Weil Partners: Restructuring Doesn’t Have to Stay a Male-Dominated F...

[Editor’s note: We received this post from five Weil, Gotshal & Manges partners in response to this Examiners blog post on the gender gap in the restructuring field.]

It was disappointing to read Philip Dublin’s piece concluding that restructuring is likely to remain a male-dominated field. Mr. Dublin may be correct that bankruptcy is currently a male-dominated field. However, as five successful female bankruptcy partners at Weil, Gotshal & Manges, one of the leading restructuring practices in the world, we feel compelled to point out that it does not need to be this way.

All of us are mothers, and between the five of us, we have nine children. Collectively, we have handled some of the largest and most prominent bankruptcies in history. Further, two of us are members of Weil’s management committee, and one of us is co-chair of Weil’s business finance and restructuring department. Given our experience, we feel it is especially important that young people, including our children, understand that it is possible to be a successful mother and a successful lawyer in the restructuring field—and that the two are not mutually exclusive.

Mr. Dublin notes that restructuring is emergency-driven, fast-paced and unpredictable. This is true. But these conditions apply to lawyers in other practice areas as well as other professionals, such as investment bankers, executives and doctors, just to name a few. This type of career path will present its fair share of challenges, but does that mean young women should self-select out of restructuring or other professions in anticipation of one day having a family? Absolutely not.

Some of us had children before becoming partner, while others had children after. We also have several very talented senior associates in our restructuring group who are mothers. There is no magic formula in terms of timing, but as Mr. Dublin recognizes, firms can help by offering flexible work arrangements. Each of us at Weil had a different experience, but we all had the support of our firm and partners when we took our maternity leaves and when some of us elected to work part-time during our tenure at the firm. With this support and some creativity on our part, we were able to make it work, and we hope that the younger women in our group see the same opportunities.

Work-life balance is not just a woman’s issue; it is an issue for any professional working today. Mr. Dublin writes that “it is particularly difficult for a woman to balance her obligations as a mother to young children with a thriving career as a restructuring professional.” More and more men are taking the lead role as caretaker within their families. Now more than ever family units consist of two working parents, and we, as restructuring professionals, have seen firsthand that fathers also rearrange their schedules to be at important events for their children.

Instead of pointing out why restructuring is a male-dominated field, we would like to point out that it doesn’t have to be. Let the five of us and other successful women in the restructuring field, including prominent bankruptcy judges, chief restructuring officers, heads of restructuring and work out groups, and other successful lawyers, serve as examples. Young lawyers, both women and men, should not be discouraged by Mr. Dublin’s remarks. Rather, they should work toward an environment in which we no longer have to discuss gender as a limitation.

Marcia L. Goldstein is co-chair of Weil’s business finance and restructuring department. Her co-authors in this post are restructuring partners Ronit J. Berkovich, Debra A. Dandeneau, Lori R. Fife and Jacqueline Marcus.