LISTEN TO EPISODE 26 OF FIRING ON ALL SYLLABLES™ FEATURING SPECIAL GUEST WALIED SOLIMAN, KC ON DEMAND HERE.
As the sun rises over Toronto's financial district, Walied Soliman begins his day with a ritual that has shaped his career: reading the business section of the Globe and Mail.
For Soliman, this daily practice is more than just staying informed—it's about maintaining a competitive edge in an increasingly global marketplace.
"If you live in Canada and you're a business leader and you don't roll out of bed and read the business section of the Globe and Mail every morning, you're already behind before you've even stepped foot on the floor from your bed," he says.
This commitment to staying ahead of the curve has propelled Soliman from the son of Egyptian immigrants to the chairman of Norton Rose Fulbright Canada and a leading voice in the Canadian legal and business community.
His journey offers valuable insights for aspiring professionals and established leaders alike, as they navigate the complexities of a rapidly changing global landscape.
KEY TAKEAWAYS
- Success often comes from adapting to new challenges and finding passion in unexpected places.
- Empower your team by focusing on strategic oversight and trusting management to execute.
- Compete effectively by understanding emerging markets and fostering global connections.
- Community involvement enhances leadership skills and broadens perspectives
The Evolution of Legal Practice
Soliman's path to becoming a top-tier lawyer in special situations law was far from straightforward. Initially drawn to law by a romanticized notion of sports law, he quickly discovered that reality differed from his expectations.
However, a serendipitous encounter with a small mining client facing an activist takeover attempt changed the course of his career.
"I didn't know anything about how to defend it. And I remember I studied it, studied it really hard to understand how it was that you defend these companies,” he explained.
“We had two weeks of really hard work. I enjoyed it. We defended the company, got rid of the aggressors. And I thought, you know what? I want to do this for the rest of my career."
This experience underscores a crucial lesson for young professionals: be open to unexpected opportunities and be willing to dive deep into new challenges.
"We had two weeks of really hard work. I enjoyed it. We defended the company, got rid of the aggressors. And I thought, you know what? I want to do this for the rest of my career."
Redefining Leadership in Law Firms
As Chairman of Norton Rose Fulbright Canada, Soliman has taken an unconventional approach to leadership.
Rather than immersing himself in day-to-day management, he focuses on providing key inputs into the firm's vision, governance, and oversight.
"I view my role as really just providing inputs into the vision, providing oversight and governance. And really, I try my best never to question the positions of management,” he says.
This approach allows Soliman to maintain an active legal practice while steering the firm towards his vision of becoming "the leading business law firm in Canada and the employer of choice in each of our markets."
His leadership style emphasizes the importance of trusting and empowering management teams—a lesson that can be applied across various industries.
The Global Competitiveness Challenge
Perhaps the most urgent message Soliman conveys is the need for Canada to maintain and enhance its competitive edge in the global marketplace; he warns that the country is at risk of losing its position if decisive action is not taken.
"We've got to be really careful to ensure that the fruits of everything that we appreciated and that we gained in our years here in Canada are available to future generations.” he explains.
Soliman advocates for business leaders to gain firsthand experience of emerging markets, emphasizing that Canada's competition now extends beyond traditional rivals like the United States and the United Kingdom to include rapidly developing economies such as Brazil, India, and Dubai.
This global perspective is crucial for shaping both business strategies and public policies.
Soliman's work on the Capital Markets Modernization Task Force for the Ontario government exemplifies how legal expertise can contribute to enhancing national competitiveness.
The task force's recommendations, many of which have been implemented, aim to strike a balance between regulatory oversight and market freedom—a delicate equilibrium essential for attracting both issuers and investors.
Philanthropy as a Leadership Development Tool
While Soliman's professional achievements are impressive, his commitment to community involvement and non-profit work offers equally valuable lessons for aspiring leaders.
His role as chair of the SickKids Foundation has provided him with insights that extend far beyond the boardroom.
"I have learned more about being a business leader, about my community, a sector, medicine that I knew nothing about… I've learned more being on the SickKids board and now being the chair of that foundation than I could ever give back."
"I've learned more being on the SickKids board and now being the chair of that foundation than I could ever give back."
This perspective challenges the notion that community involvement is a distraction from professional success.
Instead, Soliman argues that such engagement enhances leadership skills, broadens one's understanding of societal issues, and provides a much-needed perspective on the impact of business decisions.
The Art of Resilience in Legal Practice
In a profession often defined by wins and losses, Soliman offers a nuanced view of success. While acknowledging the importance of building a reputation based on victories, he emphasizes the critical lessons learned from setbacks.
"You don't remember your wins, you remember your losses. Even however few they are, those are the ones that you remember,” he explains. “But actually in your losses are the moments where your leadership and resilience is most demonstrated."
This perspective on resilience and learning from failures is invaluable not just for legal professionals, but for leaders across all sectors. It underscores the importance of maintaining composure and extracting value even in challenging situations—a skill that distinguishes truly exceptional leaders.
"You don't remember your wins, you remember your losses. Even however few they are, those are the ones that you remember. But actually in your losses are the moments where your leadership and resilience is most demonstrated."
Staying Informed in a Fast-Paced Business World
In an age of information overload, Soliman's advice on staying informed is refreshingly straightforward.
Beyond his insistence on reading the national business press daily, he advocates for a broader understanding of global capital markets and geopolitical situations.
This approach to information consumption reflects a deeper philosophy of continuous learning and global awareness.
For Soliman, staying informed is not just about gathering facts, but about developing a nuanced understanding of how global trends impact local businesses and clients.
The Future of Canadian Business
Looking ahead, Soliman paints a picture of both challenge and opportunity for Canadian business. He emphasizes the need for a collaborative approach between business leaders, government, and non-profits to ensure Canada remains an attractive destination for talent, capital, and innovation.
"We need to ensure that we are staying competitive with those places, that we are creating an environment where people want to come here, where people want to invest here, where people want to start businesses here,” he says.
This call to action extends beyond policy-making to include a shift in mindset among business leaders. Soliman advocates for a more outward-looking, globally competitive approach that recognizes the changing dynamics of international business.
Conclusion: A Blueprint for Success
Walied Soliman's journey from the son of immigrants to a leading figure in Canadian law and business offers a blueprint for success in today's complex global landscape.
His insights underscore the importance of adaptability, continuous learning, and a commitment to excellence.
For aspiring professionals, Soliman's advice is clear: "Identify what it is that you can be the best at and make sure that you're the best at it. So if you're the best mid-market real estate lawyer in Port Carling, Ontario, be the darn best and define yourself as that and wake up every morning and be that."
This emphasis on specialization and excellence—combined with a broader understanding of global trends and a commitment to community involvement—forms the core of Soliman's leadership philosophy.
"Identify what it is that you can be the best at and make sure that you're the best at it. So if you're the best mid-market real estate lawyer in Port Carling, Ontario, be the darn best and define yourself as that and wake up every morning and be that."
In a rapidly evolving world, these principles are timeless, serving as a guide for professionals looking to make a meaningful impact in any field or region.
About Walied Soliman
Walied Soliman is the Canadian chair of Norton Rose Fulbright and co-chair of the Special Situations team, specializing in complex M&A, restructurings, corporate finance, and governance. He chaired Ontario's Capital Markets Modernization Taskforce in 2020 and was named the United Nations Association in Canada's Global Citizen Laureate in 2019 for his professional and community contributions.
Recognized as one of Canada's top lawyers, Soliman has appeared in prestigious rankings like Chambers & Partners and Legal 500 and was featured in The Globe and Mail’s Power 50 list. He serves on the boards of Ryerson University, the BlackNorth Initiative, and the SickKids Hospital Foundation.
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