Top Lawyers: Jennifer Morton of Shearman & Sterling On The 5 Things You Need To Become A Top Lawyer In Your Specific Field of Law
An Interview With Chere Estrin
Attention to detail — As a lawyer, attention to detail is really important, especially when analyzing rules and contracts in order to identify issues and possible solutions for your client.
The legal field is known to be extremely competitive. Lawyers are often smart, ambitious, and highly educated. That being said, what does it take to stand out and become a “Top Lawyer” in your specific field of law? In this interview series called “5 Things You Need To Become A Top Lawyer In Your Specific Field of Law”, we are talking to top lawyers who share what it takes to excel and stand out in your industry.
As a part of this interview series, I had the pleasure of interviewing: Jennifer Morton.
Jennifer Morton is a partner in the Global Financial Institutions Advisory & Financial Regulatory group and leads the firm’s U.S. broker-dealer regulatory practice, representing global investment banking firms, private banks and wealth management organizations, electronic trading platforms, alternative trading systems, investment advisers, hedge funds, private equity firms, U.S. and non-U.S. broker-dealers and banks on matters involving the regulation of broker-dealers and securities markets. She also advises clients on a wide range of corporate and regulatory compliance matters, including in connection with mergers and acquisitions and cross-border transactions, restructuring and business expansion matters, and trading and markets issues. Jennifer also advises financial services firms and fintech startups on securities and broker-dealer regulatory matters relating to digital assets and blockchain technology.
Thank you so much for joining us in this interview series. Before we dig in, our readers would love to get to know you a bit more. What is the “backstory” that brought you to this particular career path in Law? Did you want to be an attorney “when you grew up”?
In college, I studied architectural history. After graduation, I worked for an architecture firm, thinking that I would go to graduate school for architecture. It was a great experience, but during that time, I realized that my true passion was analytical thinking and writing and decided that law would be a good fit for me. I decided to change course and pursue a career in law, and I never looked back!
Can you tell us a bit about the nature of your practice and what you focus on?
My practice focuses on broker-dealer regulation, which involves a lot of technical rules. I advise broker-dealers, banks, companies, funds and start-ups on laws governing licensing, registration, recordkeeping, capital raising activities, among others, and I work with regulators in connection with the same. As a general matter, I help clients comply with applicable laws governing securities-related activities like sales and trading and investment banking. I also work a lot in the digital asset space as part of the Shearman FinTech Foundry.
You are a successful attorney. Which three character traits do you think were most instrumental to your success? What unique qualities do you have that others may not? Can you please share a story or example for each?
Attention to detail is important and necessary in this field, and it has been a key part of my success. Being a team player is also critical — it’s important to me that I’m supporting and mentoring my team. Lastly, I focus on finding solutions for our clients through inter-disciplinary collaboration. For example, understanding when our clients may need a different subject matter expert and working with different practice groups for that purpose.
Recently, I worked on a broker-dealer formation and alternative trading system registration. Given the nature of the products the client wanted to trade in, the application to the regulator ultimately required multiple subject matter experts at the firm — including my team, the bank regulatory, litigation, and capital markets teams. After a long process, we received the approval from the regulator, and that was ultimately due to the collaboration among different subject matter experts at Shearman and the regulator.
Do you think you have had luck in your success? Can you explain what you mean?
I think a lot of success is timing, but I have been lucky to have mentors and sponsors who have supported my development throughout my career. In that regard, having the opportunity to work with different practitioners at Shearman & Sterling has also helped in my success — not only by expanding my skillset, but by building relationships across the firm.
Do you think where you went to school has any bearing on your success? How important is it for a lawyer to go to a top-tier school?
Success is based on the individual — their drive, how they want to manage their career, the goals they want to achieve. If someone wants to make it happen, they’ll make it happen. In my experience working with lawyers from different schools, it’s never really about where they went to school; it’s about the individual lawyer– how they work, collaborate, conduct diligence, investigate issues, perform, and lead.
Based on the lessons you have learned from your experience, if you could go back in time and speak to your twenty-year-old self, what would you say? Would you do anything differently?
I went to law school a few years after graduating from college. Looking back, that timing worked out for me because it meant I was more mature, focused, and knew what I wanted. By that time, I had already worked in architecture for a few years. Now I would tell my younger self: “You did it right. You explored something that you were interested in and learned that you wanted to do something different with your skill set. It’s a journey.”
This is not easy work. What is your primary motivation and drive behind the work that you do?
I’ve always wanted to help people solve problems, so that’s definitely one of my key drivers. Another key driver for me is that I genuinely like to work within a team. I’m a highly collaborative person, and that stems from my time as a college athlete. I’ve been an athlete for most of my life, so it’s part of my DNA to work with other people to achieve a common goal.
What are some of the most interesting or exciting projects you are working on now?
I work in the digital assets space — in fact, we just helped form a U.S. broker-dealer that trades in digital assets, so that was a unique and fun project. I also work a lot with brokers that operate alternative trading systems, which are governed by very technical rules. I’m really enjoying that work; it’s exciting to provide guidance to clients in a regulatory environment that is always shifting!
Where do you go from here? Where do you aim to be in the next chapter of your career?
I plan to continue to build my practice, lead and train my team, support my clients, develop my thought leadership, and take on more leadership roles inside and outside of the firm. Particularly given that I’m a partner in a global law firm, I think serving as a role model for other attorneys and other women is important.
Without sharing anything confidential, can you please share your most successful “war story”? Can you share the funniest?
We had an application in front of two regulators and what should have been a six-month process became a two-plus-year process. Every time we got close to approval, something would come up that would delay the process even further. However, we worked through every issue and came up with solutions for the client and the regulators. It was a huge collaborative process by our subject matter experts, the client, and the two regulators. It took a lot of hard work, focus, dedication, and teamwork — but in the end we persevered, leading to the approval of the application, which was so rewarding.
Ok, fantastic. Let’s now shift to discussing some advice for aspiring lawyers. Do you work remotely? Onsite? Or Hybrid? What do you think will be the future of how law offices operate? What do you prefer? Can you please explain what you mean?
Right now, sometimes I work from home, sometimes I’m in the office. I prefer the office, because I like to be with people and engage directly with them, whether that’s in a meeting, or having lunch or coffee. I like having meetings with my team in one room — it creates a sense of community. Establishing a sense of community and culture is important so everyone feels like they are part of a team — working together and achieving goals.
That said, the way law firm offices operate has definitely changed as a result of the pandemic; a lot of work is being done remotely. Many offices will remain hybrid, and I think we will probably continue to see more flexibility in terms of working at home over the long term.
How has the legal world changed since COVID? How do you think it might change in the near future? Can you explain what you mean?
The pandemic has streamlined logistics. Fundamentally, with the adoption of remote platforms, like Zoom and Teams, people don’t have to travel as much to attend meetings. Remote work has built-in efficiencies, and it’s likely here for the near term.
We often hear about the importance of networking and getting referrals. Is this still true today? Has the nature of networking changed or has its importance changed? Can you explain what you mean?
Client referrals and networking are very important. Referrals are principally based on reputation, which is about the client experience and the work product a person generates. That said, you don’t necessarily need to have in-person meetings to have referrals. In that regard, networking now also often happens remotely, with people scheduling discussions, meetings, and industry-related committee meetings with key parties online.
Based on your experience, how can attorneys effectively leverage social media to build their practice?
Social media can be incredibly valuable for attorneys. It’s a platform that provides access to a broader audience that you wouldn’t reach otherwise. It was a useful tool before the pandemic, but when in-person networking events shut down, communicating through social media helped people remain relevant and in front of the market. Whether it’s sharing your professional experiences and achievements, highlighting your firm’s achievements, thought leadership, or supporting your colleagues — these are all good ways to leverage social media to build your practice.
Excellent. Here is the main question of our interview. What are your “5 Things You Need To Become A Top Lawyer In Your Specific Field of Law?” Please share a story or an example for each.
- Attention to detail — As a lawyer, attention to detail is really important, especially when analyzing rules and contracts in order to identify issues and possible solutions for your client.
- Teamwork — It’s important to know that your colleagues are your teammates, not your competitors; you need to work with and learn from them.
- Hard work & perseverance — You have to have the drive and you have to want to do the work.
- Ability to work with others — This is fundamental; you have to be able to collaborate with others, including clients, colleagues and, in my case, regulators, and understand how they can contribute to the overall solution for the client.
- Thought leadership — Informing your clients and the market about current and upcoming rules and regulations that may impact their business helps demonstrate your subject matter expertise, which can set you apart from other practitioners in your field.
We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might see this. :-)
Phil Jackson, the former NBA player and head coach of the Chicago Bulls. He coached very talented players with different personalities who were from diverse backgrounds and was able to teach them how to work together as a team that ultimately achieved phenomenal success. Based on his track record, I think all of us could learn a few things from Phil!
This was very inspiring. Thank you so much for the time you spent with this. We wish you continued success and good health!
