Celebrating IWD: on empowering the next generation of women

Alston & Bird’s structured finance practice is notable in the industry for being led by female partners and for women making up the majority of the overall team. For the third article in our series celebrating International Women’s Day, these leaders sat down with SCI deputy editor Angela Sharda to discuss how recruitment and retention policies, as well as mentoring programmes, can cultivate diverse talent and provide meaningful opportunities.

AS: How does Alston & Bird stand out when it comes to diversity?
SC: Alston & Bird’s structured finance team is led by Tara, a female partner; 38% of partners on the team are women and 61% of our associates are women. Within our paralegal ranks, we have seven who are women.

Additionally, 10% of our team is LGBTQ+. You will find that our diversity and inclusion stats are well above average for big US law firms.

Alston & Bird gives us the freedom to hire and recruit who we want – and that trust and confidence continues to this day. For example, when I introduced Alston & Bird’s hiring committee to Katrina, they trusted my judgment that she would be fantastic. We were going to take her under our wing, and we were going to grow together – we made her partner and hired her team with her.

Alston & Bird also really supports us – it provides us with mentoring programmes, mentoring budgets, and the opportunity to build a great women’s initiative committee in each of our offices. We are heavily invested in true diversity of background, experience and perspective.

Personally, I focus on women and diverse candidates, which occasionally requires thinking outside the box for how we’re going to hire them. We can’t just go to the same schools and look at the same criteria and expect a different result.

In autumn of 2021, our team welcomed five new associates, including four women. For our incoming class in September 2022, again, we will welcome four new associates – including three women, two of whom are diverse. So, clearly it is at the forefront of our minds, and we keep pushing forward to make sure we keep hiring diverse and female candidates.

AS: Talk us through the challenges that you have encountered as you moved up the ranks to your current positions.
KL: Before joining Alston & Bird, I was counsel at another big law firm in New York. I did well and our team was successful by most metrics, but I always felt that I did not have the right support network to help me get to the next level career-wise. I came to know Shanell and Tara while I was on a secondment with a mutual investment bank client.

While at the investment bank, I oversaw the commercial real estate desk, and Shanell served as primary outside counsel for the group. I was on the phone with her almost every day. One evening, she invited me to an event that Alston & Bird’s New York Women’s Initiative was hosting in celebration of International Women’s Day.

I could see the innate confidence Shanell and Tara had professionally, but the thing that struck me the most was that this event was not only a way of promoting the women at the firm but was also a way of promoting their clients. They had a panel featuring women all across the financial sector talking about their experiences and challenges.

It was a true example of leadership in action. Seeing how they were promoting and helping women – not just within the firm but also within the financial industry – was inspiring.

That was the type of environment I wanted to be part of. After seeing that, it really didn’t take much more effort on their part to get me to move my practice over to Alston & Bird.

It has now been almost three years since I joined Alston & Bird and I have been able to build a successful MSR financing platform, where we have been involved in some of the mortgage industry’s most noteworthy and innovative servicing transfers and financings – all as a result of support from women in this group, like Shanell and Tara.

KT: I lateralled over to Alston & Bird at a very early stage in my career, maybe as a second- or third-year associate. I was working in a completely different practice group with two wonderful male partners. I would have stayed working for those two male partners, but a couple of years ago they made the decision to leave for another platform.

I was at a crossroads in my career, trying to think strategically about the kind of partnership I wanted to be involved with, and where would be the best place for me. Honestly, it was the hardest decision of my professional life, deciding whether or not to follow my mentors.

Ultimately, it came down to where I felt most comfortable and supported. Alston & Bird’s finance team was female-led and I felt so much more comfortable when joining this practice in this position at the firm – and that really is the reason I’m still here.

AS: How would you describe the current environment for women working in leadership roles within the structured finance industry?
SC: The Structured Finance Association’s (SFA) Women in Securitisation (WiS) initiative has done a wonderful job in this area. It’s definitely something that’s at the forefront of the structured finance industry because I think it’s important for those of us in leadership positions to make sure that we continue to hire diverse teams and work to mentor and retain talent at all experience levels.

TC: I’m what our firm calls ‘home grown’ because I’ve been at Alston & Bird my entire career. When I started my practice, the industry was generally male-dominated, and during the formative years of my practice I didn’t have any female mentors.

It has been rewarding to see the changes over the last 15 years within our practice and the industry at large, in terms of increased female representation, particularly in positions of leadership. I remember going to my first industry conference when I was a mid-level associate and absent from the experience was a formal network or initiative focused on bringing female participants together.

Fortunately, that has changed, in large part due to the efforts of the SFA WiS initiative – which has consistently scaled and evolved since its inception, with the investment and support of both male and female industry participants. The SFA WiS is focused on the development, advancement and retention of women in the structured finance industry. As a member of the WiS cabinet, I feel fortunate to be part of this evolution and important initiative and take this responsibility seriously.

AS: Is there enough support for women from diverse, BAME and LGBTQ+ communities to progress in the structured finance industry?
TC: Great question. Personally, I have been very fortunate to be supported by the firm and the practice group at large throughout my entire career. I know that the support and mentorship I have received is a privilege, and one I don’t take lightly.

We need to have more diverse attorneys like me across the board. I have a responsibility as a partner and leader of our structured finance team to continue paying it forward, both internally and externally from an industry perspective.

There’s a lot of work to be done, and it’s incumbent on all of us to start identifying incremental and tangible steps towards developing, cultivating and retaining diverse talent and providing meaningful opportunities. Mentorship is a critical first step.

SC: We have programmes with local New York City public high schools to bring in students who are interested in a legal career to do internships over their summers.

In the legal profession, I believe we need to start focusing on diverse students who want to go to law school. We have diverse students who want to work in the corporate area who may not realise that a law degree lays terrific groundwork for success there.

We need to start upstream as early as possible by going into our communities and educational systems to make sure we are supporting diverse, female and LGBTQ+ people early on in their career – whether or not they choose law – as part of our civic duty.

AS: Do women from diverse backgrounds need to work harder in order to progress within this field?
TC: As a first-generation American, working hard is part of my genetic make-up. I took ownership of my legal career on day one and strategically leveraged every opportunity or resource made available to me.

I started my career just before the financial crisis and, as a result, had to get comfortable with the uncomfortable very early on in my career. Based on this experience, I learned a lot of lessons, and it has played an invaluable role in shaping my career and practice.

AS: What else needs to be done to provide a supportive environment for women to excel in?
TC: We need to continue to pay serious attention to recruitment and retention, and that includes a focus on training and development and making a real investment of our time and resources. From a law firm perspective, we have to make a conscious effort to continually invest in our associates.

Throughout the year, I sit down with the junior and mid-level associates on the structured team and talk about career development and their path forward. As our team has grown, the investment of time increases.

But I know that without making that investment, we’re not going to have talented attorneys that want to stay long term come join our platform. I want to be able to credibly tell everyone I hire that we are able to support them on multiple levels, and that includes creating and finding opportunities for their advancement and success.

Personally, I was very fortunate that the male partner I grew with saw the value in bringing me to industry conferences at a very early point in my career. I pay it forward with the members of my team now. This is another worthwhile investment, because being exposed to the structured finance industry at large is the basis of understanding that we are part of a broader ecosystem, and this perspective is critical in order to be effective.

In terms of the environment that my fellow partners and I try to foster, we are open, communicative and transparent. We solicit and request feedback, and pivot and adapt to team needs. As a leader, it’s important to be flexible and be proactive (not reactive), especially in the current environment.

KL: I think another important factor in seeing women continue to excel is to see more women in positions of leadership. The power of being a role model cannot be overlooked, and women in leadership positions are able to use the opportunity to empower the next generation of women.

AS: Is there a retention and recruitment crisis for women in leadership roles?
SC: I’ve only worked for women and pretty much just hire women, but I also have some wonderful men that work for me. I feel like we create an environment where they also feel supported.

I hope I have created a special environment, where all people feel included, and that there is a focus on those who may be underrepresented. It is unfortunately the exception and not the rule.

Sometimes when I go to conferences with women or I meet people like Katrina – who were from another firm – or Kristen, when she was joining the finance group from another Alston & Bird team, I hear about different experiences. It reminds me how much work we still have to do as an industry.

I am seeing more and more women come into structured finance. I make a real effort to reach out to women in the industry, even women at other firms, and meet with them when I’m travelling to other cities. Or when my team is attending conferences, I’ll try to put together informal get-togethers, where we can all get to know each other better.

When I pull back and think about capital markets more generally, I’d like to see more growth in the investment banking industry for women, especially in management positions.

We all have choices in shaping our professional careers. I choose to be open and always willing to learn and adapt, and do everything I can to recruit, promote and retain a talented, diverse team.

AS: What advice would you give women who want to progress into leadership positions?
KT: I am very much in the initial building stage of my career and trying to figure out my path, and it certainly is challenging at times. Looking back on my journey as a lawyer, from being an associate to a partner, I would say first and foremost don’t be afraid to ask for help. Even in a leadership role, you don’t necessarily know everything and that’s OK.

Also, look to those who have come before you – they are excellent resources. And, while this is difficult, don’t be afraid to fail. Building a professional career has a steep learning curve, and I’m figuring it out as I go.

One thing I’m working on is building a team that can support me and, with that, is leadership. In leading a team, I absolutely believe in ongoing and open communication, so I regularly ask my associates what they need from me. What training is most helpful? What support do you need and how can I make your life easier?

Finally, I think being flexible and confident is important. Over the years, I’ve learned to ask a lot of questions and figure things out as I go, while also taking every opportunity that comes my way. Having confidence in my abilities and what I bring to the table has been key for me.

TC: I live by asking for forgiveness, not permission. My practice has grown by taking chances and taking risks. As a result, I’ve only gotten my hand slapped a few times, but each stretch opportunity and risk that I have taken has had an immeasurable positive impact on my career.

At Alston & Bird, we’ve been very fortunate to have a lot of great female role models. Shanell, for example, has been a great mentor to me and many, many other women here. I live by example; setting others up for success and being an advocate.

Biographies
Tara Eliza Castillo is chair of the structured and warehouse finance team and a partner in Alston & Bird’s finance group. She focuses her practice on warehouse finance, structured finance, securitisations and other asset-backed transactions.

Shanell Cramer is a partner and co-chair of Alston & Bird’s finance group. She represents investment banks and other financial institutions in a variety of mortgage banking and financing transactions.

Katrina Llanes represents lenders, underwriters, investors, borrowers, sponsors and issuers in a variety of corporate finance transactions. She is a partner and an active leader at Alston & Bird, serving as both a practice group diversity partner and co-chair of the firm’s New York chapter of the Women’s Initiative.

Kristen Truver is a partner in the finance group, experienced in structured finance, including all aspects of commercial and residential mortgage-backed securitisations. She serves as the national co-chair for Alston & Bird’s sustainability committee, where she leads and evaluates the firm’s environmental initiatives.