In the past several years, as the economy has struggled and the regulatory environment heated up, CEOs and boards of directors relied on their senior legal officers to guide them through various issues. The role of the GC began to evolve at a more rapid pace, and almost every general counsel has found themselves asking the question: In today’s business climate, how can I be the most effective trusted advisor to my client?
The Global Women’s Leadership Summit’s first session, titled “The Trusted Advisor: What General Counsel Should Know about the CEO, Board and Collaboration,” consisted of GC panelists from some of the top companies across the country who offered valuable insights for senior legal advisors who work closely with their CEOs and boards.
One panelist mentioned that it is essential for GCs to recognize that they are not always the smartest people in the room. By actively listening to their clients, in-house counsel can begin to anticipate their needs, which fosters collaboration and helps build credibility for the in-house lawyers.
Focus on enterprise risk management, another panelist suggested to her in-house counsel peers, and be able to “talk 360” about all risks. In today’s regulatory environment, C-Suite executives and boards are coming to the legal department “more often and much earlier” to help navigate risk.
GCs also need to understand their role, where they can add value and how they can effectively execute a strategy. But it is important to remember, one panelist said, that there is no such thing as risk elimination; only risk mitigation.
Panelists agreed that senior legal counsel who are solutions-oriented tend to be more respected by the executive team than those who constantly say “no.” Flexible GCs, and those who are always available to their client, are the ones who effectively build trust for themselves and their legal teams within organizations.
Finally, GCs must demonstrate their department’s value. Show the senior executives that the growth and profitability of the business is important to the legal department. Through action and communication, demonstrate how the legal team helps drive that effort.