FFA News
Hot Topics: Getting to Know Lily Miao
Getting to Know is our Hot Topics feature where we speak to leaders from across the global fund finance industry and understand their career paths and what has shaped and motivates them.
1. Lily, why did you move from UK to Asia? What were the key professional drivers?
I started my career in the banking and finance team at Clifford Chance in London, which
not only gave me a solid legal foundation but also fantastic training in transaction
management. At the time the banking department ran a secondment to the Hong Kong
office for second year associates for 2 years. As I am originally from Shanghai, I was keen
to work in HK and utilize my unique background in the Asian market (there were few native
Chinese internationally trained associates at the time, and I saw an opportunity to bridge
that gap). The move was certainly eye opening as there are numerous differences in terms
of culture and working practices between the European and Asian markets. Towards the
end of the secondment, for various professional and personal reasons (the more favourable
tax is definitely a big one!), I decided to stay in Asia. What started as a 2 year stint has
turned into a much more permanent transition (10 years later and I’m still here!).
2. Professionally, what were the key differences you noted, especially in fund
finance?
Western and Asian cultures are very different, and that pervades into the workplace.
Whereas people also work hard in London, there is a better work life balance in that there
is better segregation of work and life. Often on Friday evenings and weekends you are able
to have a proper break and clients don’t expect you to be on call 24/7. On the other hand,
Asians are very diligent and hardworking, and question many practices that other markets
may take for granted or as market standard. Often clients require more creative solutions,
or ask a lot of questions, which means you need to know your stuff inside and out to be
able to serve them well. There is also a much greater degree of flexibility and adaptability
required to see a transaction through, as there are often greater regulatory and policy
hurdles (which are ever changing and sometimes a little opaque) that you need to
overcome. In terms of fund finance specifically, I’ve noticed that the European market is
more mature, deeper and broader, whether that’s in structuring of deals, the types of
cross-disciplinary products on offer (including NAV 2.0 or even 3.0), or the richness of the
market participants. The culture, legal systems, and market sophistication of different
regions in Asia vary greatly, which presents a unique set of opportunities and challenges.
3. You have been both an onshore and an offshore lawyer. What are the key
differences and has your experience onshore helped you be a better offshore
lawyer?
I’m often asked this question, and I would say the main difference is that onshore counsel
play a more significant role as leading counsel, drafting the main transaction documents
(which could take days), coordinating and managing local counsel and all aspects of the
transaction timeline, and are often involved at the structuring stage. There is therefore
greater visibility and turnaround times are longer. Depending on the type of transaction,
offshore counsel tend to play a smaller role, but will have multiple transactions ongoing at
the same time (my busiest record is over 30). We often have to turn around documents or
jump on calls or meetings at short notice, and it can be tough to plan your day (or your day
or week will go completely differently to how you envisaged). If a few of your deals
suddenly need to close or urgent issues crop up at the same time, it can be acutely
stressful in a way that I seldom experienced whilst onshore (this was a very different kind
of stress).
My background and onshore experience has definitely helped me be a better offshore
lawyer. Having lived and worked in the UK, Germany, Singapore and HK, practiced English
and HK law, and now practicing Cayman, BVI and Bermuda law, I often come to problems
with a broader international mindset. I am also able to apply similar (often English) legal
principles across jurisdictions. Having transaction management training, and seeing deals
from both a leading counsel and a local counsel perspective brings a wealth of benefits. I
am able to add value not just on the technical side, but also utilize softer skills and
commercial acumen to achieve clients’ goals more smoothly and efficiently. There are
many excellent offshore lawyers who started life onshore, so it is a well-trodden career
path and one worth considering for those who are looking to make a transition (although I
personally don’t recommend changing too early – as I said, I think the onshore experience
is extremely valuable).
4. You made partner at a young age. What core attitudes have underpinned your
career and how is the role different to your previous roles?
I’ve always had a good work ethic, and tried to do the best I can. Nobody’s perfect, but I
think as a lawyer, certain skill sets are crucial. Aside from being technically strong, what
sets a superb lawyer apart are their communication skills, how good they are at
understanding clients’ needs, to problem solve, their willingness and ability to learn and
adapt, being an outstanding team player and just generally good with people. We are
ultimately in the people’s business, and during your career, you will inevitably have to work
with all manner of personalities, working and management styles, not all of which you will
gel with or even understand. How you work with and get the most out of a diverse range of
people often dictates how far you will go. As you become more senior, these skills become
ever more important so it is a good idea to begin honing them from the start. You don’t
need all of them to succeed, and many are still works in progress for me, but they are good
aspirational goals. As you become more senior, you take on greater responsibility, not just
to train and mentor juniors on the work front, but also looking out for your team’s general
well-being. This is why our work in D&I is so important and I’m really looking forward to
working with the FFA diversity committee to bring more focus on a lot of areas, which affect
a person’s ability to bring out their full potential in the workplace and beyond.
Author:
Partner
Appleby