Deborah Gruen, a former US Paralympic swimmer, now funds partner at Simpson Thacher in New York, reflects on the key skills needed to thrive in corporate law and the importance of setting personal goals
Why did you decide to become a funds lawyer?
I was an economics major in college and was always comfortable with numbers. I found that corporate law, and particularly being a private funds lawyer, married together what I had loved about economics with being a lawyer.
I also like that corporate law is fundamentally about building a product where both sides gain something. I prefer that to a situation where you are constantly trying to tear the other side down. And, because you work with clients on a long-term basis, you really get to know them; there are days that I think some clients know more about me than my own family! Lastly, I find that teamwork is critical in your day-to-day tasks. I enjoy talking to my colleagues across offices about the issues I’m facing and have found that collaboration leads to a far better product.
What is your favourite thing about your job?
The opportunity to develop and test out new ideas! It’s a privilege to be able to work with the clients and the other lawyers at Simpson Thacher because not only are they incredibly creative and smart, but they also are not afraid to take risks and try new things. What starts out as a test case one day becomes the latest trend in private equity funds the next year.
What is your proudest professional moment?
Making partner at Simpson Thacher. I have always looked at the partners in the firm as rockstars, and especially the partners in the funds group. So, to be considered one of them, was – and continues to be – an honour.
What is a standout deal you’ve worked on?
Helping Stonepeak with its first continuation vehicle for the Cologix recapitalisation. That was the first continuation vehicle I worked on and was the first time that I was so exposed to both deal-level and fund-level issues. Often, we help in fundraising and answer a small handful of questions on specific investments, but in the continuation vehicle context, everything happens at the same time.
What’s the biggest challenge you’ve overcome in your career?
Learning to be confident. I’m tiny and literally have to look up to everyone else. Even though nowadays people can’t normally see you because you’re on the phone or zoom, leading a call can be daunting. But eventually you have to learn to trust yourself.
What’s been your worst professional moment and what did you learn from it?
Everyone has bad moments and for me they often come from taking on too much. I’ve had to learn to delegate more and trust others, even if it means that they do something differently than I would have done it.
What are the key skills you need to succeed in commercial law at a leading New York firm?
Most importantly, you need to work hard. It’s very similar to sports in that you have to practice and get in the reps. The other key skill is learning to work with others. My peers at Simpson Thacher are the most valuable resources that I have and learning to ask others for help, and in turn being available when they ask you questions, helps everyone. Given the amount of institutional knowledge our firm has, it’s very likely that when you see an issue for the first time, someone else has already found a way to address it.
What advice do you have for aspiring young female lawyers who want to get to where you are?
I think it’s important to set goals. When I swam, my goal was to medal. When I started working at Simpson Thacher, I wanted to make partner. I have found that setting goals helps keep me focused.
