In-house legal isn’t just about drafting contracts or managing risk and Alexander Shevchenko, Chief Legal Officer at WEB PAY, explains why.
Is it just about drafting contracts, managing risks, etc. or is there a bigger, strategic role we play in driving business success?
While preparing a regular report for the founder about my team’s performance (a report that this time included broader reflections on the team’s functions, purpose, and processes) I found myself thinking about what truly constitutes the mission of an in-house legal team.
By “mission,” I mean a brief description of the core functions that define the purpose of a legal team within a company or another profit-making entity.
This is a strategic and leadership-oriented perception of the legal team’s role – broader and more global than simply listing areas of responsibility like providing legal advice, managing risks, drafting documents, ensuring compliance, or handling disputes.
In my view, the mission of a legal team rests on 3 functional pillars:
– Protect.
– Enable profit.
– Cut costs.
It can be stated as follows – the legal team’s mission is to support the company’s strategy by using legal tools to:
1. Protect the company’s interests, assets (both tangible and intangible), and reputation.
This is achieved, e.g., by:
– proactively managing legal risks (e.g., in contracts, corporate matters, operations, etc.);
– protecting the business from regulators (ensuring compliance with industry-specific rules, personal data protection laws, etc.);
– securing intellectual property (IP), safeguarding trade secrets, and protecting revenue;
– combating debtor indebtedness, preventing lawsuits, and counteracting claims;
– participating in law-making activities (legislative initiatives, etc.).
2. Help the company to gain profits.
This is achieved, e.g., by:
– enabling the company to legally adopt new business models (e.g., securing licenses, achieving regulatory readiness, uncovering opportunities);
– adding value to products and offerings (e.g., embedding legal solutions for clients);
– contributing to client acquisition and retention (e.g., by streamlining contract processes and addressing client concerns to deliver a first-class experience);
– facilitating business expansion (e.g., supporting M&A transactions, creating group structures, arranging new market entries);
– providing prioritised & prompt legal aid to business units.
3. Help the company to cut costs.
This is achieved, e.g., by:
– building and reframing processes, and standardising document templates (to save time and enhance productivity);
– proposing tax-efficient solutions (while ensuring compliance and avoiding tax evasion accusations);
– managing the legal budget responsibly and wisely (including when involving external counsel);
– maintaining a legal knowledge database;
– introducing automation tools and leveraging artificial intelligence (AI) at work.
How would you describe the mission of an in-house legal team?
Be part of a growing global community committed to advancing in-house legal leadership.
Generative AI is creating new opportunities for businesses but also exposing a critical legal blind spot. Larissa Maria Cenan, Head of Legal, Ethics & Compliance...
Learn more about Who owns AI-generated content? The contractual blind spot
The role of the General Counsel has been evolving for years, but how much time do today’s legal leaders actually spend on strategy? For many...
Learn more about New research reveals how General Counsel really spend their time
