Teresa Payne, the managing partner of law firm Parfitt Cresswell, is the latest woman to be featured in Money blog reporter Jess Sharp’s eight-part series highlighting successful women in various fields.
Payne’s journey to success was far from traditional, starting in a small mining town in South Wales. Coming from a working class family, she left school at 16 with no qualifications and low expectations for her future. However, in 1987, at the age of 20, she gave birth to her son and got married. It was during her divorce process a few years later that she became interested in law, due to a negative experience with her own solicitor.
“It was because of the really poor experience with my solicitor that I started looking into how I could do it myself and that triggered my interest in law,” Payne, now 57, said.
However, her lack of qualifications posed a major barrier. It wasn’t until she discovered an access to law course in 1996 that her opportunities opened up. “That was a real life change because it opened up the door of possibilities for me,” she said. “When you leave school without any qualifications, and come from a more working class background, it’s very hard to be what you can’t see.”
Despite facing challenges, Payne pushed through as a mature student at Cardiff University, eventually obtaining her law degree. However, even after getting her degree, she faced discrimination from a male tutor who told her she was too old to take the next step in her career.
“You’re a mature student, you’re older, you’re a single mum and you haven’t got much chance,” she recalled him saying. “Instead, he suggested that hospitality would be a good alternative and I would do well there.”
Determined to stay on the path she wanted, Payne eventually qualified as a lawyer in 2004 and three years later, she had her own firm. She came across Parfitt Cresswell in Fulham Broadway and discovered the managing partner was retiring. Payne offered to buy the business from him, despite not having a lot of money saved. She borrowed from a couple of lenders, but faced challenges when the 2008 economic downturn hit.
“At the time, it was such a big deal because you are borrowing a substantial amount of money in a personal capacity. It became very tricky in the major economic downturn of 2008,” she said. “There was this major panic of ‘oh my goodness, what have I done’. When I look back, though, I’m glad I did it.”
During the financial crisis, Parfitt Cresswell, which was more than 50% property focused, saw work dry up overnight. This experience made Payne realize the importance of work diversity. She expanded the company’s family law sector and introduced private client work.
Throughout her career, Payne faced challenges such as balancing childcare and dealing with conflict. She credits her supportive parents for helping her manage childcare while running her own business.
“It is a tough balance, particularly when you’re running your own business because it’s not 9am to 5pm,” she said. “For me, I would try to carve out time for us to have together. When I just couldn’t do that, my parents were there, so he has a tremendous relationship with them.”
Payne also faced challenges in dealing with conflict, as societal expectations often leave women with a natural reaction to just “keep the peace.” However, she learned early on that this approach does not work in business and advises dealing with issues head on.
“We teach people how to treat us. So when you walk in a room, bring your presence, expect people to treat you well and don’t apologise for being there as if you are not worthy,” she said.
Her top tip for women looking to enter the field of law is to gain work experience and do pro bono work to gain a better understanding of the profession. She also emphasizes the importance of having a mentor, stating that they can be a huge asset in navigating the industry.
Despite facing obstacles as a woman in the legal field, Payne stresses that a person’s background should not hold them back. “You may hit a wall in some places, there are many places that will welcome you. There will be people who want to help you get in and get qualified.”
