants, lawyers, and accountants, connect with them as well. “Linking in” with as many people as possible should be considered part of your “day job” now that you’ve been laid off.

          “. . .anger and sadness will not help you get another job.”

          3) Are you a member of a college, graduate school, military service, or industry specialization group on Linkedin? Connect with people in those groups who might be able to help. I went to Rhodes College, a small liberal arts school in Memphis, Tennessee, and I never turn down a request to help alumni. There is a kinship formed with people who have shared the same experience. Leverage that kinship.

          Research Your City’s Book of Lists

          Along with LinkedIn, your city’s “Book of Lists” is going to be one of your best friends in finding a job. For example, The Houston Book of Lists is published every year by the Houston Business Journal and lists the fastest-growing, largest employers, and best companies to work for in Houston. Other major cities such as San Francisco, Chicago, Atlanta, etc. also have a Book of Lists. Look through your city’s Book of Lists; see if there are any companies where you can say, “I’ve always heard this was a great company to work for.” Then go back to LinkedIn and ask, “Do I know anyone at that company?” It is much more effective to utilize your LinkedIn network and ask for an introduction, rather than submitting a resume through a company website. The personal connection will always work better. Use the Book of Lists.

          Submit Your Resume to the Leading Executive Search Firms

          If you are a manager, officer, or C-suite executive, upload your resume to the websites of the largest search firms: Korn/Ferry, Spencer Stuart, Russell Reynolds, and Heidrick & Struggles. If you are in the energy business, don’t overlook energy boutique firms such as The Energists, Preng & Associates, and Ducatus Partners. Keep in mind, they are retained search firms, which means that they only represent employers, and if they have not been retained to work on a search that requires someone with your qualifications, they will not call you. Their business is not helping the job seeker but, usually, the searches for which they are retained are interesting and high-level positions.

          Reach Out—Ask for Help

          Start networking every day; look at it as a job to tell people you have been laid off and are seeking a new opportunity. Set a goal of making ten contacts a day. Ask for help—people are so willing to help. “Thank you for letting me share my resume with you. Are you aware of any organizations or opportunities that would be a good fit?” Whether they say yes or no, thank them and ask them how you can return the favor. By doing that, you get your contacts thinking, “This is a two-way relationship, and how can I help?”

          The Emotional Highs & Lows

          While it is normal to go through every emotion—panic, sadness, hopelessness, despair, anger, you name it—during the grieving process, remember that no one wants to hire someone angry with their last employer or who is feeling sorry for themselves. During my 35 years in the search business, I have observed that a positive attitude makes a great difference. There can be hope and anticipation in looking for a job that is an even better fit . Truth be told, some people who are laid off weren’t that happy in their jobs anyway. The sooner you see this as an opportunity to not settle but instead go for a better fit, the better your results will be. Also, spend time visualizing and dreaming about the type of job you want. Do things that will keep your spirits up; spend time with friends who are uplifting and want to help, or volunteer to give something back while you are searching.

          Final Thoughts

          The hardest part about looking for a job, especially for those who have not changed jobs frequently, is the rejection. It may feel personal, even though it is not, and rejection—“nobody wants me”—is certainly difficult. View it as there is “X” number of calls, emails, and resumes that I will need to submit to get a job. I don’t have a magic number for how many; maybe it’s 100, maybe it’s 500. Consider it as kissing a lot of frogs to find the right person, which is an important exercise, and commit to it every day; after all, looking for a job is your new job. We are in a tough economy, and many people are in the same boat. Although we have never seen a downturn or pandemic like this before, we have seen business downturns before, and sadly we will see them again. There are not two winters in a row, and one of life’s givens is that nothing stays the same. Today, for many people, it feels that the global pandemic and its resulting unemployment will never end. It will. Things will improve and one day jobs will be plentiful and the world will look brighter. That, I can promise.

          Jason Hill has been named Chief Marketing Officer for White & Case LLP.

          Mr. Hill has extensive, strategic, and transformative business development and marketing leadership experience. He joins White & Case from Goldman Sachs, where he served as Managing Director and Chief Operating Officer for Global Marketing.

          Learn more about Mr. Hill here.

          This search was conducted and completed by Managing Director John Lamar, Director William Lepiesza and Associate Pam DeLuca.

          Rob Perez is a biopharmaceutical operating executive with more than 30 years of experience in the industry. He currently serves as an Operating Partner at General Atlantic, a global growth equity firm, providing strategic support and advice to the firm’s life sciences investment team and portfolio companies. Rob was President and CEO of Cubist Pharmaceuticals, Inc. before its sale to Merck in 2015. Before joining Cubist in 2003, he served as Vice President of Biogen, Inc.’s CNS Business Unit.

          Rob is the Founder and Chairman of Life Science Cares, an organization providing human and financial capital from the life sciences industry to the best non-profits working to alleviate the impact of poverty in the US. Life Science Cares now operates in Boston, San Diego, Philadelphia and the San Francisco Bay Area.

          Additionally, Rob is the co-founder of Biopharma Leaders of Color (BLOC), a community of leaders united to advance the success and access of under-represented people of color throughout the life sciences industry.

          Rob also serves on the Board of Trustees of The Dana Farber Cancer Institute.

          In 2022, Rob was selected by STAT News as one of 46 inaugural members of its’ STATUS List, which was described as “the most definitive and consequential accounting of leaders in health, medicine and science”.

          We are honored to have Rob contribute to our blog. This is the second installment of a two-part series exploring the energy it takes to be different in a work setting and how to maintain your authentic self, while also working hard, consciously and unconsciously, to fit in. You can read his first entry here.

          I can speak from firsthand experience there are times when it can be overwhelming to try and consistently be the person others expect you to be, all the while disguising the exhaustion that it takes to perform the daily charade of adapting your authentic self to try and fit in.

          Thanks to an evolving journey of therapy and mental health resources (especially meditation), mental wellness is currently within reach for me, but I admit my thoughts have sometimes spun out of control, and led me to some very dark and scary places. The challenge of navigating a professional and personal world where the person most people think they know is a character that I have to summon significant energy to perform, each and every day, has taken a toll on my mental health that I am still working to understand.

          This admission is submitted here not to enlist your sympathy, but to help you better understand what the only woman in your boardroom, or the one person of color in your department, or the LGBTQ person on your team, may be going through, even if they appear happy, and you have no perception of their internal struggle. I also hope it will allow those who are dealing with similarly destructive thoughts like I have experienced, to confidently and without shame, gain strength in knowing you are not alone, and also to garner the courage to seek the help that may be needed to understand this internal conflict.

          I still believe in the words I wrote several years ago, that difference is “ the atom upon which virtually every achievement is built, and maintain that we should celebrate those who “ embrace difference in their pursuit of greatness, …and are never comfortable with the security of “same”…

          I just wish I had ended with a caution that it is critical that we understand and are aware of the toll that difference can take on our mental well-being in today’s complex world. I sincerely hope all who view themselves as different will realize without shame or selfish pride, that our operating system may need some assistance in order to sustain the energy required to achieve the very real benefits that difference can provide.

          We are just a couple of months away from Mental Health Awareness month in May, but if you are struggling with thoughts or feelings you don’t understand, or feel like you are experiencing anxiety, depression, or a loss of control, you are not alone. There are resources that can REALLY help.

          Talk to family. Talk to friends. Talk to a professional. Take the risk…Trust me, wellness is worth it.