From Hollywood courtroom dramas to best-selling novels, corporate lawyers are typically portrayed as sharp-thinking, confident, and persuasive individuals in high-powered suits. How closely do these characteristics resemble life as a lawyer in wealth management? Bianca laughs and says that, while all of the above apply, the attributes that come in most useful in her career as a legal counsel to Julius Baer’s Credit and COO teams are empathy and the ability to communicate well. “I’m a discussion enthusiast, which is why I was drawn to the legal profession in the first place,” says Bianca. “It’s vitally important in our line of work to listen to other people’s points of view and be able to respond well to them.”
Her colleague Krzys agrees and believes the image many people have of lawyers, their heads buried in books doing research, is an outdated one. “The growing sophistication of investment products and services means that each of us has to understand our area of expertise in great detail. That means getting out there to talk with people on the ‘shop floor’ to understand business challenges .” In any case, says Krzys, the catch-all term ‘lawyer’ barely applies any longer. “Our roles are all quite specialised: you have custody lawyers, fund lawyers, digital asset lawyers, real estate lawyers. Each of us tends to focus in-depth on a given practice area, while keeping an eye on the big picture.”
Ensuring sustainable wealth creation
Krzys’ own particular area of specialisation at Julius Baer is in Investment and Wealth Management Solutions, where he lends legal scrutiny to the launch of the Bank’s products and services. He regards his role as one of upholding trust and offering protection. “When Julius Baer designs a product, we can’t afford to take a short-term perspective. If the product were to have flaws or perform badly after only a year or two, the company’s reputation would suffer. We have to look beyond the now and ensure that, our products and services are best-in-class in the long-term.”
One of the ways how legal counsellors like Krzys help protect investors is by poring over the fine print in the different jurisdictions in which the bank operates. “Julius Baer is a global wealth manager, so whenever we launch a product or a service, we need to evaluate whether it meets the different needs of our clients across Europe, Asia, and Americas,” says Krzys. “There are over one million pages of financial legislation to protect investors in Switzerland and the European Union alone. We consider all of the laws and good practices introduced by regulators around the world and focus on how we can stay competitive while remaining a trusting counterpart to our clients.” Krzys adds that Julius Baer’s success revolves around its reliability. “We were there for our clients 100 years ago and we’re here for them now and in the future. That’s what we stand for: a trusted, truly personal and holistic advisor, who knows the value of long-term relationships.”
Bianca, who provides legal counsel to Julius Baer’s Credit and COO teams, was drawn to law during her business studies because of a desire to create order and ensure harmonious outcomes. “I like to set out a clear picture of how things are going to be. I want to bring everybody onto the same page and make sure that, ultimately, we’re all going to be satisfied with the arrangement.” One of the most interesting parts of her role at Julius Baer is that no two transactions are the same. “Each client has different assets and unique requirements, so it’s important that we offer them a bespoke solution. The personal service Julius Baer offers allows us to identify exactly what the client’s needs are.”
Open and approachable leaders
Julius Baer’s smaller size compared to some of the universal banks gives employees like Bianca and Krzys a greater share of voice when it comes to shaping the bank’s solutions. “We need to be interdisciplinary in our teams and share our collective expertise,” says Krzys. “Our ideas are listened to, regardless of rank.” Both he and Bianca enjoy regular interactions with Julius Baer’s top management. “The beauty of the legal profession is that you have access to senior leaders because lawyers are often invited to give their opinion,” says Bianca. “It is not unusual for top management to reach out to us directly to brainstorm about topics. It’s great to go home in the evening knowing that you’re valued and you belong.”
Krzys sees an added benefit of this non-hierarchical approach in terms of sharpening one’s strategic thinking. “As lawyers, sometimes we can get bogged down in the detail, the small print and we lose sight of the economic purpose of a project. Top management are great at taking a strategic lens and helping you to see the big picture. After all, we’re the custodian of clients’ assets, not the owners, so we have to be strategic in how we use our resources. If something isn’t economic, it often doesn’t make sense to move ahead with it.” At the same time, says Krzys, creating value doesn’t have to mean advising the CEO or appearing on Bloomberg. “Sometimes the truly impactful things happen further down the ladder. The really meaningful influence that you add as an employee is often incremental. It can be about improving processes, closing loopholes, enhancing performance. If you’re in the legal field, that’s likely to be something you enjoy.”
Benefits of sharing knowledge
One of the elements underpinning Julius Baer’s employer value proposition is to foster a culture of individual growth and support employees on their journey – even if, as Bianca points out, this journey isn’t necessarily always a straight one. “When I began my international career, there was a lot of uncertainty. I didn’t know if things were going to work out well for me. Nowadays, with the benefit of experience, I know that if you take one step after another you’ll get to a good place. And if you take a wrong turn, your GPS can recalculate the route and you’ll get back on the right track!” She believes the recipe to success in any profession is to find something you’re so passionate about, you want to learn everything about it and teach it to others. “The more you share about what you do, the more you encourage others to share and grow as a group. More heads are better than one.”
In many ways, the notion that ‘together we can make a difference’ sums up the profession of being a lawyer. “Probably the biggest misconception of all about lawyers is that we immediately know all the answers,” says Krzys. “But with so much regulation across so many jurisdictions, that’s impossible. But really, it’s often not so much about knowing the right answer. People don’t expect that. It’s about asking the right questions and encouraging people to think about the different options and consequences. Once you know what questions to ask, the answers can often be quite straightforward.”