The importance of in house counsel for a company
The new role for the general counsel is less administrative and more advocacy-related. Although organizations have brought more legal work in-house, much of it tends to be transactional in nature and potentially overwhelming in volume.
At the same time, the general counsel position has evolved to becoming a partner with the board of directors. To expand their business knowledge, gain financial acumen, and develop leadership skills, legal executives who aspire to be general counsel must learn from a variety of experiences.
General counsel must retain the ability to make clear-eyed professional judgments and to have the backbone to raise issues with the appropriate decision-maker if, for example, the proposed course of action raises issues of compliance with the law.
This places an even greater onus on general counsel to demonstrate value. Stay relevant, be a master of all technology and trends. Part of the issue is that their work is qualitative rather than quantitative.
General counsel as business leader
The learning-agile general counsel. All agreed that rounding out legal studies with time in a commercial firm offers unbeatable exposure to a broad range of work. Joining cross-functional teams, even for one project or as part of an in-house task force, exposes legal talent to other parts of the business. Technological advances continued to make headlines when, eight years later, corporate scandals and financial upset formed a grand-scale economic crisis. However, companies are turning more and more to the general counsel to provide advice that goes beyond legal compliance. Select Geolocation Variant Top 5 reasons why companies need an in-house legal counsel The power of in-house lawyers in Malaysia has grown exponentially in the past 5 years. Editor: Should the board of directors be involved in the retention and compensation of general counsel? Managing efficiency when the bottom line is what matters Responding to increased pressure on legal costs whilst managing risk requires a deep understanding of what drives the cost base and influences the profit line of the business. With the increased rate of disruption in the marketplace, the General Counsel is often in the best position to proactively advise the business decision makers about regulatory change that could affect business operations or new products being developed. Without embarrassing the CEO, the Audit Committee chair would learn all the information he should know.
That gave the CEO the opportunity that evening at the board dinner to talk to the Audit Committee chair about those issues.
based on 9 review