Female lawyers rise through ranks
PRIVATE equity has traditionally been a male-dominated sector and so the industry has in the past tended to rely predominantly on male legal advisers.
In recent years, however, more female lawyers have risen through the legal ranks of private equity specialists – a trend that mirrors the shifting demographics within the private equity industry itself.
Tessa Brewis, a director at Cliffe Dekker Hofmeyr, said that the number of female attorneys working in private equity mirrors the Southern African Venture Capital and Private Equity Association’s latest Private Equity Industry Survey, which reveals that the representation of female professionals within the industry increased to 29.6% in 2018, from 21.8% in 2017.
“Working in the private equity environment from the investment to the exit stage gives me an opportunity to work with investor funds, as well as the management teams of portfolio companies. Private equity clients usually engage in multiple transactions, and therefore one is able to develop a deep understanding of the client’s business and sector, and in fact start to feel like part of their team, which is quite unique.”
While there may have been transformation across all levels of the industry, the rate of transformation is not the same across all levels of seniority.
“Similar to general trends in the legal and private equity sectors, the rate of transformation of female representation at a senior level is slower.”
A quantitative analysis of female attorneys in South Africa published in the African Journal of Employee Relations echoes this insight.
“The occupational structure shows that the junior levels of the profession are dominated by females, and that there is a lack of diversity and transformation regarding the senior and most sought-after positions in the profession.
“Not only are female partners outnumbered, they are also significantly under-represented, with only half of them being represented at the partnership level, whereas males are over-represented at that level.”
Brewis said that a woman leading a team may initially find it difficult to access opportunities.
“However, once you have established a relationship with a client, then it’s very much an even playing field.”
Nuhaa Amardien, an associate at Cliffe Dekker Hofmeyr, attributes her success and development in the industry to practical training. Amardien, who is part of a team that specialises in advising local and international fund managers, said the dynamic nature of this industry requires constant learning and upskilling.
“My learning and growth in the private equity sector has been catalysed by a supportive team headed by a senior lawyer who has provided me with the exposure and training. Despite the improvement in gender representation in private equity, more still needs to be done to ensure young women entering the industry rise up the ranks.” |