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Lily Wound, Goodwin Procter, New York

Office: New York.

Practice area: Technology and life sciences.

Law school and year of graduation: George Washington University Law School, 1999.

How long have you been at the firm? Since September 2019.

How long were you an associate at the firm? I joined Goodwin as a partner.

What year did you make partner at your current firm? 2019

Were you an associate at another firm before joining your present firm? I was an associate at another firm for six years, after which I went in-house at the Hearst Corp., working in what would now be considered the Hearst Health Division, among other roles. I then left Hearst to join a law firm as counsel. I have had a very nontraditional path toward becoming a partner, but I think each step in the journey has provided me with the background and experience that has helped me become partner today. I also think having both the in-house and outside counsel experience is an important asset as a partner, because having some sensitivity as to the costs of providing legal services (having dealt with law firm bills myself) is helpful in managing client needs and their expectations as to legal costs.

Lily Wound. (Courtesy photo)

What's the biggest surprise you experienced in becoming partner? I am surprised by how many jobs this is folded into one. I have spent a number of years in my career focused on developing the necessary legal skill sets in order to assist and advise my clients in life sciences and technology on licensing, collaboration and other commercial matters. Since I work with clients that are oftentimes at the cutting edge of science and technology, I have a strong focus on the latest innovations in these fields.

Now as a partner, I realize there are new skill sets that I need to develop, primarily external-facing skills, including focusing on my business development and networking skills, developing my own "brand" both within Goodwin (particularly as a lateral partner) and externally in the life sciences and technology communities, participating in thought leadership opportunities and just generally getting out there and being active in the life sciences and technology communities.

What do you think was the deciding point for the firm in making you partner? Years ago, while as a counsel in a law firm, a partner asked if I would participate in Women in Bio, since she was planning on getting active with that organization. Little did I know at that time, my joining Women in Bio would have such an impact on my career and my development as a leader, networker and adviser.

Currently, I am on the National Committee of Women in Bio and run Young Women in Bio, a national organization that encourages young girls from elementary school to high school to study STEM and pursue careers in STEM. Starting the Young Women in Bio chapter in the metro New York area from nothing and then moving on to grow Young Women in Bio to the national organization that it is today took a lot more guts and confidence than I thought I had at the time these challenges were presented to me. There is no question that these experiences have helped me to become a partner, and more importantly instilled a confidence in myself that I could be a partner.

Many of the skills that it takes to run a volunteer organization are helpful to business development. Being able to stand in a room full of strangers and network from one end of the room to the other end is a great skill to have. Being able to connect with sponsors and volunteers and understand what their goals, concerns, and motivations are is very similar to talking with clients to understand what their needs are and how to be helpful to them.  At the end of the day, there is no substitute for legal knowledge and experience and an understanding of the fields in which you practice. But there are definitely ways to develop skillsets that are useful to your legal career outside of the law through your extracurricular activities.

Describe how you feel now about your career now that you've made partner. I am very excited about the opportunities I have in front of me as a partner. It is in many ways a new beginning because the job of partner is different than being a counsel or an associate. It is a new challenge to think about my job as not only being about the practice of law but the business side of the law. Goodwin has been fantastic at helping me through the transition, and it has been wonderful meeting so many partners at Goodwin in the life sciences and technology fields who are actively engaged in the community and looking to work collaboratively with me on business development, marketing, and other efforts.

What's the key to successful business development in your opinion? In my view, business development is not a skill that you begin to develop once you become a partner. I encourage young associates to think about networking as early in their career as possible. Meeting new people, staying in touch, including them in events that your firm hosts, connecting people with each other—no matter who they are and what they do—these are all great habits to get into even as a young attorney.

As I've grown more senior in my career, I think my fundamental view of networking remains the same, but I do spend more time targeting new contacts in my fields of life sciences and technology, thinking of ways my existing contacts might want to be introduced to the firm or to each other, helping to facilitate introductions on behalf of my contacts and trying to stay on top of developments in my fields so I can be as helpful as I can to those in my network.

Lastly, happy clients are key for successful business development. At the end of the day, our job as lawyers is to be as helpful and responsive as possible and do a great job for our clients.

What's been the biggest change, day-to-day, in your routine since becoming partner? Since joining Goodwin and stepping into my new role, there have been a lot of exciting changes in my day-to-day routine. I think the biggest change is that I have a lot of new responsibilities on top of practicing law, such as putting together a business development plan and participating in pitches with my other partners. It has been a great experience so far, and Goodwin has been very supportive. I look forward to continuing my journey as a partner in the Technology and Life Sciences group.

Who had the greatest influence in your career that helped propel you to partner? The two individuals who have had the greatest influence in my career are Steve Swartz, president and CEO of the Hearst Corp., and Edwin Matthews, a partner at my first law firm, Coudert Brothers.

It is incredible to me now that as a young lawyer at Hearst, Steve Swartz had the confidence in me to let me run several significant transactions for the Hearst Newspapers Division as his lead attorney while he was vice president of that division. I have found in my career that I do my best when someone believes that I can do something that even I'm not sure that I can. As a partner, I try to think of opportunities to let younger lawyers step up even if they do not think they are ready. I think as a partner there is a responsibility to give young lawyers opportunities to grow.

There was a time when my children were very young that I thought very seriously about leaving the law. I credit Edwin Matthews for talking me back into pursuing the law, and without his encouragement I would not be a partner now. I think it's important for associates to understand that their path in the field of law does not have to be the traditional path of working up through the ranks as an associate and there could be many paths to partnership. However, finding good mentors, advisers and champions who will help you navigate your career path and support you along the way is invaluable.

What's the best piece of advice you could give an associate who wants to make partner? My best piece of advice to associates is to look for opportunities that exist for you, not only within the firm but outside of the firm as well. Many of my volunteers within Young Women in Bio believe that their work for YWIB is separate and distinct from their career, because it's something that they do that they have a passion for, but is outside of their career. I  encourage those volunteers and young associates alike to view extracurricular activities as part of their path to building their careers. And it's great to get involved!