“When I tell people I was shy in law school, they don’t believe me,” says Faye Feinstein.
It’s easy to understand how anyone would meet this trailblazing TMA member and struggle to imagine that she wasn’t always fearless.
Feinstein began her career in corporate renewal when she was hired to work at the firm where longstanding TMA leader Melanie Cohen was a partner. Feinstein, who kne
w she wanted to work in litigation, recalls an early assignment with helping her discover that bankruptcy law was for her. She was asked to research, write and argue a motion to modify an automatic stay—and won. Feinstein loved the quick and decisive results she got from that first assignment, and was hooked.
Under Cohen’s guidance, mentorship and friendship, Feinstein continued to grow her skills in the field. “The bankruptcy code is finite, learnable. I found I could become an expert in something,” says Feinstein.
Feinstein became active in the TMA Chicago/Midwest Chapter and quickly saw the value of getting involved with a group of people who shared the same interests and challenges in a male dominated sphere.
Upon rising through the ranks in the chapter and eventually becoming its president in 1998, she realized there was a huge opportunity to attract more female members to the TMA community.
Feinstein explained that, like her, many women in the chapter were working full-time and raising families. Networking didn’t feel as accessible for them as it did for men who were accustomed to networking on the golf course or over drinks. “I was working 60 hours a week and raising children. I wasn’t going to start golfing,” says Feinstein.
That wasn’t the only challenge for women back then. There was an overall lack of representation. “If you went to a conference, it was a sea of suits,” says Feinstein. “You’d walk into the opening reception and it was scary when you didn’t know anyone and you were the only woman,” she adds.
Women were also sometimes misunderstood by their male colleagues. Feinstein recalls a male partner at a firm who asked her why she was working when her husband was a doctor.
“I told him, I’m not doing it for the money. I’m doing it because I like it and I’m good at it,” says Feinstein.
Feinstein decided that a women’s group would give female members a platform to connect with each other and even find mentors like she had found in Cohen. Feinstein recalls pitching the idea of a women’s group to the all-male chapter board.
“Their response was ‘What? What do we need a woman’s group for? Should we have a men’s group too?’” recalls Feinstein. “I said, the whole group is a men’s group.”
As a testament to Feinstein’s tenacity, the TMA Chicago Women’s Group was formed. While Feinstein doesn’t know if it significantly increased overall membership in the chapter, it did provide a valuable opportunity for women in the restructuring field to find common ground with each other and discuss their challenges as working mothers, being part of the ‘sandwich generation’ or confronting the sexism they faced.
As the group grew and Feinstein recreated her efforts by forming the women’s group at the national level, she noted how satisfying it was to see women forming friendships and mentoring each other, even if it didn’t always result in acquiring business.
In fact, her advice to members today is to think of networking as more than just a business development opportunity.
“It’s important to feel that you’re not alone in your chosen field. Networking for business development is hard—try not to focus on it at first,” says Feinstein, adding, “If you’re good at what you do, the work will come to you. Networking is an important way to meet others passionate about the work. The connections will follow.”
“It is important to meet women who are going through what you are. You’ll meet women who are judges, bankers, creditors and attorneys. You’ll love having a glass of wine with women who share your struggles,” says Feinstein.
Faye Feinstein’s courage and initiative created an important space for women in the corporate renewal and restructuring industry, and was an important precursor to today’s TMA NOW. We’re #TMAProud of her trailblazing efforts to connect women in the field.