LSEG Markets Head of Legal, Joanne Napleton

Joanne Napleton is LSEG Markets Head of Legal. LSEG (London Stock Exchange Group plc) is a global data and financial market infrastructure provider which is headquartered in London. It provides data services such as Workspace and the London Stock Exchange as well as post trade services such as clearing and optimisation.

When Joanne talks about life at LSEG, you quickly realise this isn’t just another corporate legal role. In our latest career interview, she shares how a combination of commercial curiosity and continuous learning has shaped her path at one of the world’s leading financial infrastructure providers. From managing complex regulatory changes to advocating for the value of in-house legal teams, Joanne offers candid insights into the challenges and opportunities facing today’s corporate counsel. Her emphasis on understanding the ‘why’ behind transactions and her refreshing take on work-life balance (including how her Peloton survived beyond the lockdown phase!) made this an engaging conversation for me. So, I know it will appeal to anyone else interested in the evolving role of in-house lawyers.

If you’re a General Counsel or Head of Legal, and you’d like a fresh and reliable approach to increasing the quality of legal counsel candidates for your in-house legal team, please get in touch. If you’re happy and content but just want to make sure you're keeping up with best practices in legal recruitment, spend a moment on our Scorecard, which will highlight any hidden blindspots, or hopefully confirm how well you are doing!

Please subscribe for more:

??Interviews with GCs and Heads of Legal.

??Tips for hiring in-house lawyers.

??Pointers for advancing your own legal career.

There is something for everyone across every topic here, so please enjoy and let me know what you find most interesting, or want to hear more about, and I will do my best in future editions.?

To your success! ??

Our interview with Joanne originally appeared on the Florit Legal blog.

How did you come be Head of Legal??

I joined one of the heritage businesses (LCH Limited, the clearing house based in London). I originally trained as a banking lawyer and I had really enjoyed a secondment I had with a bank as a junior. It made me realise I wanted to work in-house, rather than continuing in private practice. I wanted to be closer to the commercial discussions. LCH Limited was a really interesting proposition, an unusual business and they were looking for a banking lawyer.

In what way is LSEG a good place to work, from your perspective?

It’s an excellent mix of legal and commercial considerations. I work on the financial market infrastructure side of the business, and I have learnt a lot, and continue to learn from my colleagues. They are very generous in sharing their knowledge of the financial markets we serve and the products we offer. After a pretty long time at the firm, I am still learning which is great and keeps me going.

What’s good about your role, and how have you developed as a lawyer?

I really appreciate the variety. I work across a wide range of topics from financial services legislation to purely commercial matters, with some crisis management too. I have been involved in a fair amount of M&A. I also work with senior stakeholders on governance which is one of my pet topics – so important in so many ways.

What projects have had a positive influence on your career??

Its tough to pick a particular project, there have been so many that I have enjoyed and learnt from – both in terms of the topic for the project but also because of the team I was fortunate to be a part of. Projects that have left a mark on me are those where I have worked as part of a team to deliver the outcome, that’s the high point of my job.

What significant changes or challenges is the sector experiencing, and how do these affect your role as an in-house lawyer?

Since 2008 there has been a huge amount of new legislation in financial services, across the world. This has led to a lot of change; the development of new products and services, new business opportunities and an increase in oversight (in a good way). This evolution has been significant for lawyers in the space (there seems to be more of us now!) and I think this will continue, albeit possibly at a slightly slower pace. Amongst many other things, there are new developments for us to work on, some of which are still ‘firsts’ to help our businesses comply with new requirements.

How do you feel the role of the in-house lawyer? is changing??

As I mentioned above, it feels like there are more of us in-house lawyers than ever, not just in FS. I think there are probably a few challenges, some of which aren’t new. It’s not always easy to demonstrate our value to the businesses we support as we’re a cost rather than a revenue generator. That said, we know we are valuable, and we are always thinking about ways we can add more value to our internal clients and to be able to show that value. Also, being able to work ever smarter from a technology perspective, which is important for the development of our lawyers and also to support and advise the businesses we advise in the best way that we can.

Everyone gives me a subtly different answer to this question, but what would you say makes a great relationship with external lawyers?

For me, the key ingredients of a great relationship with external lawyers starts with curiosity about the business I support, what we’re trying to achieve and why, and continues into trust. The best lawyers (and I have lots of positive experiences) make me feel better about the project we’re working on; they entirely remove any anxiety (even when it’s a ‘first’) and I know we’ll be able to deliver the project together in a safe way.

So, when you recruit in-house counsel, what are the key things you look for??

Aside from good technical legal knowledge I look for curiosity and confidence. Curiosity means really understanding the business that you’re advising, and confidence means that you are able to build on the curiosity to advise those senior stakeholders, recognising some of the advice might not be exactly what was hoped for. As in-house counsel we’re sometimes called upon to advise colleagues who are more senior than we are.

I also think these two characteristics are vital to build the good judgement we need as in-house lawyers.

Why might someone get excited about joining your department?

LSEG continues to be at the forefront of developing products and services to help our customers. As I mentioned, as a legal team we still advise on ‘firsts’ – brand new services or innovative transactions for example. There are a lot of components too, financial services regulation, securities, derivatives and cross-border transactions. As I said, there’s a lot going on!

So, how did it all start for you??

I think commercial curiosity and an understanding that the legal profession was one in which I could grow and take a number of different paths. My degree was in law with French law and I also think I was attracted to the profession as I wanted my degree to be useful – I am the first in my family to go to university. I thought it would make for an interesting career too.

Along the way, what pieces of professional or career advice have stuck with you??

As a junior lawyer I learnt from the partners I worked with about the importance of understanding the commercial aim of the transactions I was working on; the ‘why’. The law has to be correct but the transaction or initiative has to be able to deliver the rationale too. It’s at the forefront of my mind all these years later.

How has coaching had an impact on you??

I was fortunate to be coached when I was about 9 years qualified. It was a transformative experience. I think I had about four sessions and I still remember the knowledge I gained through the process, mainly about myself. It helped me grow as a senior lawyer and consciously navigate the firm. I am a better lawyer because of it; amongst other things I learnt how to work with senior stakeholders, remembering to be their counsel rather than a subordinate.

What advice would you give to someone in practice looking to move in-house?

Talk to your colleagues who are already in-house. It’s really important, if you can, to get an insight into life at different firms and understand what the legal function is for a particular business, it varies a lot. In general though I would say that in-house the dynamic is different from practice (although it’s a while since I was last in practice). My shorthand description is that my working days are undoubtedly shorter (on the whole!) than they were when I was in practice, but they are far more intense. Having interviewed private practice lawyers who are considering the move I would also say to remember that your client is (often) based in the same building. For some this prospect is too much, for others this is ideal!

We all make mistakes in our formative years. Are there any you remember as being particularly helpful from a developmental perspective, and care to pass on for those who are less experienced??

An instance of including the wrong figures in a document, the other side were tricky, and we had all been working long hours. I spoke to my GC in a bit of a panic when I realised (we were a few days from closing) and after a bit of counselling I called the lawyer on the other side and told them. I apologised, they were annoyed but within about 10 minutes we moved on. It taught me to own up – it’s always better, even though it feels hard in the moment.

So, what makes a great in-house lawyer, and how would you advise a new recruit to tackle their first 100-days in a role?

Someone who can demonstrate the characteristics I highlighted earlier, enhanced with an ability to multitask. Working in-house often means being involved in many projects and matters in parallel, it’s important to be able to feel comfortable working in this way.

I would advise a new in-house counsel to meet as many stakeholders as possible and to spend some time on the frontline of the business, whatever that looks like. Really understanding how the business works is vital. Having this context when providing advice to the business makes the advice more useful and increases the value of the in-house legal team.

How do you support wellbeing in your team and how do you approach hybrid working?

We talk, in different combinations. Aside from team meetings I have periodic 1:1 meetings with?everyone in my team. Not just my direct reports. In those meetings we chat about all sorts, work of course, but also holiday plans, books, movies. Frequency depends on individuals, but I find it helps to connect in this way, especially as we’re not all in the same office.

Personally, I find exercise hugely beneficial. I got a Peloton during lockdown and despite my assumptions that it would gather dust, four years on I’m still a regular user and find that an EDM ride in particular hits the spot after a difficult day!

We are in the office three days a week. I find that this is a really good balance. It helps to keep connected with my colleagues, especially business colleagues, by meeting them in the office. We are a geographically dispersed team though, so we have found ways to help facilitate connection over Teams. I also have some time at home which lends itself to focused work.

Did you experience any interesting or unusual jobs before becoming a lawyer? ?

I temped during my university holidays, and for about 10 days one summer I was PA to the governor of a prison. That was an interesting experience!

Nobody wants to get stuck in a lift, but if it happened to you, who would you want to be stuck with?!?

It’s really hard to choose, there are so many people I would like to be stuck in a lift with. Katherine Ryan is at the top of my list. She is wise, funny and brave – a brilliant combination. She would be a tonic in a stressful situation (being stuck in a lift would be stressful).

Are there any particular books you have enjoyed reading recently and would recommend to others?

I have read a lot but one that has stuck with me is ‘Good Strategy/Bad Strategy’ by Richard Rumelt. It’s a business classic for a reason. Really straightforward but enlightening. I learnt a lot from it, it’s in the back of my mind a lot as I’m working and provides a different insight, which seems obvious once you know it. It’s all about understanding what the problem is so you can solve it.

How about films or plays?

The Lehman Trilogy is a great play, I have seen it twice and it’s so good you don’t realise how long it is. A cleverly told story. The way it explains the financial crisis is brilliant.

Favourite restaurant?

The Delaunay, always brilliant!

Do you have a favourite holiday destination, and where might be next?

Not sure about my favourite, it’s too hard to choose but I’m going to Argentina and Brazil in the new year and I’m really excited!

What would you say is your guilty pleasure?

Pleasure should never be guilty!