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Gone are those days when General Counsels (GC) and CEOs worked in isolation and collaborated only on legal matters. With fast-paced organisations working their way along the regulatory barriers and growing competition, adopting innovative strategies and technologies is a must, compelling CEOs to revolutionize their organisations by not only transforming their core processes but also hiring and developing innovative leaders within the organisation.


Apart from the C-Suite, CEOs of agile enterprises are looking for business-savvy GCs who not only transform their legal practice but also be an innovative leader with competencies at par with the CEO such as strategic orientation, market knowledge and change management within the legal department in respect to adopting tech-enabled solutions to automate and make their workflows efficient. In order to become a true business partner GCs will have to identify, measure, and highlight where legal is bringing not only support but also value to the business.


With the growing regulatory and compliance challenges, digitization of core services, increasing risk and liability in the current economic crisis, and volatile business situations coupled with the influence of globalization on an enterprise has made GCs role in an enterprise more critical and demanding. For a business to move forward and thrive in such competitive times, the C-Suite and board need more than expertise of GCs. Evolving as a chief risk officer, GCs are now moving beyond the support role to become an enabler of business goals and leader to bring competitive edge to the enterprise.


Apart from the CEO-GC nexus, the CFO-GC collaboration is one of the most important relationships in the current business scenario. Known as the guardians of the company’s conscience, GCs and CFOs are the ones who hold the fort down when an enterprise is hit with compliance, regulatory or financial risk. While CEOs are spearheading the organisation with their vision and direction, GC and CFOs are integrating their efforts to mitigate risks and conduct due diligences to present it to the board.


For an enterprise to run smoothly, its GC and CFO has to jointly collaborate and oversee the fundamental corporate issues of compliance, risk, ethics, and, governance. Whether it is an M&A transaction, identifying risk priorities or creating a robust compliance program, the GC-CFO coordination is imperative to ensure enterprises are proactive and resilient in facing and mitigating both legal and financial risks.


As GCs have to report as well collaborate with CEOs and CFOs respectively to keep legal and compliance risks at bay, they need an Enterprise Legal Ecosystem which brings all components of a Legal practice on one unified platform seamlessly connecting Legal with Practice Management partners, Courts and business functions across the enterprise.


While integrations with business systems offer richer business contexts for legal services and advisory to be more effective, seamless and real time collaboration with partners such as law firms assure higher efficiency and cost effectiveness in delivery.


A Legal Ecosystem offers a competitive edge to companies in the age of Digital Disruption. The integrated platform brings an overview of all the legal cases, value of legal services and legal spend on a single-view dashboard bringing uniformity in data and providing a year on year comparison along with success ratio. An ecosystem view allows to track efficiency and turnaround time with end-to-end monitoring of legal operations and functions along with the collaboration with other departments and external partners. Adopting a legal ecosystem enables the GCs to move beyond their legal advisory role to provide solutions to business challenges, allowing to play a strategic role in the enterprises and adding value proposition to business.

 

 

Get in touch with us to learn about the GC's who have successfully transformed their Legal Department and created a collaboration platform for complete visibility and control.

Published in Evolving Role of CFO, Risk and Compliance Magazine

Insights for General Counsel