David M. Wagener

Counsel, Skadden, Arps, Slate, Meagher & Flom LLP

40 Under 40 Category: Legal Services

Biography:

David Wagener is a counsel in Skadden’s banking practice and is counsel co-chair of Skadden Chicago’s summer program. He represents financial institutions and borrowers in financing transactions across a broad range of industries. David has extensive expertise managing and structuring complex, cross-border multi-currency secured financings, including asset-based loans, acquisition and other leveraged financings, restructurings, debtor-in-possession financings and exit financings.

David graduated from the University of Michigan Law School in 2008 and received a bachelor of music degree from the University of Michigan in 1999. Prior to attending law school, David served in the U.S. Army as an infantry officer in the 82nd Airborne Division. He deployed to Afghanistan and Iraq and received the Bronze Star Medal for his service.

David performs with and serves on boards of arts organizations in Chicago focused on diversity and inclusion programming and training, and he represents veterans pro bono in claims for disability compensation. He argued successfully before the Board of Veterans’ Appeals to secure disability benefits for an 86-year-old veteran related to his service during the battle of Okinawa in 1945.

How would you define what a good leader is, and what can you do to reflect those characteristics as you progress in your career?

I learned a lot about leadership overseas in the military – both good and bad. The Army model for leadership, “Be – Know – Do,” was reinforced in me through blood, sweat and a few tears. You can think of “Being” as personal values, volunteer and pro bono work, and loyalty to your client, the deal, and the law. “Knowing” relates to your competence – in the legal field, being a subject-matter expert in your practice area in terms of structuring, drafting and negotiating a deal, and the ability to guide clients through transactions that are often uncharted territory for them.

In my view, what sets great leaders apart is the “Doing.” Giving 110% and then some to influence and improve your client’s position in a manner that is collaborative and that results in a mutually beneficial outcome; to create new structures for transactions within ever-shortening deal timelines; to listen to other ideas and actively train junior employees; and to take the time to manage the little things to make sure that the big things fall into place.

I believe the way to embody these principles is through inclusion. By adding voices to a conversation and taking the time to actively listen, regardless of age, background, preference or belief, we bring a broader and deeper perspective to transactions and to our service to others. It humanizes business transactions and generates a better result for all involved. In a global, technology-driven finance market where deals require me to manage a global team of attorneys across 16 different countries with different customs, systems, formalities and languages, inclusion is a necessity.

I often tell a story about a mission in Afghanistan in 2003 where, to break the ice with villagers that only spoke Pashto, my platoon decided to perform the story of Star Wars in English without an interpreter (the real movies, pre-Jar Jar Binks). By sharing a simple story that was personal to these men, it allowed the villagers to see beyond our military uniforms. Because we connected on a personal level, the villagers shared their own stories, and for a brief moment we became a part of their community. This led to meetings with increasingly senior village leaders and, ultimately, to actionable intelligence

That is a form of leadership I try to emulate with each of my clients and associates, whether on a deal or collaborating on a service project.

When interviewing junior talent, what do you say to pique their interest about accepting a position in this industry?

People interested in becoming transactional attorneys want to do deals and help people, and they want to do it now instead of 5 years down the road. As a finance attorney, deal timelines are short, and there are many entry points for junior attorneys to have a big impact early in their careers, whether it be by managing large teams of international lawyers, coordinating diligence and disclosure with treasurers or CFOs of companies, or drafting security documents. Client contact is almost immediate, and junior attorneys at Skadden quickly find that they become go-to, trusted counsel for bankers and senior management of companies. Much of that is due to volume and early involvement in high-profile transactions with oversight and mentoring from senior attorneys. I think that level of engagement and early responsibility is very attractive to the next generation considering this industry.