Yong Kai Wong, managing director and head of legal and compliance at CITIC Capital, was included in ALB’s Asia 40 Under 40 for 2015 as well as a joint winner of the of the In-house lawyer of the year award at the Macallan ALB Hong Kong Law Awards 2015. He speaks to Ranajit Dam about how his career has been so far, what’s it like to manage an in-house legal team, and the things that most inspire him.

ALB: Tell us a bit about your career so far.

Wong: I’m currently the general counsel and the company secretary of CITIC Capital. I’m responsible for the overall legal and execution coverage for CITIC Capital’s investment activities, as well as all aspects of its general corporate, company secretarial and legal functions.

I have a pretty broad range of experience, having worked in various reputable international law firms in the U.S., London, Hong Kong and Singapore. I’ve also worked in alternative investments across the U.S., Europe and Asia-Pacific, handling transactions ranging from complex debt financings/ restructurings, capital markets, structured/ securitised products, and corporate M&A transactions such as corporate real estate/ special situations, private equity and hedge fund formations.

Prior to joining CITIC Capital, I was the Associate General Counsel for APG Asset Management Asia, one of the world’s largest institutional investors. Also, since graduating from legal studies in Cambridge, I’ve beefed up my finance background with a MBA from the University of Chicago.

ALB: What are some of the factors that led you to pursue an in-house role over private practice? What advice would you give to younger lawyers in this regard?

Wong: I started my career during an economic downturn, so unlike financial services/ corporate lawyers, I had to adapt to the circumstances and became an insolvency lawyer at the very beginning. I subsequently switched back to corporate when the market allowed for it.

Of course since then, there have been economic cycles that required me to adapt and pick up new skill sets such in private equity (both upstream and downstream) and real estate. The in-house role allowed me to effectively apply my skill sets across various product groups instead of being strictly tied to a specific product group.

Also, I wanted to be closer to the running of a private equity business that’s tied to the growth of China. In this regard, CITIC Capital is a great platform that marries international Western standards with onthe- ground Chinese know-how where I can contribute my expertise and drive.

In terms of advice, I would say the key things are adaptability, hustle and grit. First, you must really be adaptable and go with the times to learn new skills that are required for this fast-moving environment, particularly in the world of private equity and finance. Second, you must hustle to work around any issue or obstacle in front of you. You should be the first to try to work around it as opposed to leaving it up to chance. Third, as with all professions, it’s not all fun and games – often, there is menial and tedious work that needs to be done. There is a common perception that most people who head to in-house are there for the better hours. Nothing is further from the truth in my platform. We push pretty crushing hours at CITIC Capital because of the coverage of the legal and execution function across many asset classes. As such, you really must have the resolve to work things through, no matter what.

ALB: What are some of the key achievements you’ve notched up during your career, and what are some of the most important lessons you’ve learned so far?

Wong: Instead of talking about what I’ve achieved, I tend to focus on what I have learnt because it’s only through looking forward and using my experiences that I can determine future steps.

I think one of the key things I have learnt is to understand the broader picture. For the most part, a lot of us may not need to see the whole picture, but it is not enough to understand the transaction document and the rules surround it. I believe it is equally important to have the correct perspective about the operation of legal rules. Every issue and problem can be dealt with application of legal rules, but ultimately these rules do not exist in a vacuum. You have to be aware of the overarching commercial and economic outlook in which the legal rules exist to make a better judgement on how to approach a problem or determine why a particular provision is drafted. Very often, it is not about the template used; rather it is about the negotiation power between the parties. Having that perspective allows you to have better judgment in negotiation and terms.

Similarly, you have to realise that a large part of our job is about people management – understanding the dynamics of how people work and acting accordingly.

ALB: What are the most important qualities that someone in your current role must possess?

Wong: I think people management skills – the ability to assess and read the people dynamics within the organisation and in respect of a deal – is key. This allows you to assess what role you could play to add the greatest value to the transaction process as well as in the greater organisation. People skills are particularly important in the context of working with other teams, gaining their respect and ensuring their compliance with rules.

ALB: How have you set about building your legal team at CITIC Capital? What would you say is your strategy for it?

Wong: I inherited my team at CITIC Capital from my predecessor. A large part of my role is to ensure that team is cohesive and operates well together. Of course recruiting is not just about paper smarts; it is also about finding the right people with the kind of potential and value that can be maximised. You have to realise that it should be a winwin relationship between you and the team you manage because otherwise, the team is not likely to last. I strongly believe that you should try to genuinely care for your staff. Apart from monetary compensation, I have to ensure that the team feels properly valued and given opportunities to grow.

ALB: How is role of in-house counsel evolving in your region/industry? How does this impact your role and responsibilities?

Wong: These days, I feel that in-house counsel are expected to do more and more, particularly in the areas of new regulatory enforcement such as Volcker and FACTA. These hot-button issues increase the regulatory burdens that we face – and this is in addition to the current heightened regulatory environment.

ALB: What more can in-house counsels do to make themselves an indispensable part of the organisation?

Wong: I think it is all about perspective. There is a persistent perception that in-house counsel are people who want an easier life or better hours, but I think that really depends on the individual. One key thing is to never stop exploring ways that you can contribute value to the organisation. Of course, the in-house legal fund is the central platform that cuts across the various businesses lines, and it is up to in-house counsels to see if there are know-how or best practices that can be applicable across businesses.

ALB: What are the things that inspire and motivate you to do what you do?

Wong: My team and my platform inspire me to do what I do. I’m fortunate to be in CITIC Capital because it participates in a great number of groundbreaking transactions. And because I’m part of the management committee of CITIC Capital, it helps me to see the whole picture of the platform and pushes me to do more to realise all the goals that our team set. Being in the thick of these things inspires me greatly.

ALB: How would you like to see the next decade of your career play out?

Wong: I’m more focused on the next two years instead of the next decade. But – knock on wood – I hope to contribute more to CITIC Capital and evolve my role further in other parts and business lines of the firm.