Nadia Somani never set out to leave private practice. She was a partner, thriving on challenging files and strong client relationships. But volunteering at the Aga Khan Museum upended her trajectory. “An opening had come up to serve as in-house counsel for a network of established and new charities, including a diplomatic office within the [Aga Khan Development Network],” she says. Initially, she hesitated. Then a meeting with CEO Khalil Shariff changed everything. “His intelligence and devotion to the cause of the AKDN in improving the quality of life of those most in need were very inspiring to me,” she says.
The turning point came as she stepped into the Delegation of the Ismaili Imamat. “As soon as I stepped in that space – full of light – I was overcome with emotion. Because I wanted it. And wanted to contribute to something bigger than myself and that had real impact in the world,” she says. The job allowed her to combine her drive for social impact with her business acumen. “I grew up with the mantra that to every problem there is a solution. And having that problem-solving mindset allowed me to be successful in the role,” she says. Navigating competing interests, she adds, “requires creativity and flexibility and a willingness to try different things.”
Her scope in the non-profit world continued to expand as she took on senior legal and compliance roles at the Aga Khan Foundation (in Geneva), Aga Khan Museum, Global Centre for Pluralism, and Aga Khan Foundation Canada. “Because I was supporting and advising a network of charities, the core mission was the same, but each had its own uniqueness and novel set of issues and needs.” She built foundational governance, then dove into commercial projects, DEI, real estate, and communications. “You get to participate in value creation in so many different realms and areas that you would never get exposure to in a traditional private practice role,” she says.
That breadth proved invaluable when she moved to Forum Asset Management as senior vice president, legal and chief compliance officer. Learning the business, she says, is “tremendously important.” Lawyers, whether seen or not, “tend to be the ones who help shape organizations, processes, and systems that have legacy value. And if you can do that within an ethical framework while still helping to unlock value, then that’s pretty rewarding.”
Somani’s edge comes from relentless curiosity and a refusal to get comfortable. “If you have those attributes, the transition between the non-profit and corporate sector (or any sector) is not impossible. It has its challenges, but I enjoy a challenge and I never want to be complacent,” she says.
At Forum, she’s driving compliance from every angle – building systems for customer due diligence, anti-money laundering, product oversight, AI, and privacy. She manages disclosures, crafts training materials, leads audits, and partners with business units to enhance controls. “I was invited to participate in a technology council committee with other members from our firm, where we are exploring ways to improve our productivity, and we recently had a three-day hackathon where we conceptualized and built certain AI agent prototypes to maximize our day-to-day work with the potential to drive real business impact,” she says.
Her reach extends to business continuity, investor relations, board governance, risk management, fund creation, and acquisitions. Technology is front and center. She’s always searching for ways to boost productivity with digital tools and AI.
International work forced her to rethink everything. “You need to dislodge the North American mindset and approach. Things get done differently throughout the world, and we don’t realize it, but we tend to fossilize certain Western-centric norms in our way of operating and expectations,” she says. Efficiency only goes so far – “trust and relationships are equally important.” Regulations shift quickly, and adaptability is non-negotiable.
A global lens is essential. “Events in one country can have ripple effects here, and staying abreast of international trends and approaches is very important,” she says.
Somani is clear-eyed about what makes compliance stick. It starts at the top, but real impact comes from building alliances across the business. She turns colleagues into compliance champions through targeted exercises. “Compliance gets a bad rap, but finding those allies within your firm makes a world of difference. I have several in my firm which help create a diffuse culture of compliance,” she says.
Staying ahead means relentless engagement – talking to people, hitting conferences, and learning beyond the legal bubble. “But go outside of law – we can be insular and, in our bubbles, but you also learn a lot from other industry events,” she says.
Working with external counsel is all about trust and preparation. She engages them “well in advance so they know the different approaches, business, commercial needs and styles,” she says. “Finding solution-oriented lawyers and not just issue spotters” is key.
AI is at the forefront of future planning. “Using those tools effectively and thoughtfully is necessary. But teaching others (non-lawyers) how to approach their use in the legal and compliance context requires some education,” she says. Compliance in privacy, AI, ESG, and anti-money laundering is evolving everywhere, and harmonizing rules while managing budgetary considerations is a growing challenge. “Complying with the highest standard is often the default, but you first need to know the standards, understand how they are applied and then consider the impact to resources and business when choosing the default route. It might be easiest, but it might also create inadvertent restrictions that could impact the growth or nimbleness of a business,” she says.
Efficiency and productivity are under the microscope, especially for teams outside the revenue spotlight. But, she says, “Trust equates to value and to build trust, you need robust compliance systems which are appropriately managed, and that’s where legal and compliance come into play. It’s an area worth investing in because it ultimately creates trust and investor confidence, all of which yield value.” Compliance, she insists, must be woven into operations by design.
Somani’s path, shaped by a drive to solve problems and a commitment to making a meaningful impact, continues to push her to find new ways to serve both business and society. The same curiosity and sense of purpose that led her from private practice to the non-profit sector now fuel her work in the corporate world, where she continues to seek out challenges that matter.