What would you say are the unique qualities required to be successful as an in-house lawyer in your industry?

To be successful as an in-house lawyer, one must possess a unique combination of legal expertise and business acumen. This includes understanding the organisation’s goals, operations, and industry. An in-house lawyer must be a strategic thinker and problem solver. Effective communication and interpersonal skills are also essential, as the in-house lawyer must work closely with various departments and stakeholders. In the venture capital industry, one must have a deep understanding of the investment and startup ecosystem, relevant laws and regulations, and a depth understanding of the financial structure of companies and other investment vehicles. The ability to provide legal advice that balances risk and opportunity is crucial. Strong negotiation skills are also critical. The ability to think creatively and provide practical solutions is also essential in this fast-paced and dynamic industry.

Focus on … The impact of female general counsel can have on breaking the venture capital ‘glass ceiling’

The venture capital ecosystem has been dominated by men on both sides of the table despite studies showing a correlation between companies and funds with greater gender diversity, particularly in leadership positions, and increased financial performance. A 2020 study by McKinsey & Company found that companies with gender-diverse executive teams were 25% more likely to outperform those with less gender diversity. Another study by Credit Suisse Research Institute found that companies with higher levels of gender diversity in senior management had better returns on equity, lower volatility, and higher valuations. Similarly, studies have shown that venture capital firms with more gender diversity in investment decision-making positions tend to have better financial performance. A 2020 study by Preqin found that venture capital funds with at least one female general partner outperformed all-male teams in terms of deal flow and financial performance. In Israel, the 2021 Women in Startups Report by Power in Diversity reveal that less than a quarter of the decision-makers in the ecosystem are female, and out of the 70 VCs in the study, only 14.8% of the partners are women.

The glass ceiling in venture capital begins at the entry level, where women are less likely to pursue careers in finance and investing. Even when they do, they face challenges in building networks and gaining the experience necessary to progress in the industry. This is compounded by the fact that venture capital is a relationship-driven industry, and many of these networks are formed at early ages in elite institutions and universities, in Israeli also in elite units in the army, where the vast majority of participants are male, thus perpetuating a male-dominated boys’ club. However, the rise of female general counsel presents a significant opportunity for women to break through the glass ceiling in venture capital. General counsel have a critical role in overseeing all legal and regulatory matters and providing strategic advice on business decisions. They have a deep understanding of the financial and operational aspects of running a business and can leverage these skills and experiences to create an alternative path to partnership. The venture capital industry is a leading player in the Israeli start-up nation. The role of general counsel extends beyond delivering returns to investors; they generate value for the entire economy through business, innovation, and international cooperation. It is for this reason that we must enhance workplace gender diversity. Female partners will result in a more diverse range of investment opportunities, a more equitable capital distribution, and overall better outcomes for all.