Kedra Winter is a Criminal Barrister turned in-house Legal Counsel. Having spent years in criminal law and more than a decade in industry, she turned to the world of Family Offices and found a new career that utilised her perfect blend of pragmatism, professionalism and personality. Here she discusses what a day in her life looks like, why it is vital that you are comfortable in your own skin and why seeing the story through is the biggest benefit of Family Office Life.
Why did you make the move from Criminal and Commercial Law to Family Office?
I remain a barrister and maintain all of my rights of privilege so if needed to tomorrow, I could don my wig, get on my gown and go to court. I think that is very important thing to remember with regards to a difference between a barrister and a solicitor within a Family Office. Anyone can start at the beginning and reach a conclusion but my background in criminal law and then my next career within commercial contracts allows me to look at things very differently in the Family Office and reach the best conclusion for the Principal and their family.
I loved being a criminal barrister but I had to stop after sustaining an injury which meant that I could no longer be on my feet all day. I moved into commercial law which surprises many people but I think if you have a mind that loves the law, you can move into every and any corner of it. In a Family Office you become a master of everything. From Family Law, Trusts and Estates to Security Law, Insurance and asset laws surrounding property, art, boats, jewellery, the list goes on. It is multi-national and multi-disciplinary which means you have to be not a Jack of All Trades and Master of None but a renaissance man or woman – picking up an area of law that you have not touched since university and using it to the advantage of the family.
After a decade of working in an international, multinational within the realm of commercial law, I had my fifth child. As a woman, having children and pushing on with your career is important and something I am extremely passionate about. I wanted change and most importantly, I wanted to make more of an immediate impact. In a large company, you can of course make an impact and you need to in order to survive 10 years as you either step up or get out. While you can make an impact, I think in the Family Office world, it is more direct and more intimate. One thing that barristers love, and one thing this barrister loves, is people. Their stories, their desires, wants, needs and how to make this happen. The law at its heart is about people and barristers remember that very clearly. It is not about shaping people to the law or talking as lawyers but instead talking about a person’s wants and needs. In a Family Office, this is vital. The Principal and their family are your only focus and your job is to assist them and as such your ability to make an impact is far greater here.
How do the three worlds differ?
Looking back at my time as a criminal barrister, I would not get to meet my client or the witnesses I am examining until the day of court. There is a separation as you are behind a glass wall, knowing a lot about one moment in their life but not a lot about the entire story. In the commercial world, you are again removed somewhat as you are working on litigation and deals which consume your life momentarily but then you move on. The story ends. As a Criminal Barrister, you see a person at their absolute worst. In the corporate world it is that deal, at that time. In a Family Office, the story never ends. You have a much wider remit; one I depict as a spider’s web. You sit in the middle of this web, overseeing a whole host of matters all around you and because you do have a more holistic approach, when there is a tremor on one of the threads, you can instantly see how it can impact other areas of the business.
It is fascinating because you get that wider involvement, bigger story and ability to help not just on the bad, but the good times and make an impact before the worst happens. It is that pre-emptive role as General Counsel. You are not there to be called when X or Y Happens, you hold an overall view and join the dots. It requires a far more holistic approach and means the worst days either never happen or you have ameliorated them before they do.
What does a day in your life as in-house Legal Counsel look like?
There is no typical day and that is what I absolutely love. I think again that is the barrister in me. We are like magpies; we like shiny new things and by that I do not mean trinkets but new and interesting things to think about. It might be a new case or an area of law and that is why the Family Office world appealed to me.
I always block out the first hour of my day to read, organise and respond to emails. I get hundreds of emails a day. This can be intensive and time consuming but it sets out the day. It’s my rolodex, my spider’s web. I do this over a coffee (or three), reply to those who I need to reply to instantly and then file. I always have a rule that every email I respond to, sends a copy back to me and gets archived to allow my inbox to only be full of matters I am working on. I then have a call with the team which might differ from the Executive Assistant, legal team, Principal or family. You are always on call and your phone will always ring. This is the most important thing to do in the day, after checking emails to ensure you are up to date with any changes or updates before speaking with your Principals. I will then work through my daily to-do list and then take lunch.
If I am in the office, I will have lunch with the Principal. I will use this time to make sure they are equipped with everything they need to know and also ensure any gatekeepers in the family have what they need too. From the EA to the Executives, you are working as a team and the entire staff need to be informed and on the same page. That is where a barrister’s mind comes in. New law and new interests.
What does the Family Office require of you as Legal Counsel?
Absolute discretion. Family Offices are like the legal version of fight club and you do not talk about fight club. You do not talk about your Principal or for whom you work or where you work. You do not mention if you are abroad, you do not do social media. You need absolute discretion which comes with integrity and I take it very seriously. I think that is wider than the Family Office too. Personal integrity affects everything you do, every email you send, every phone call you make, every interaction you have. It becomes very important in this field.
The other thing which is of vital importance which might also sound strange is, knowing who you are. If you are not comfortable in yourself, your life or what you do, you cannot be an efficient Family Office professional. If you are looking at your Principals and thinking, this is the life I want, then you will not be an asset to the family either. The Family Office environment requires people who are happy in who they are and knowing of what they want. I have no inclination of wanting the lives of my Principal, I simply wish to make their lives more efficient and that is what is required of me.
Not every Family Office has Legal Counsel. For those who do not, what are they missing?
The most important thing that Family Offices may not realise is that having external counsel does not offer them the same protection as in-house legal counsel. Whilst they will likely have several external firms because having all eggs in one basket is not always advisable, what all of these external providers will not be able to do, is have the back of the Principal. Of course they will try to, but, working simultaneously with several others, without the full picture cannot guarantee that their interests are in the same place. General Counsel expand into other areas, beyond legal and one of these areas is security. The biggest threat comes from within the family structure, the Family Office, the assets around the globe and employees wherever they are located. Because external firms deal with one matter, this or that, General Counsel add a cloak of protection by looking at everything. That is where we come in and provide that oversight so that the Principal does not have to do it.
In-house Legal Counsel can add protection while saving costs. External fees can cost upwards of £200,000 a month and while the right in-house legal team might require an upfront cost and effort, they are a bargain chip in your pocket because within two months they can earn back their salary in simply saving costs, maximising your budgets and cutting through the jargon. Of course, external counsel can work wonderfully well in partnership with your in-house team but you need that team or even that person to guide you from within. Money is spent but it is both appropriate and maximised and the savings of costs and reduction of risk can be monumental.
What are the benefits and challenges of working for a Family Office within the role of Legal Counsel?
The role and environment is so varied that my mind is constantly focused and engaged with different areas of business. My mind does not like doing the same thing over and over and in this position, it is impossible to get bored. I also like creating structure, I like the stories of people and the interaction that this allows and am also disabled following my injury and so the flexibility to work from home and travel with ease is beneficial. There are of course other benefits to working for a Family Office that you do not often get in a multi-national but above all, seeing the stories through is the thing that works for me the best. There are advantages like pay but you can get that anywhere, you need the right course for the horse and this for me is it.
Like any role however, there are challenges and it mostly comes down to your work-life balance and setting boundaries. If you are receiving calls at 2am then you do need to ensure you have time for yourself because burn-out is a real thing in any position and in this one, it can be frequent.
The other downside is given the fact that you have so much oversight in the position of Legal Counsel, a lot of the hiring and firing is down to you. Telling a person that they have to find another livelihood is never an easy or enjoyable task and given the intimate nature of a Family Office, there is often a lack of a structured HR team.
The positives long outweigh the negatives however and so long as you manage your time and the expectations of your Principal and Principle family then you can have a long and exceptional career. If you do like quiet spells, you require fixed boundaries and a strong work-life balance, the Family Office route is not for you but it can be phenomenal for the right person.
How do you sharpen your skill-set?
You are never too old to learn. The best skill you can have is to recognise the gaps in your own skill-set and learn about it. You should never be afraid to hold your hands up and ask for help, ask a person to use small words to explain something you simply do not understand.
The other thing is to never be afraid to examine your mistakes. Do not bear them as grudges, look at them and ask yourself what you could have done differently. It might not be one large blunder but lots of little mistakes. Learn from them and own them, especially as you progress up the ladder.
With my legal team, if I screw up I tell them I screw up. How can I expect them to be transparent and own up if I do not? No one person knows everything and if you think you do, you are not much use to anyone. As my mum always said, you’re as useful as a chocolate teapot in that setting.
Is there anything we have not spoken about that you would like to add to the conversation?
I would say that the Family Office General Counsel role is one hell of a ride and Family Offices who do not know what Barrister-trained General Counsel can offer really do miss out on a holistic offering and powerful individual that has their back at all times. While it is one hell of a ride, it is not for the faint-hearted. You have to have guts of steel, patience and integrity but it is fantastic and I enjoy every minute of it.