Penny Zacharias

Partner, McGuireWoods LLP

McGuireWoods partner Penny Zacharias promotes the advancement of women in her firm, in the lending industry, and in the Pittsburgh business community. She has developed a practice representing domestic and international financial institutions in asset-based lending, leveraged finance and other lending transactions.  She also handles the structuring and documenting of large, syndicated transactions. Secured lenders, as well as companies in the security alarm, medical alert, and other industries with a recurring revenue model, rely on Penny’s vast experience.

Penny also advises domestic and international banking clients and investment firms in the areas of microfinance and impact investing. Notably, McGuireWoods was “Highly Commended” in Financial Times’ Accessing New Markets and Capital category for Penny’s representation of Developing World Markets in connection with the origination, placement and investment of proceeds from a first-of-its-kind off-grid, renewable and climate action note (ORCA).

Penny serves as chair of the firm’s Pittsburgh Women’s Leadership Forum and co-chairs the firm’s Women in Private Equity & Finance (WPEF) initiative. WPEF is a novel networking platform for women working in private equity and lending to raise their profiles, share thought leadership, expand business opportunities and help the industry continue to make progress. She also serves on the firm’s National Recruiting Committee. In 2020, she was named a “Woman of Influence” by the Pittsburgh Business Times. 

What advice would you offer to women just starting out in the industry?

Get involved early with an organization, an industry or affinity group, or some other outlet in the field that is of interest to you.  If you start to build your network out early on in your career, it will feel more and more natural over time, and will help you develop and grow your business.  You also never know where your contacts are going to end up in their careers, so staying close to those contacts will serve you well over time.

What do you know now that you wish you knew in the beginning of your career? 

There is so much “small stuff” that is not worth sweating.  Unfortunately, when you are just starting out, it is not always to see it that way.  Not to be overly cliché, but it truly is a long game, and there are going to be times where you feel as though you are performing at a really high level and there will be times when you may need a boost.  It all does level itself out over time, and you often end up learning the most in the most trying and difficult situations.

What role has mentoring played in your career?

A significant role.  I’ve been fortunate, and fully recognize this.  Our jobs are so multifaceted and having the benefit of different people to help you through different aspects of your career is so critical.  Having the benefit of different mentors at various stages of my development helped me tremendously to learn just how many different ways there may be to solve a problem, work through a particular issue or just build consensus among a deal team.   I still regularly heed some of the advice I received early on from some strong, trailblazing women.

What do you enjoy most about your role? Least?

I love the variety.  As a debt finance attorney, I work on transactions that span a multitude of industries, and I love learning about these companies and their growth stories.  No two deals are alike which keeps everything fresh and allows us to bring the right solutions to our clients.

How do you balance work/personal time? 

The word “balanced” is really not the right one, as it suggests some element of order.  I think “manage” fits better – there are days when you are of sheer necessity going to be managing one aspect of your life far more effectively than another.  When I recognize this, it allows me the space to prioritize the needs of any given day (or hour), and everything comes into better focus for me.

How can commercial finance organizations attract and retain more women?

Raising the visibility of both new and seasoned women in the profession.  Having a network, both within and outside of one’s organization, is important.  It’s important to be able to speak with others who are or once were similarly situated to you.