Wendy Lloyd-Goodwin is Founder of Life Science Law, a disruptive new company providing leading legal and compliance advice for businesses on pharmaceuticals, consumer wellbeing products, medical devices and cannabinoids.
Can you tell us a little about your background and the company?
I am a solicitor with more than 20 years of professional experience in the life sciences sector. A leading expert in pharmaceuticals, consumer wellbeing products and medical devices, I have also built and managed in-house legal and compliance teams in several multinational organisations. Life Science Law was founded in 2015 as a full-service solution to meet legal resource needs within the pharma and life sciences world.
How did the idea come to you for the company?
In my many in-house general counsel and legal roles at top pharma companies, I saw first-hand the challenges of landing a role without the right team around me to support the business priorities and challenges. There is a lack support available to recruit lawyers with the right niche industry level of expertise needed. There is also limited visibility as to the bank of legal consultants available on the market and it is almost impossible to obtain ad-hoc legal consultancy support which can be ramped up and down as and when needed in alignment with changing business needs.
How did you achieve awareness?
After a steady period of launch and growth, the business became one of the huge success stories of the pandemic due to its disruptive model and being uniquely positioned to provide leading companies with expertise and resources outsourced instead of in-house. Reaching out to my network of legal colleagues who are working within the industry and speaking to them about the LS Law offering, developing a website and social media presence have all helped to achieve awareness.
How have you been able to gain funding and grow?
I do not have any funding, I have not borrowed any money, nor sought investment. I have continued to undertake full time legal consultancy services which has provided me with an income to fund the development of LS Law. I have built LS Law in my spare time, my evenings and weekends are devoted to LS Law!
What are the key successes?
LS Law has grown from a concept in my head, to a team of over 40 legal and compliance consultants servicing multi-national pharmaceutical companies and a growing number of bio-tech companies in need of legal consultancy services.
What were/are the challenges and how have you overcome these?
One of the biggest challenges has been self-belief. Having spent 20 years in a corporate role with a guaranteed income and holidays and stepping into a world where your income is uncertain and in the early years hard to predict is extremely unsettling. I have spent many a night worrying about where my next client or consultant will materialise. It’s stressful, but the reward from winning a new client, matching a consultant with a client or getting great feedback from clients and consultants all makes it worthwhile.
What are your plans now/for the future?
More of the same! I want to keep pushing forward, supporting clients who value our services, and engaging consultants who believe in LS Law.
What would you like to share with others to encourage them to start their own entrepreneurship journey?
I love Sunday nights and I like working evenings and weekends as I am building something which is aligned with my own values. I get satisfaction from making a positive difference to my clients and the people who are working for me. I no longer work towards contrived goals and objectives set by a corporate matrixed organisation. The goals and objectives we set as entrepreneurs are real and the results tangible and bring us a step closer to the end game plan.
Can you share your top tips for entrepreneurial success?
You need to be resilient, courageous and determined and having a network of support is key along with order, harmony and balance. Do not bring problems to the business, bring solutions. Do not be afraid to ask for help. Have self-belief and grit. Take small steps. Keep the big picture in mind, but it’s the many little things which make the difference.
Who are the 5 people who inspire you the most and why?
- Alex from Netflix Drama MAID. She was determined to make a good life for her child whatever it took. It reminds me of my own story, whilst my story was not so dramatic and the challenges not so constant, I found myself unexpectedly a single parent at a young age. Like Alex, I always got back up after being put down.
- My son. He has an unwavering belief in me. He worked with me to set up LS Law and when I was ready to throw in the towel on many occasions, he kept me on track with positive counselling and reminding me of the wins.
- Joanna Mercier. She recruited me for my last role at Bristol Myers Squibb. Her presence is palpable when she walks in a room, she gives everyone the time of day and listens to all, but also then has a huge drive and knows what she wants and gets it!
- Steve Jobs. His inspirational university speech blew me away. His self- belief, doing what he enjoyed doing.
- Margaret Thatcher. She was a strong powerful lady, she had immense self-belief and was not afraid to speak out and push forward with her beliefs, in a male dominated world.
What are your favourite inspirational /motivational quotes?
- “No means Go.”
- “Yesterday is history, tomorrow is a mystery and today is a gift, that’s why it’s called the present.
What are your Instagram, Facebook and LinkedIn social handles and also website links so our readers can connect with you?