Former NYC Mayor and founder of Bloomberg L.P. Michael Bloomberg, center, with Richard DeScherer, chief legal and compliance officer; David Levine, general counsel; Valerie Farkas and Ben Williams, pro bono co-chairs; and the team that garnered the Pro Bono/Community Service NYLJ In House Legal Award for 2018. (Photo: David Handschuh/NYLJ)

Best Legal Department for Pro Bono/Community Service

Q: How is the role of general counsel evolving, and how have you adapted?

A: For global companies like Bloomberg, the regulatory framework has become increasingly complex. The last year alone has seen some major pieces of legislation become effective in Europe such as GDPR and MiFID2 (with Brexit looming). The new regulations can have a significant impact on how a company does business. While we have always been viewed as a strategic partner on commercial matters, we also need to track global regulations, educate and partner with our business and support teams to make sure we have the most efficient regulatory strategies, some of which may also ultimately lead to business opportunities. These regulations carry much heavier potential penalties, which also further elevates our role as risk managers, and makes the function ever more central. We must be more visible (and fight for access), more assertive and more persuasive. It all starts with listening, effective communication, building strong relationships and understanding the business imperative. In this complex environment, these skills are just as important as substantive knowledge, and we hire, develop and promote with this in mind.

Q: How do you find it most effective to develop leadership skills, and to foster them in others?

A: Effective leadership does not look the same for different people or different situations. While it is necessary to define attributes of success, sustained effective leadership requires a leader to be comfortable in their own skin—acknowledging their own strengths and weaknesses. This requires a degree of openness, honesty and vulnerability that may not come naturally.

We develop leadership by doing and observing. Leadership skills can be developed by managing teams, projects or matters. We encourage colleagues to find opportunities not just with substantive work supporting our internal clients, but also with our pro bono and diversity and inclusion initiatives, which can provide meaningful opportunities to develop the ability to motivate and the presence and credibility to manage projects and move matters effectively. There is no substitute for experience, and leading in different environments boosts confidence and ability.

As a leader—whether as a manager or influential individual contributor—we need to be aware that our colleagues observe the way we act day-to-day and in stressful situations. Are we fair? Do we accept responsibility for our own mistakes? Do we allow others to shine and be seen? Do we support a positive work environment? It is critical to lead by example.

Q: What is the most effective time-management tool or technique you employ?

A: Every weekend I consider my highest priorities alongside the list of meetings scheduled for that week and ask myself a series of questions. Is my attendance essential? Am I at the meeting to make a decision? Can someone else make the decision? Is this an opportunity to delegate?Based on the answers to these questions, I may cancel, skip, or ask someone else to attend a meeting on my behalf. I continue to ask these questions and track my schedule carefully during the week as new issues arise.

Q: What is your best advice for in-house lawyers trying to make an impact, with their corporate clients and beyond?

A: 1) Make the effort to genuinely understand the businesses you support, the company's clients and the industry. Put in the extra time. Be intellectually curious and ask questions. Make sure your knowledge extends well beyond what others may view as necessary given your responsibilities. The best lawyers can think several steps ahead because of their broad knowledge, and then proactively promote effective risk management and business opportunities. 2) Listen, and don't be afraid to acknowledge what you do not know. Few things are worse for a lawyer than giving poor advice or having to reverse course because of a lack of knowledge or expertise. Especially for less experienced attorneys, don't be afraid to use the expertise available to you in-house and through outside counsel to make sure you get it right.