RIFKA ZIYARD
COLOMBO: “Lawyers are now being recruited for different areas such as finance, compliance, HR, audit, company secretarial, insurance etc and women lawyers have all the opportunity to reach the higher levels in the corporate sector” says Vayomi Paranagama, the Assistant General Manager – Legal of Seylan Bank PLC in an exclusive interview with Colombo Times.
Vayomi is an Attorney-at-Law and a Notary Public. She has a Master of Business Administration from the University of Jayawardenapura and is an Associate of the Institute of Bankers. In Vayomi’s view being a lawyer can assist in building a good career path in the corporate sector since in the corporate sector lawyers have opportunities to start their career in different areas other than in the field of law; such as finance, IT, compliance, HR, audit, documentation, insurance, company secretarial etc. She explains, “Law is a vast area and it relates to all professions, businesses, etc. We have seen professionals in other areas too study law and earn the law qualification although they are not into active practice or employed in a legal related area”.
As a female lawyer working in the corporate and with close to three decades of experience, Colombo Times inquired as to the career path available for female lawyers in the Corporate sector.
“If you look at the lawyers in the corporate sector in Sri Lanka the percentage of female lawyers are no doubt is higher the number compared with the male lawyers. Within Sri Lanka, in our profession, we see no gender related issues compared to other countries (mainly in the Asian Region). The number of women who pass-out from Sri Lanka Law College and other educational institutions and entering the legal profession has increased with time. However, it is observed that only a few enter active practice as lawyers while most of the women lawyers join the corporate sector. Not only they perform as legal officers and legal advisers to the corporates but also are the highest-ranking decision makers and policy makers, overall consultants in the competitive corporate structure”, says Vayomi.
She added that court appearances by woman lawyers are still less compared to male appearances, “Although there are several lady judges at all levels in the judiciary and the first lady chief justice being appointed 10years ago in 2011, the court appearances as counsel are still male dominant”.
Vayomi says that the female contribution to the work force is high and explains, “If we look at the society at large we see that about half of the work force are comprising of females. It is also observed that that the number of female professionals is predominantly increasing and the corporates too tend to prefer females due to their particular qualities that can be vital to the survival and success of any business such as line experiences, people skills, style, socialization, attitudes towards the work and the responsibilities taken by female employees”.
On women reaching the pinnacle of the corporate career ladder, Vayomi says “ it is clear from the statistics that women have made small progress into positions of leadership and influence even with equal or more professional qualifications and experiences”.
She further added “While the overall numbers and ranks of women in power position still being comparatively low in Sri Lanka, we see a significant number of female lawyers holding higher positions shoulder to shoulder with men in the corporate sector. The highest legal positions in the banks of Sri Lanka are mostly held by female lawyers”.
Vayomi shared her insights as to why she feels that women lawyers opt for corporate careers as opposed to private practice. “Executing the functions assigned to a legal professional is very time consuming and the lawyers in active practice as counsels have chamber work till late night and it may be very difficult for a female to strike a balance between her career and the family due to obvious and subtle barriers faced by her. Although there is a considerable level of gender equality in our profession within our country, as mentioned earlier, I think mainly the women lawyers enter the corporate sector to maintain a healthy work- life balance, as a woman by nature and by societal constraints needs to really look into household chores and have attention towards the requirements of her family. I personally view this as a one key reason that they do not desire positions of leadership”, she explained.
Colombo Times inquired on the changes that are being introduced to the laws and regulations relating or used within the banking and the financial sector and requested Vayomi to share her views on the key changes that should be introduced.
Vayomi responded, “It is necessary that we really look into the available laws relating to Banking and do the necessary changes or amendments to the existing laws that requires to be changed or amended for the development of the economy”.
She explained the requirement for changes in the law to cater to the needs of the SME sector, “CBSL is looking into supporting and developing the SME sector which contributes immensely to the growth of the country’s GDP which will create a positive impact on Sri Lanka’s economy. Small business owners may find it difficult to transact and borrow from Banks and regulated financial institutions due to various reasons such as being a new entry to business, not being able to provide previous business records, or banking transactions, non-availability of a collateral to support the bank borrowings, not having a readily available market for the product”.
She further stated, “The Secured Transaction Act No.49 of 2009 was enacted to enable use of movable assets to be effectively considered as security and thereby to support small entrepreneurs’ access to their financial need to grow their businesses. However, this Act needs to be amended and improved as the current registration system does not provide any legal protection against third parties over such movable assets therefore the banks will be reluctant to accept such asset as collateral for advances. If this Act is amended so that the Banks could confidently consider such movable assets as collateral, I’m confident that we will be able to witness a considerable growth in the SME sector”.
In addition, “with the guidance of the regulator, the Banks could support the SME sector by finding a market or regulate to the effect the product to be purchased by a certain segment upon the required standards being maintained, with proper insurance cover, that will create an empowered SME sector, create job opportunities within the community and improve the lives of the rural community”.
In order to fast track the lending against immovable properties, Vayomi explained that the provisions of the Title Registration Act should be revisited.
“Further, the Title Registration Act was introduced with a view to eliminate issues such as prolonged land cases in courts, land disputes, fraudulent land transactions and deeds in circulation, breach of peace within families and the communities as well as to eliminate the land issues which impacts the domestic and foreign investments due to uncertainty of right title over properties and to give an assurance of receiving a good title to a land. However, even after two decades of such introduction the registration of Lands are still being registered under two ways i.e. under Registration of Title Act as well as Registration of Documents Ordinance. My personal view is that we need to accelerate registration of all lands within the country under the Registration of Title Act, may it be with necessary amendments to the Act in the areas required, so that the title related issues could be overcome and reduce the hindrance the country is faced with, with regard to the land issues that extends to having a load of land and partition cases to be resolved before court which drains out countries finances which could have been invested for essential development of the country. This in-turn will help to fast track lending against immovable properties while reducing the documentation processes within the lending institutions”.
Vayomi explained that if Sri Lanka wishes to truly digitalize certain law reforms are required. She says “It is also observed that our country has made little progress in using e-signatures and use of e-documents. Although the Electronic Transactions Act has been there for over a decade proper recognition and attention to the Act has not been given. We have not been able use same in our trade activities and implement fully towards our Banking business and activities. I would suggest that with the regulators intervention and after forming a National Certification Authority, if the Banks in Sri Lanka takes the initiative, as a country, we will be able to aim for a proper digitization and paperless trade platform for all local traders. At the same time, the Data Protection Laws have to be properly implemented within the country to protect data subjects to have a global trade platform”.
She shared valuable guidance which would assist young lawyers who wish to be successful in the corporate sector, “You need to really expand your knowledge at every opportunity you get without confining yourself to one area since the expectant delivery of a lawyer is a very broad spectrum especially when you target career progression. A Lawyer’s advice and opinion is a key to take crucial decisions, improvements and enhancement of a business in the corporate climate. Therefore, you need to have a positive approach when you extend your service as your advice could take not only the particular institution forward but the industry you are into and the country as a whole could prosper with an initiative you take. Always try to have an updated knowledge while having connectivity to others within the organization as well as outside may be in your profession or other related professions”.
She further added, “Integrity is accounted as an important element which needs to be maintained by every employee attached to an institution. For a lawyer it is even vital and important in view of the nature and the scale of work assigned to a corporate lawyer who only would succeed with ethical corporate behavior”.
In Vayomi’s view for a young enthusiastic female starter of the career, what really matters is to decide “where you really want to be” and thereafter sky is the limit if you really identify your passion in life. Further she added “At the same time, planning, managing time, scheduling life as per your priorities is the key to a female to keep a balanced life. It is necessary to keep professional life separate from your personal life while you strike a balance. Set preferences while giving your maximum towards the profession while expanding your horizon. Multi- tasking and working under pressure is also important and to be considered as plus factors to inculcate and master for a budding lady lawyer who intends to aspire higher levels in their respective career advancement as a corporate lawyer”.
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Interviewed and compiled by Rifka Ziyard, Director – Tax & Regulatory, at KPMG. She is a Fellow Member of the Chartered Institute of Management Accountants, UK, Chartered Global Management Accountant (CGMA), Fellow member of the Sri Lanka Institute of Taxation, Masters of Business Administration from the University of Colombo and a Bachelor of Commerce from the same University.
