Stephanie Pagni, chief legal and administrative officer at Monzo, has always liked to keep her career moving, which makes the challenger bank a perfect destination for her.

After finishing her master’s in law in 1994, Pagni initially opted against a career in law, joining a trading desk at a derivatives boutique, before moving to SBC (now UBS) and then Credit Suisse in banking roles.

Only at Credit Suisse did she decide she wanted to qualify as a lawyer after all, convincing the GC that the bank should sponsor its own training contracts, a move that led her to legacy Allen & Overy to do a litigation seat.

‘I loved A&O. It was culturally a fabulous firm to work with, with amazing lawyers, very down to earth, talented, and smart. We ran some big cases, travelled all over the Middle East, had some really high-profile clients, and I enjoyed all the work we did in court.’

In 2005, she decided to move in-house and joined Barclays Bank, taking up a position as head of litigation at the global retail bank.

‘I knew in my heart of hearts that I would go back in-house one day, because I love being close to the business and helping support execution of the strategy,’ she tells LB.

The move ultimately led to 16 years at Barclays – a long stint that ‘felt like multiple careers, even though it was in one organisation.’ From consumer banking to the wealth management division, to investment banking, Pagni saw the gaps in her experience and gravitated towards the areas where she could learn the most.

‘I knew in my heart of hearts that I would go back in-house one day’

Her time spanned everything from the 2008 financial crash to the LIBOR investigations, which Pagni was directly involved in.

The investigations saw the banking industry come under intense scrutiny, with trust in the sector hitting rock bottom when, fresh from the financial crisis, it emerged that a number of major banks had been manipulating the London Interbank Offered Rate (LIBOR). In 2012, Barclays was fined £290m for its part in the rate manipulation.

‘It taught me a lot about crisis management. In common with the fallout for a number of other globally systemic banks at that time, there were multiple global regulators and prosecutors around the world, all investigating.’

She continues: ‘It was a period of intense scrutiny, with multiple investigations that took many years to resolve. The accountability rules changed, which prompted a cultural transformation in banks. It was a good thing for customers, because it became about refocusing on good outcomes and mission/purpose.’

Five years ago, Pagni made the switch from traditional banking to join fintech Monzo, which was only six years old at the time. Keeping the customer front and centre remains a priority for the bank, particularly as the industry shifts to adapt to digital banking.

‘When I got the call from Monzo, it just seemed like a natural transition and next challenge. I was watching them from the sidelines, and everybody had been increasingly impressed with their journey to make money work better for customers. It just seemed like the obvious next move when I got that call to join.’

‘We spend a lot of time researching the day-to-day customer pain points, then building great products and solutions to solve those. That co-creation creates deep emotional connection. It’s the first time I ever worked for a bank where customers talk about loving their bank.’

‘It was a really good test for me, that uncomfortable feeling where you step outside your comfort zone’

Monzo has been profitable since 2024 and in 2025 hit £1.2bn in revenue.

As well as the legal team, Pagni also oversees public policy and government relations, sustainability, and corporate governance at Monzo. Since joining in 2021, she has grown the legal team to more than 30 full-time lawyers, meaning she no longer has to get her sleeves quite as rolled up as when she first joined.

‘When I came here, that was one of the most enjoyable things about it initially. I was doing a variety of more detailed work I hadn’t done for some years, by virtue of having had a much larger team and having to lead through others. It was a really good test for me, that uncomfortable feeling where you step outside your comfort zone.’

AI is one area offering both in-house and firms plenty of opportunity to step outside their comfort zone, and Pagni doesn’t mince her words when she says the industry is ripe for an overhaul.

‘The long-term winners will be the firms that lean into business model change and transformation,’ she says, referring to how law firms need to adapt the way they work to focus more on outcomes than hours worked.

Pagni’s own team has enthusiastically adopted AI and been experimenting with Gemini, as well as their own internal AI large language models.

‘Lots of firms are using AI for productivity gains, and what I haven’t seen yet is how that translates into value for clients.’

‘Any new technology prompts a bit of a review of your entire business model, because if you’re starting to bill not on hours spent by individuals, but by outcomes on project and value add, then that does require a change in the way you’re measuring your internal value metrics as well.’

When it comes to hourly billing, Pagni is clear: ‘Hours spent is not how we measure our value or impact to our business, so it doesn’t really work for law firms or partners to use a misaligned metric output.’

‘Hours spent is not how we measure our value or impact to our business’

Pagni is open about the challenges she has faced keeping up with the company’s rapid growth and change in the still young digital banking world and believes lawyers need to be more confident with change and uncertainty.

‘Lawyers are taught to try to know the answers to everything. It’s a big psychological shift to say “it’s okay, you don’t need to know the answers to everything”. You need to approach the problem from first principles, be curious and work together. But industry and customer demands are moving so fast, which is what makes our work so exciting.’

She continues: ‘I say to the lawyers all the time: “I don’t know everything. I don’t know all the answers”. But provided we remain curious to learn and bring our problem-solving skills to bear to create opportunity for the business we are doing our role. We all also need to get comfortable with ambiguity given the pace of change is accelerating.’

Her enthusiasm and excitement for her work are tangible, and she maintains that this enthusiasm is the most important trait for anyone looking to start a career in law.

‘The number one thing is to enjoy the industry in which you’re working. And that’s why I say to even young lawyers now starting out, who are deeply immersed in the law, ‘Why do you want to practice in that area? What is it about that area that you love?’ If you’re interested in that business and the way that business is evolving, you’ll be a better lawyer because, ultimately, you should aspire to be a business partner who is great at navigating legal challenges.’

Pagni also stresses the importance of supporting her team and maintaining her own work-life balance while juggling a high-flying career in law.

She manages to squeeze in time for four dogs, tortoises and chickens, as well as reinvigorating an old disused vineyard in Italy alongside her role at Monzo and spending time with her family.

‘I love spending time with the animals. I just have a big affinity with nature. I find it a way to de-stress.’

[email protected]