|
Getting your Trinity Audio player ready...
|
Since it was founded in 2010, InvestCloud has stood out as a global leader in digital transformation, creating tools that have worked to modernize and transform the financial services industry. Today, the company, which specializes in digital platforms that enable the development of financial solutions while pre-integrated into the cloud, is well-positioned for growth and for a transformation of its own. As chief legal officer, Justin Petzold has a front row seat.
“In 2023, we’ve really been putting our entire business under a microscope and trying to examine the way we do things from top to bottom, making sure that we’re positioning ourselves the best we can for the next stage of growth,” Petzold says. For InvestCloud, that evaluation has touched on every aspect of the business, including its technology architecture, product and marketing strategy, and partnerships. The process has presented many legal opportunities and challenges to overcome.
“But I find it to be highly motivating because there are jobs out there where you’re thrust into a ‘business as usual’ environment and you’re expected to maintain that. For us, we’re redefining what ‘business as usual’ looks like for InvestCloud,” he emphasizes. “It’s cool because it aligns with our product offering. Through our own transformation, we’re putting ourselves at the forefront of the business and technology world that our clients are in.”
“Sometimes the right approach is to be the strong voice in the room and make your opinion known. Other times, the best value you can add is by letting someone else be the dominant voice and taking a step back.”
Justin Petzold
As the company examines ways it can prepare for the future, Petzold facilitates that evolution in a role that requires him to wear several hats. On any given day, he could be working on issues related to board matters, corporate opportunities, commercial sales, partnerships, disputes, and HR. Juggling those competing priorities also requires him to manage multiple constituencies, a challenge he navigates through a guiding principle: to be more of a business partner than a mere legal service provider.
“The great thing about my role is that as chief legal officer, I’m both a legal generalist and an executive at the company,” he says. “From that perspective, you end up being in the room when big decisions are made, and you can provide insight on those decisions that aren’t just from a legal perspective but from someone that understands our business objectives.”
Petzold is proud to leverage his philosophy at a collaborative company that believes one of its strongest assets is its people—ones with diverse backgrounds and skill sets. While that reality brings challenges since everyone has their own perspective, Petzold says he and his colleagues use it to their advantage.
What Drew Justin Petzold In-House?
“As I went through my career in big law as an M&A lawyer, I started to work on more complex deals. It brought a lot of adrenaline and was exciting, but it became pretty familiar. I wanted another challenge and to be in an environment that allowed me to learn, grow, and explore new passions. That’s what made me want to explore an in-house career—I thrive when I’m thrown into unfamiliar situations and in areas I don’t have experience in that I have to figure out. That’s why InvestCloud was such a fantastic opportunity.”
“Even though we’re all on the same team, people have their own priorities. I may get asked to do something by one person and the opposite thing by another. But we’re good at listening to each other, hearing everyone’s view, and then coming to a collective decision,” he says.
“Sometimes the right approach is to be the strong voice in the room and make your opinion known,” he adds. “Other times, the best value you can add is by letting someone else be the dominant voice and taking a step back.”
Petzold offers advice to young attorneys by outlining the difference between good lawyers and great lawyers. It lies in the way you approach problem-solving.
“Good lawyers can identify issues, raise them, and fight tooth and nail for positions. Great lawyers approach every problem by trying to quickly find the solution where everyone wins—that means never really coming to clients or counter parties with a problem unless they have a proposed solution,” he says. “They will also identify real material risks versus the theoretical ones that don’t matter in the broader context.”
“Justin consistently displays all of the qualities of the best general counsels. He is a smart and thoughtful strategic thinker who works well with others and is well versed in numerous areas of the law.”
–Ted Frankel, Partner
