The role of an effective in-house legal team is not only to respond to and manage the various legal risks that an organization faces. They work with the management team to influence the direction of the business and provide legal advice based on a thorough understanding of the company`s business interests. Running a business usually requires an understanding and ability to work effectively with many employees and operational functions. Since the general counsel is usually a member of the management team, you need to understand the company`s business strategies and activities. An understanding of business and business concepts (e.g. finance, accounting, statistics, marketing, etc.) is a prerequisite. The ability to make broad input to and discuss a variety of non-legal business issues with investment bankers, senior management, the CEO and the board of directors is essential. Increasingly, general counsel are pursuing MBA studies and those with no work experience; hold a Bachelor of Business Administration; or attended courses and workshops on key business and financial concepts. We are looking for a highly qualified legal advisor to oversee the legal aspects of our business. You ensure our reputation by ensuring that the company strictly follows legal guidelines and provides legal advice to management on all relevant matters.
Access to legal advice is crucial for all types of businesses, from multinational corporations to small and medium-sized enterprises. While it may seem obvious that global firms would maintain large legal services to handle transactions with complex legal elements such as acquisitions, legal support services are also important for small businesses. You will also have questions that you should not ask company representatives. The research company may be able to help you. For example, it is useful to know if there are internal candidates. For your longevity, you may want to know the CEO`s current reputation with shareholders and the board (this may require a background check and review of the company`s performance against “road” expectations). Assess the CEO`s mandate and experience. Finally, try to determine if there are any concerns about the ethics of the CEO or CFO. It`s important that the general counsel of a public company has expertise in reporting and disclosure to the SEC – this is a must.
In addition, it is useful to have experience working with investors, including activist investors, requirements for publicly traded companies, and corporate governance and executive compensation rules. Share your compensation information with the research company when prompted. Each executive in each executive search shares their compensation in full. While some research firms accept a set of compensation targets instead of fixed numbers at the beginning of a relationship, refusing to provide the information and details when asked is naïve and beginner, and you will be identified as such. Be careful and specific about your compensation (i.e. base, target premium, last actual premium, LTIP and other equity or value). Some companies will ask for W-2s at the last minute. Know your equity position. If you mislead the research company or its client regarding this or other information, any offer will be withdrawn and the research company will never contact you again. The world is becoming more global and diverse. The need to understand cultural differences and be sensitive is important to the success of most businesses.
To be effective, the General Counsel must have a broad perspective to attract diverse talent and understand internal and external clients, as well as the various relationships of global laws and regulations. The ability to assemble geographically dispersed legal teams (internal and external) to address legal or regulatory challenges is essential. Experience across geographical boundaries, international legal knowledge or an international assignment can be valuable. As a result, many attorneys general have worked abroad. Lawyers who demonstrate their ability to be business “facilitators” and make informed business decisions will likely find it easier to connect with sales teams and will be more successful in their careers. Management is increasingly turning to legal teams to make strategic decisions based on business and legal analysis. The ability to offer this combined advice is where CCs can add real value to a business.