The finalists for WashingtonExec’s Chief Officer Awards were announced March 17, and we’ll be highlighting some of them until the event takes place live, in-person May 10.
Next is Chief Legal Counsel finalist in the Public Company category Mike Kolloway, chief ethics and compliance officer of Parsons Corp. Here, he discusses how leaving a good job allowed him to grow professionally, difficult situations he has overcome and more.
What key achievements did you have in 2022/2023?
During 2022, I helped negotiate the purchase agreement for the acquisition of Xator Corporation, Parsons’ largest acquisition since our initial public offering. I believe that this acquisition will be transformative for Parsons.
While the negotiations were complex and challenging, they were ultimately successful. Since joining Parsons, we have successfully completed seven acquisitions or mergers, and these transactions have had a significant impact upon Parsons’ growth and strategic vision.
I also am Parsons’ Chief Ethics and Compliance Officer. In this role, I work closely with a talented group of lawyers and compliance professionals to implement policies, processes and training that have allowed Parsons to be named a World’s Most Ethical Company by Ethisphere for the 13th (2022) and 14th (2023) consecutive years.
What was a turning point or inflection point in your career?
In terms of professional challenges, in 2000 I faced a critical turning point in my career. I was a partner in a law firm in Chicago and fully expected to spend my entire career at the firm. I enjoyed the work and had a good relationship with my partners. A key client of the firm who was familiar with my work asked if I would be interested in becoming their general counsel. This decision was not an easy one.
Ultimately, the key factors in my decision to accept the in-house position were the new challenges that I would face, the opportunity to grow as a lawyer, and the global nature of the role. I realized that I would be able to work on projects and provide guidance to executives and employees in Australia, Africa, Asia, Europe, and South America, and, as a result, significantly expand my base of legal knowledge and grow as an attorney and executive.
These challenges were significant, yet exciting, and I have never regretted my decision. In 2016, Parsons Corporation acknowledged my 15 years of work and achievement at one of their competitors by offering me the opportunity to join the Parsons executive team and become the chief legal officer.
What are you most proud of having been a part of in your current organization?
My proudest achievement relates to my role as a mentor for Parsons’ in-house legal team and attorneys outside of Parsons (through my work with the Association of Corporate Counsel). Many of the attorneys that I have mentored during my career have gone on to become chief legal officers and/or senior executives with other companies. Mentoring is extremely rewarding and is important for training the next generation of leaders.
What’s your biggest career struggle, and how did you overcome it?
The biggest challenge of my legal career pertains to my work on Parsons’ initial public offering in 2019. The legal support for the IPO allowed me to stretch outside of my comfort zone and develop a level of legal acumen and expertise that has allowed me to lead the legal department of a NYSE publicly traded company.
Since the IPO, I have focused upon transforming the Parsons legal team to include world-class legal talent throughout the organization. I am proud to note that I have an extremely diverse leadership team, with 60% of the Legal Team leaders being diverse.
What has made you successful in your current role?
As a senior leader on the Parsons’ Executive Leadership Team, I have the privilege of working with some of the most talented leaders in the industry, and Parsons’ outstanding performance as an industry leader for growth in 2022 (setting company records for revenue and AEBITDA) is a testament to the vision of this team.
My role on the ELT allows me to provide input with respect to the corporation’s strategic plan and growth, including direct management of the legal process for mergers and acquisitions and effective risk management. I am thus more than a chief legal officer. I am an integral part of the executive decision-making team that is leading Parsons Corporation.
What’s your best career advice for those who want to follow in your footsteps?
As a young attorney, I received important advice from a partner in my law firm: “If you focus upon getting the details right, the bigger picture will fall into place.” I have used this advice to build a career in which Parsons’ leaders can trust and rely upon my research, analysis and judgment when providing legal or business guidance.
Parsons faces numerous challenges every day that require critical thinking and objective decision-making, and I pride myself on providing advice with the understanding that Parsons’ leaders respect and follow my advice.