As Morgan Stanley settles into its new Asia Pacific regional headquarter in the International Commercial Centre – Hong Kong’s newest landmark skyscraper that is soon to be the city’s tallest – Jaclyn Jhin is stepping up to a new career high.

Jhin has been promoted to be Morgan Stanley''s chief operating officer and chief risk officer of global capital markets (GCM) Asia from her previous position as an executive director at the bank’s legal and compliance Asia. The promotion came just a couple of months after she was awarded the ‘Hong Kong In-House Lawyer of the Year’ at the 2009 ALB Hong Kong Law Awards last September. Both events mark the highlights of her career.

“Winning the award was a sign that I’ve reached the pinnacle of being an in-house counsel. I was so thrilled by that award,” says Jhin. “It’s like the icing on the cake, showing that my peers have recognised me for what I’ve done and accomplished during the five years of being a GCM lawyer. It also marks a perfect time for me to try something new, and face new challenges.” When the new position was offered, she grabbed it with both hands.

Jhin says the growing sophistication of the legal environment and maturing markets in Asia are the main reasons for the creation of the combined position. “As a result of the firm''s recognition of the tremendous growth in Asia, the need to have a dedicated CRO and COO in place has never been greater,” she says.

With her five years of in-house experience covering GCM, she is undoubtedly equipped with the right skill set. “My in-house legal experience is extremely helpful to the CRO role. The organisational skills and team work mentality I developed from my previous position are also relevant in my current role as the COO. But as the COO, I have to think of what''s good for the group and think in more ‘macro’ terms, as well as hold a more forward-thinking and long-term view of the department and its goals.”

Using inspirational quotes is one way Jhin often motivates herself – and others – to reach higher. One of her favourites, which she associates with the in-house counsel role, is from Henry Ford: ‘Most people spend more time and energy going around problems than in trying to solve them’. “I agree with Mr Ford. I believe a successful in-house lawyer should understand the needs of their business unit or client, be part of the business team, and try to assist the team in finding viable solutions to achieve its goals,” says Jhin. “As legal counsel, we need to give advice and views instead of saying ‘no’ or regurgitating the law and regulations. Our role is to help our internal clients think through the issues and try to come up with solutions or alternatives.”

A prime example of this came through the financial crisis. Jhin had to assist bankers with numerous inquiries from clients in respect to convertible bonds and share buybacks and in executing debt-consent solicitations and exchange offerings. “It has been a stressful period for everyone. We were not very familiar with these ‘liability management’ structures, so it was a learning curve for the legal team. The deterioration in the market required us to work even more closely and quickly with senior management to identify, analyse and address new risks associated with the new products,” says Jhin.

Fortunately, she has many external counsels she can call up for a “sanity check” on certain issues, often free of charge, and she recognises the importance of this. “If you don’t have a good relationship with external counsel, then it makes it more difficult to get immediate access when you need it most. I always make a point to meet frequently to discuss current market trends, regulatory issues, and issues that in-house counsel are most concerned with, and to provide feedback on legal services provided by a specific firm. I think it is important to learn from each other.” Jhin will continue to do so since she will be working closely with external counsel in her CRO role. Most of the external counsel she works with are from firms that Morgan Stanley has a relationship with, as well as partners who have moved on from those firms.

Juggling work-life balance
“Anyone who says it’s easy to juggle work and family is either lying or is not doing a good job either at work or at home. It’s definitely not easy and you have to work at it.” Jhin says. She had to overcome the biggest challenge in her career when she went back to law after almost four years raising her two young children. The perception of mothers with young kids became an obstacle to even getting a junior associate role, and the memory of being rejected is still vivid. “You have young kids, so just stay at home. Moms with young kids are just not committed to working hard,” one male partner told her at the time during a job interview.

Milbank Tweed, however, saw the potential in Jhin, and when she joined the firm in Hong Kong as an associate in 2000, her career took off. She was involved in various types of deals – from debt offerings in the Philippines to private equity transactions in Korea. Anthony Root, the head of Milbank’s corporate practice in Asia and the managing partner of the Beijing and Hong Kong offices, was Jhin’s mentor, and Jhin still goes to him for career advice.

“It was difficult in the beginning as I was the oldest second-year associate at that time. I felt that I had to prove myself to everyone. But having a good role model – a mentor – helped me survive the hardship, and I enjoyed working at Milbank,” Jhin says. A lot of travelling, however, meant that sometimes she would not see her children for weeks at a time, and as a result Jhin decided to join Morgan Stanley as an in-house lawyer in 2004.

The role doesn’t require her to travel, but in no way is it less demanding or intellectually challenging. By building a strong, trust-based relationship at work she has been able to enjoy a certain level of job flexibility. “The bankers that I work with have been very understanding and accommodating when I need to take some time off for family reasons, because they know that at all other times I am always responsive and hardworking,” she says.

Goals
The award, the promotion, and an ability to balance work and family responsibilities have given Jhin a true sense of success. “Given that I took several years off to raise my children when they were young, I’m happy that I’m now where I would have been if I didn’t take that time off. I feel I’ve finally caught up and I’m content with what I have achieved so far.”

As a new decade is around the corner, Jhin has set new goals on both professional and personal levels. “What I’m striving for at work is to do well and feel appreciated in my new role. Another personal goal that I have is to be a good role model for other working women,” she says. “Eventually, my long-term aspiration is to start a non-profit organisation that helps young professional women find a mentor in all different professional fields.” ALB