Advice and Insights from Jack Wallace, ACIC Emeritus Member
Interview courtesy of Danielle Maksimow (Norton Rose Fulbright)
John T. (“Jack”) Wallace has led a storied career as in house investments counsel. He was the Managing Director and Senior Counsel of John Hancock Financial Services, Inc., as well as the former Practice Group Leader, Fixed Income North American Investment Law at John Hancock Life Insurance Company (U.S.A.), a subsidiary of Manulife Financial Company. In addition, he was Counsel to John Hancock Leasing Corporation and served as a member of the Real Estate Law Division.
Mr. Wallace’s in-house practice supported a variety of fixed income investments originated in the United States and Canada and focused on all aspects of international and domestic project finance, infrastructure finance, structured finance, renewable energy, and equipment lease transactions. He also participated in numerous cross-border and domestic leveraged lease financings involving a variety of infrastructure assets as well as the development of affordable housing tax credit funds and other tax advantaged investment vehicles. He has significant experience with the various state and federal regulatory regimes affecting investments by life insurance companies. As part of the Investment Law management team, he was also active in recruiting and mentoring junior lawyers and business folks. Prior to joining John Hancock in 1987, he was general counsel to a regional real estate developer and in private practice in the Boston area.
Mr. Wallace is an Emeritus member of the American College of Investment Counsel as well as a former Trustee. He was also a frequent lecturer at the semi-annual ACIC educational forums. He also served as an Adjunct Professor in the Boston University Law School, Graduate Program in Banking and Financial Law teaching Introduction to Project Finance Introduction to International Project Finance.
He received a BA from the College of the Holy Cross in 1975, a J.D. from Suffolk University Law School in 1978 and an LLM in Banking Law Studies from Boston University School of Law in 1987.
Mr. Wallace graciously agreed to participate in ACIC’s popular Fireside Chat series and pass along the wisdom earned from his many years of experience, and he has distilled some of those teachings into the following question-and-answer interview, which has been lightly edited for clarity.
1. What characteristics in colleagues did you value most?
JW: There are a number of characteristics that I valued and respected in my colleagues. First and foremost, it was consistently conducting themselves in an ethical manner, appreciating that they were first lawyers and then employees. The second characteristic was the willingness to appreciate that they were part of a team where success was dependent on everyone working towards the same goal.
2. We hear so much about the importance of networking/business development—how does a young lawyer network/develop business without looking like they are “kissing up”?
JW: I view networking and business development as similar if not identical undertakings, with the end goal establishing and maintaining personal relationships. In an in-house context that means developing relationships with outside counsel, business folks and legal colleagues. The easiest way to do this is to demonstrate professional competence and look for ways to share that with your colleagues, be they in your firm, department or company. The opportunities to develop relationships with outside counsel should come easily during deals or through joining and participating in ACIC activities. For business folks, in addition to demonstrating competence on specifically assigned transactions, I suggest looking for opportunities to interact on a personal level, return phone calls in person if appropriate, show interest in other matters they may be working on and just help them understand that you are a resource to them. Serve as a subject matter mentor for junior business folks. For legal colleagues, I would suggest doing your job well, and being flexible and willing to take on new assignments out of your comfort zone will go a long way getting recognized.
3. How do young lawyers earn the trust of business partners, clients, and corporate officers?
JW: First and foremost, trust is earned by being a competent lawyer and delivering what was promised when promised. It means anticipating the initially unasked questions that invariably will be asked. Additionally, be willing to provide advice that is tailored to the facts and circumstances of a deal or undertaking. For instance, in an in-house context, remember that you know your client’s business, risk tolerance and regulatory constraints better than outside counsel. Be willing to put advice in the context of risk assessment. The internal clients I have worked with in the past appreciated a lawyer who was able to identify issues but more importantly was able to assess the risks associated with identified issues. Be an advocate for the transaction or your internal client.
4. How do you handle mistakes/oversights? By outside counsel? By colleagues? By yourself?
JW: This is an interesting question and goes back to my view of the practice of law as relationships. Having a long-term working relationship with outside counsel and colleagues makes handling occasional mistakes and oversights easier. I tended to think that the best way to handle mistakes/oversights was to avoid them all together. Having a relationship with outside counsel makes it easier to set expectations and have ongoing communications to get to the desired result for the client. Of course, mistakes happen to all of us. I expected that they be brought to my attention promptly so we could remedy the oversight or mistake. Usually, an occasional mistake would not be fatal to the relationship so long as it was not a recurring matter. With respect to colleagues, I would view it as a learning opportunity and try to address the cause of the oversight or mistake. Was it a communication issue? Was it a training issue? Was it due to institutional knowledge not being passed down correctly? Again, it is not something that was a career-killer unless it continued. As for myself, I would make my management aware of the issue, so they did not hear from the client areas first. I know I did not make the same mistake or oversight twice.
5. Most important aspect of career development?
JW: I think it is a recognition that no one but you are responsible for your career. Here is where I think in-house and outside practice varies a bit. The more hats that an in-house counsel can wear, the better. Don’t become complacent in one niche of in-house practice, and take opportunities to leave one’s comfort zone to take on new and challenging transactions. Take risks and continue to develop additional areas of expertise. Having a well-developed generalist skill set with one or two areas of concentration should allow one to move easily to other areas as business mixes change, etc. I do recognize that a generalist skill set may not be as valued in law firms.
6. Words of Wisdom/Best Advice Given
JW: I think the best advice I was given was in-house counsel are overhead. If we are not able to demonstrate value on a daily basis, it may be difficult to justify our continued role. Sobering advice but certainly motivating.
