• March 28, 2024
 Why private client solicitors belong in the boardroom

Why private client solicitors belong in the boardroom

“It’s rare to come across a private client solicitor with board experience.” The words of Kelly Reid, Associate Director at Realm Recruit and recruitment specialist in private client and Court of Protection solicitors, confirm what many within the private client sector likely already knew.

Perhaps private client solicitors don’t think they belong in the boardroom. They don’t know what value they can add. They don’t think they have the time – or in fact whether it’s worth the time. They don’t know whether they’d fit in.

Many of these questions and doubts regarding the boardroom are shared by women, too.

Speaking at a recent Women in Wills session on Realising Board Potential, Kelly Reid was joined by Fiona Hathorn, CEO of Women on Boards UK. The two addressed the issues that both private client solicitors and women face in getting to the boardroom and succeeding there.

What is the boardroom – and why is it so important?

The board of directors is the beating heart of any company. “It can be the difference between crisis and survival,” said Fiona.

Achieved through a combination of executives, non-executives, councils, committees, chairs, and debates, Fiona added that the boardroom “sets the tone, culture, governance, and funding of an organisation”, and that “no matter [what organisation] you’re involved with in society, there is something overseeing its structure”.

The specific roles of this “beating heart” are twofold: ensuring conformance and performance. This is achieved through scrutiny, challenge, and support in the right areas.

But no two boards are made the same. There are of course boards in the private sector – often paid positions which are highly competitive to attain. There are, however, also board positions aplenty in the public sector within government departments, NDPBs, trusts etc. There are also positions in the third sector, be it charities, sports bodies, universities, housing associations, and much more.

The make-up of the type of people on the board is also changing. Women, for example, now represent a third of FTSE 350 board members, and ethnic minorities hold 16% of FTSE 100 board positions.

While there is still a significant disparity to their male counterparts, the landscape is shifting. That creates opportunities not only for women and minorities, but for private client solicitors to make their mark, too.

Why there’s a demand for private client solicitors to sit in the boardroom

While recruitment specialist Kelly Reid did concede that it’s “rare to come across a private client solicitor with board experience”, she noted solicitors often sit on committees at places such as the Law Society, schools, and charities, and much of these skills are transferable.

Yet, lots of private client lawyers – especially women, said Kelly – suffer from imposter syndrome or have family commitments which prevent them exploring progression and skill development.

The skills of private client lawyers are, however, in supreme demand within boards. “Private client lawyers have a fantastic attention to detail to perform best for their clients”, said Kelly, but she added the caveat that “this also means they’re often risk averse and don’t see value in themselves”.

The sooner private client lawyers despatch of this thinking, the better, suggested Fiona. She said there’s absolutely a demand for such lawyers on boards. In terms of requirements for roles, she said people might look for experience, soft skills, understanding finances, having a personal brand, or a particularly strong network – boxes many private client lawyers tick.

Another hurdle which has hindered women and busy lawyers in the past is the sheer flexibility required to fulfil a board role, but Kelly said flexibility is now “the norm for most of us”:

“Without things such as travel, women now have more time for board positions.

The research shows part-time women are the most productive group of any demographic of employees.”

Kelly added that lawyers have the power in that, in terms of retaining staff, firms are far more likely to accept hours off to attend meetings or even target reductions.

Why it’s worth a shot

Regardless of what the board looks like or what it oversees, it’s worth getting involved, said Fiona – and that includes the company at which you work:

“Ask yourself who is on the board of your own company? Are they having committees? Try and get involved, put your hand up.”

As to the benefits of being involved on a board, Fiona said:

“It will develop you as a strategic leader. You get involved with something new. The right board can be like a mini-MBA in business. It can help you realise how good you are with ‘stargazing’, risk registers, or finance. It can be interesting and rewarding – particularly if you’re bored in your day job. It’ll broaden your horizons and change the people you network with. You can build career resilience and flexibility.”

Kelly added that the financial benefit is also key, especially for more experienced solicitors:

“NQ salaries have risen by 17% in the last year while average salaries for those 4-6 PQE have risen by just 2%, and for those with 7+ years of experience it’s largely stagnant. 80% of those who moved secured a pay rise, with 48% securing a rise of 10% or more.

It pays to move, and to move you need to be able to demonstrate your value.”

Demonstration of value is therefore key, and both Fiona and Kelly made it clear that the boardroom is the best place to do just that.

Jamie Lennox, Editor, Today's Wills and Probate

Editor of Today's Conveyancer, Today's Wills and Probate, and Today's Family Lawyer Contact LinkedIn jamie.lennox@todaysmedia.co.uk Twitter