A conversation about risk taking, seeing legal work from the client side, building a firm, and finding energy in people.

Ally Law: You began your legal career in private practice, then moved into investment banking with Lehman Brothers. Was that still legal work?

Kerim Pelister: No. In fact, the bank even required me to sign documents saying I would never act as a lawyer. Lawyers are generally risk-averse based on the nature of legal profession, and in an investment bank they wanted me to be a risk-taker. We hired outside counsel for the legal work, and I worked with almost every law firm in Istanbul from the client side. Sometimes I was “in disguise” with the investments. I would not tell people I was a lawyer, and later some of them found out and said, “You never told us you were a lawyer.” I said, “You never asked me.”

Ally Law: What did your experience in investment banking teach you that still affects the way you practice law today?

Kerim: That period was very interesting because I became familiar with the numbers. I still have the old habit of putting everything into an Excel spreadsheet, comparing years, comparing month to month, checking where we are against targets. Coming back to law with that entrepreneurial mindset has helped me grow my firm in a way that is both sustainable and profitable. I am very focused on the cost of service and how much something should be charged. Investment banking also taught me about the client perspective, i.e. shorter analysis, to-the-point answers and business approach.

Ally Law: After the financial crisis of 2008, how did you decide whether to stay in finance or return to law?

Kerim: I considered both. But there was a financial thunderstorm, and it lasted for a significant period. It was not the right environment to pursue a finance career. I also saw an opportunity in the legal arena: After big thunderstorms, there is always sunshine — everything was back on the table. I set up this firm in 2010, and it grew rapidly and organically.

Ally Law: When you started the law firm, did your finance experience shape the kind of work that came to you?

Kerim: Yes. When I left Dentons, I was a senior associate, but I was probably more famous in the finance world than in the legal world. A significant demand came from the finance world. People said, “Okay, now you have an office, a law firm, we are giving you the work.”

Ally Law: What carried the firm through those early years?

Kerim: Nothing is easy in the beginning, but the good thing was that my bread-and-butter clients were solid: international brands and banks, leasing companies, factoring companies, financial institutions, etc. Among other areas, I started advising them on how to sell their non-performing loan portfolios. I also helped them navigate M&A transactions and the firm acted as an outsourced in-house legal department for many companies that did not have a legal department.

At a certain point, however, I realized that we were selling trust as much as we were selling our expertise. People trusted us. They knew we would have a commercial approach, a business approach, because I had been in the other seat. And they knew we would accept only the highest standards. As a result, our firm has gotten bigger and bigger and is now listed by The Legal 500 as one of the top 20 firms in Turkey.

Ally Law: Why do you think it is important that clients know that you have been on the business side of an enterprise, and not as in-house counsel?

Kerim: It matters to clients that I have seen the other side — not because I read about it, but because I experienced it personally. Many lawyers say they know what the client is going through. But there are only a select few who can say, “Yes, I was actually there.” For me, that makes the difference. I understand the numbers, the risk, the pressure, the crises and the need to make effective decisions because such decisions will have lasting impacts.

Ally Law: What should international clients understand about Turkey now?

Kerim: Turkey is literally in the middle of everything. It is one of the most entrepreneurial countries in the world. It is also the bridge. Europe needs Turkey. Russia needs Turkey because Turkey is one of the countries it can still talk with. Turkey also has a close relationship with the United States. We are on the Syrian border, and Syria will be rebuilt, so you should not be surprised to see many infrastructure and construction projects where proximity plays a great role.

I think there is light in the future. Turkey is introducing tax incentives and trying to attract capital from chaotic areas of the world. No matter what, Turkey is a big power. We will definitely benefit from that as one of the more commercial law firms.

Ally Law: Your work is intense. What helps you decompress?

Kerim: I like people. Some friends tell me that a person should also be happy with himself, without the need for other people. I am not a firm believer in that. I think humans are social creatures. I get positively relaxed by long conversations, jokes, sharing music, parties.

I throw dinners or happy hours at the office every other week. I like thinking about who will come, what kind of music they like, and what kind of food they like. I like to entertain. Of course, it creates a little stress to make sure everything goes smoothly, but it gives me real pleasure to see people have conversations and mingle with each other.

I also have realized that I am a good storyteller. I remember funny stories, and I joke that my life is like a big sitcom and should be translated into different languages in different countries. I often find myself in the funniest situations because I am trying to do something in good faith. You should be able to make fun of yourself, which reminds everyone in the room that awkward situations happen to the best of us.

That said, I also like criticism. I read somewhere that if your friends are making fun of you, it is a healthy relationship. If your friends only compliment you, it is not really a friendship. To use another analogy, a little bit of friction can help two boards stay glued together. So, I quite enjoy those moments when my friends and colleagues don’t always agree. For me, that too is part of human connection.