Representation of women is still lacking in M&A. Photo: bikeriderlondon/Shutterstock.com

While there has been some growth over the past few years in the representation of women at law firms, men continue to dominate leadership of some practices. In mergers and acquisitions, for instance, women leaders are still often in the minority.

Recently, The Recorder heard from four women who have emerged as M&A leaders in California. They shared memories about what it's like to be the only woman at the deal table, and how they have seen the landscape change in their careers.

Jane Hinton, Hunton Andrews Kurth

"[In] most of my transactions I am the only female," said Hunton Andrews Kurth partner Jane Hinton, who moved from the United Kingdom to California in 2009, along with her husband.

Hinton developed an interest in real estate transactions early on as an associate working on railway projects in England. Even with her years of experience in real estate and cross-border deals, Hinton said it was still challenging to adapt to a new legal system when she started practicing in California. Plus, as a female attorney in real estate, Hinton said she is often the "only female voice" and the "only foreign voice" on the call.

At the start of talks, she said, she makes sure to explain to the parties involved that she has an accent. And then, she said, she quickly clarifies that "I have been here for 10 years, I know what I'm doing."

Another thing that has helped her win clients' trust is maintaining good relationships throughout the client's business, Hinton added. She said she tries to be as responsive as possible to clients' requests.

"If people know you and know your skills, that's when you can really build a really successful group," she said.

Linda Michaelson, Sheppard, Mullin, Richter & Hampton

Linda Michaelson recalls earlier in her career, when as an associate she would be the one woman at a table of all men. Now she is the co-practice leader of Sheppard, Mullin, Richter & Hampton's corporate and securities group. She has been practicing in California for nearly three decades.

"And now, fortunately, many of the deals that I'm on, I am able to staff with [women] attorneys," she continued, adding that the scenery has changed "quite dramatically" over the years. There are more women in senior leadership roles within law firms, and at the client level, according to Michaelson.

Michaelson's practice focuses on corporate transactions in the entertainment and media, technology, fashion and apparel, renewable energy and health care industries.

"Having those diverse perspectives that come by having gender diversity and other diversity at the table is good business for everyone," she said. "I think we're seeing that more and more, which hopefully will help others coming up the ranks get into those positions, even more quickly and more easily than it has been in the past."

Jennifer Fitchen and Sharon Flanagan, Sidley Austin

Veteran Silicon Valley dealmaker Jennifer Fitchen is the co-leader of Sidley Austin's mergers and acquisitions practice. She joined Sidley Austin in 2015 from Cooley and focuses on complex technology and life sciences transactions. In her nearly 25 years practicing in Northern California, Fitchen has advised hundreds of transactions involving in excess of $230 billion in value, according to her bio at Sidley Austin.

Over her quarter-century in practice, Fitchen said, women started as a small population in the M&A sphere, but "there has been an increase every year."

Because of the growing representations of women in the in-house legal department and the discussions that are trying to get women involved in tech, these movements have also attracted more female attorneys to work on legal issues for technology companies, including M&A, according to Fitchen.

"One of the things that have changed over time is more women have reached the level of success that I have," Fitchen said. "So, today, junior lawyers have more women role models to look up to."

She added, "Seeing people like you succeed, it's helpful."

Fitchen's colleague, Sharon Flanagan, is also a longtime Bay Area attorney who focuses on M&A transactions. Flanagan serves as the managing partner of Sidley Austin's San Francisco office and a member of the firm's management committee and executive committee.

"One thing that's somewhat unique about the women in M&A in Northern California is that we actually get together and network … and try to send work to each other," Flanagan said. "I think that is a little unusual, but it's a nice, friendly culture."

According to Flanagan, having a strong group of female attorneys can be "an advantage" as more women rise into general counsel roles on the client-side. With more companies demanding diversity in their outside counsel teams, it is likely to foster another group of diverse lawyers who will eventually rise up to the leadership level.

"My biggest piece of advice to women who are just starting in M&A is to stay," Flanagan said. "Right now, we have a good pipeline of women coming in … We need these talented women associates to stay to become partners and leaders to mentor the next generation."

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