Imagine a lawyer, all suited up and confidently walking into a boardroom. Did you picture a man? Well, most of us do. However, if you thought of a woman, well then, we are making strides toward gender parity. Unfortunately, this vision is still a long way off; at least, statistics says so. According to the International Legal Policy & Research Unit, women hold just 32 percent of senior positions, globally. A recent Forbes report shows that men earn an average of 59 percent more than women legal professionals, marking the largest disparity among various professions.

Despite these challenges, leaders like Saara Mistry, General Counsel of Payright, stand as a hope. She proves that it's possible to break off from traditional roles and emerge as leaders. From her diverse education in Law & Genetics to multifaceted roles in her career, Saara’s journey is an interesting and inspiring one. Global Woman Leader magazine is privileged to harness wise inputs from Saara.

What were the early influences that shaped you as an individual today?

Growing up as the oldest of five siblings instilled a sense of responsibility in me. Leading by example became second nature. My childhood and education played a crucial role in shaping my values and aspirations. I attended an all-girls school where female education, achievement, respect, and empowerment were deeply ingrained in the school’s values. I was determined to succeed and had dreams of becoming either a lawyer or a scientist. This led me to pursue both science and law.

After completing my education, I started my career as a legal professional and a risk and compliance specialist. I've been fortunate to have wonderful mentors who helped refine my ambitions and some not so wonderful leaders who help me define the kind of leader I do not want to become – both are learning opportunities. The guidance and support I received from my mentors have been invaluable, helping shape my path from my younger years to where I am today, feeling established in my career.

What major challenges have you encountered in your current role?

One major challenge was transitioning Payright from a small family business to a publicly listed entity. This involved implementing robust governance, legal, and compliance frameworks quickly. Ensuring that these processes were not just tick-box exercises but were genuinely integrated into our business operations was crucial. Whilst Payright went on to delist from the ASX in 2023, this rapid growth and expansion was a huge challenge and accomplishment.

"I Believe In 'Leaning Into The Generous Side Of Fairness', Considering The Impact Of Business Decisions From All Stakeholders' Perspectives, & Ensuring They Are Fair"

Another significant challenge was overcoming the impact of COVID-19. It fundamentally changed the way we had to operate, imposing immense financial and emotional stress on everyone. We had to be agile to continue serving our customers and maintaining business operations despite lockdowns and other restrictions.

Post-COVID, market sentiments shifted dramatically. We had to pivot our strategy from growth-oriented to profitability-focused almost overnight. Responding effectively to these external pressures was critical to ensuring our business remained viable when many competitors did not.

Share some of the biggest milestones in your professional journey?

Listing Payright on the ASX was a significant milestone. When I joined, the company was very small, and I came in as General Counsel to help prepare us for becoming a publicly listed entity. Building the business, establishing a team, implementing governance structures, and having these validated by global banks and top-tier law firms during the pandemic was an immense achievement.

Another milestone was working with AFIA and industry to develop the AFIA BNPL Code of Conduct for our sector. This self-regulated industry code was a pioneering effort, demonstrating our commitment to high standards and accountability in the absence of specific legislation. It involved extensive collaboration within the industry and set a benchmark for best practices.

How do you define success as a business leader? What has been your success mantra?

Success for me means making a difference every day, being an effective and trusted advisor to my clients, and ensuring that my team and I are aligned with the business's strategic goals. It's crucial to work collaboratively with the business rather than in opposition to it.

I believe in 'leaning into the generous side of fairness', considering the impact of business decisions from all stakeholders' perspectives and ensuring they are fair. This holistic approach helps us make better decisions that benefit everyone involved.

How do you see women's representation in the field of law evolving in Australia? What advice would you give to aspiring women leaders?

While there have been improvements, there is still a long way to go. Currently, I am the only female in our Executive Leadership Team. Female leadership at the Board level is also under-represented. During our history we have only ever had one female director in a Board of five. At times I am the only female attending board meetings. Women need more opportunities to reach senior roles within the finance and legal industries.

The reasons for this disparity are complex. Women often carry a greater share of domestic responsibilities, making it challenging to balance professional and personal life. We need to support each other, embrace flexible working arrangements, and acknowledge the value women bring to the workplace.

I just tell all the women to trust yourself and embrace the journey. It’s okay not to know everything and to make mistakes. Each experience, good or bad, is an opportunity to learn and grow. Focus on being effective rather than perfect, and support other women in their journeys. Believe that you are capable and deserving of success.

Saara Mistry, General Counsel, Payright

Holding a background in Genetics and Law from Monash University, Saara seamlessly blends scientific precision with legal expertise. Her career spans top-tier firms like Barclays UK, HSBC, Liberty Financial, and National Australia Bank, with extensive experience in financial services law, privacy, compliance, and risk management. She navigated the legal landscapes in Melbourne, the UK, and the Middle East as well. Saara played an instrumental role in transforming Payright from a small startup to a publicly listed entity on the ASX.