Leading change inside the glass building with no glass ceilings

“This may not be the answer you want... but we needed to make more money.” 

So says Denis Jackson when asked why he’s done so much to support the progress of women in his business.

Sitting in his office at the firm’s London headquarters made of glass but with no glass ceiling in sight, the Law Debenture CEO says that seven years ago when he took the top job its board was all men, its executive committee was all men and its leadership team had one woman. 

The FTSE 250 investment trust and independent professional services (IPS) company needed to boost profits. Broadening the employee mix, especially at leadership level, was the logical first step. 

The board is now 42% women and the exec committee is 50/50, changes that have yielded clear financial returns – LawDeb has more than doubled its IPS revenues in that time, and more than doubled the number of staff hired.

“It's hard to argue that from a customer success perspective and financial success perspective, the gender balance initiatives haven’t worked,” he says.

Diversity of thought, better ideas

Jackson’s approach has been influenced by witnessing the impact of rigid, corporate systems on his wife’s career. They met when they worked together on the trading floor of the former Salomon Brothers in the 1990s, where she was one of a handful of women in a workforce of around 600 men.

“Had I not met her, I would have happily been one of those several hundred-odd blokes completely blind to it.”

Instead, the shared experience “was transformational" as he saw how many doors that opened for him were slammed shut in her face.

“And other women’s faces too… when you care deeply for someone, you feel the pain of that experience.”

Under his leadership, the company has focused on enhancing its IPS division, a sector he says needs “diversity of thought”. 

No big announcement: just strong commercial metrics

So how did he ensure the support of fellow leaders while going about creating his enlightened workplace, one that’s fit for the 21st century?

“You can stand there and announce big, bold initiatives, or you can do things by stealth,” he says. “We just got on and did it. There was no big announcement. No policy change. We achieved the outcomes, then explained how – as opposed to making a big statement.”

The strong commercial metrics that can be tracked over his time at the top table are the result of the “superior decision making capability” that’s now in place.

“That manifests in superior client outcomes which influence shareholders. If shareholders are pleased with their financial returns and ask how we’ve gone about it, then we explain how. That creates their alignment.”

We’re not clock watchers

It's pointless introducing measures to attract more women into your business if you don’t at the same time ensure a supportive workplace.

The level of trust and flexibility embedded throughout LawDeb are what most women want when looking for new roles, and the measures Jackson has overseen – like the health and compassionate leave policy – are also helping retain staff, especially women who tend to shoulder more caring responsibilities over their entire career life.

In addition, there’s a core hours policy that allows employees to choose whether they work 8-4 or 10-4 and make up the rest of the time when they can.

Jackson emphasises that as an “outcomes-based business”, his leaders must learn to trust that colleagues will produce those outcomes. When they do that, is immaterial.

“We're not clock watchers,” he says. “It's about communication with your client; communication with your boss. Making sure everyone's confident that the work is being handled.”

“It would be to our detriment not to offer this stuff,” Jackson says. “There's self-interest here – I'm the chief executive – there's a lot of skin in the game for me. But I also happen to fundamentally believe in gender balance.”

It is a win-win when the average cost of recruiting senior managers and other staff are often more than 20% of the employee's base salary. His advice for leaders thinking of making similar shifts in their organisation is to start with themselves and be sure they genuinely believe in it.

“Ask yourself if this is going to have a materially positive impact on your journey at the helm and if it is, then make sure that you're 100% on board with it. That way it will be a whole lot easier. If you can't align yourself with it, you're going to struggle.”

While LawDeb has evolved into a far more resilient company, one that is fully prepared to face the challenges of the future, he says they can’t be complacent.

“We have to continue to push our approach with every hire we make, and be sure that we're constantly weaving a richer tapestry for ourselves. If we can do that, we weave a richer tapestry for our clients and that ultimately feeds through to the owners of the company.”

Denis Jackson's efforts support Goal 3 of 1LV's WE+ Measure – to remove structural issues around working patterns and benefits. We use the measure as a benchmark to help organisations get closer to achieving gender equality. 

This article was produced by 1LV in partnership with Balance in Business Awards. Law Debenture was a 2024 Balance in Business Award winner for Trailblazer Exco and Direct Reports – FTSE250. The company was also recognised as the best performer in the FTSE 250 for women in leadership.