You step into the office, and before you’ve even had your coffee, your day is in full swing. The CEO needs your take on a potential acquisition, the marketing team has a contract that needs urgent review, and there’s a crisis brewing that demands your immediate attention. This is just another day in the life of a General Counsel.
As a GC, you’re not just the legal expert; you’re a key player in the company’s decision-making process. Your role is crucial, and it goes beyond just handling legal issues. You’re involved in everything from shaping business strategies to managing risks, making you indispensable to the executive team.
In this article, we’ll dive into the realities of being a GC today. We’ll break down what you need to know, tackle common challenges, and clear up some misconceptions about the role.
The Evolving Role of the General Counsel
The role of a GC has shifted dramatically, and understanding how to become a General Counsel today requires adapting to these changes. Back in the day, they were spending most of their time buried in contracts and putting out legal fires. Now, they’re expected to wear multiple hats and be a key player in the executive team. They’re no longer just the legal expert; they’re also a strategic advisor.
This change reflects how indispensable a GC’s role has become in shaping the direction of the company. Their insight into both legal risks and business opportunities makes them a vital part of the leadership team.
3 Things General Counsel should do to stay ahead of the curve
To thrive in this evolving role, a GC must adapt continually. Here are some practical ways to stay ahead:
- Keep learning: The legal and business worlds are always changing. Attend workshops, webinars, and conferences to stay updated on the latest trends
- Build your network: Relationships are key. Engage with other GCs and industry professionals. They can offer valuable insights and support
- Leverage technology: Use the latest legal tech tools to enhance your efficiency and effectiveness. They can automate routine tasks and give you more time to focus on strategic matters
Here are some expert insights into how you can be a successful GC.
90 Day Checklist for a First-Time General Counsel
Myths about being a General Counsel
Here are some facts about General Counsel roles that often get overlooked.
Myth #1: General Counsel only handle legal matters
Many people believe that GCs only deal with legal issues. This view is outdated.
“It's important to travel, to go out to meet other teams and to be open to listening and learning. I’ve seen that without that interaction many people aren't sure what in-house lawyers can do. And if lawyers can give more input into how they see the business running, then people are more open to bringing that lawyer in when there's a potential issue.”
~ Genevieve Kelly, General Counsel in Residence at Goodwin Procter LLP
Blending Legal Expertise and Business Acumen
Fact: GCs are also key business advisors. They play a critical role in strategic planning and decision-making. They provide insights that help shape the company’s direction, combining legal expertise with business strategy.
Myth #2: General Counsel work round the clock
There's a common misconception that GCs have to be available 24/7, constantly working long hours without a break.
Fact: Effective time management and delegation are crucial. Successful GCs prioritize their tasks and delegate responsibilities to their teams. This allows them to maintain a healthy work-life balance.
Myth #3: General Counsel don’t need to understand the business
Some think that a GC’s role is limited to understanding legal matters and that business knowledge is unnecessary.
Fact: Business acumen is essential for GCs. To provide relevant and practical legal advice, GCs must understand the company’s business model and goals. They need to align their legal strategies with the overall business strategy to drive the company forward. This integration of legal and business knowledge makes GCs indispensable in today's corporate environment.
Note: Don't miss out on our 90-Day Checklist for a First-Time General Counsel—a comprehensive guide packed with expert advice from seasoned General Counsels who have been in your shoes. So if you’re just starting out as a GC, this checklist will equip you with the insights and tools you need to navigate your new role with confidence. Download it now and set yourself up for success from day one.
Things you should know about being a General Counsel
#1 Balancing legal and business roles
A General Counsel (GC) must balance dual roles: legal advisor and business leader. To effectively balance these dual responsibilities, it’s crucial to know how to become a General Counsel who can integrate legal advice with business strategy.
Legal advisor: In this role, the GC ensures that the company complies with laws and regulations. They manage legal risks and handle legal disputes.
Business leader: GCs also play a crucial role in shaping the company’s business strategy. They provide insights that help align legal considerations with business goals.
To understand the company’s business goals, a GC should:
- Engage with the executive team to understand the company’s mission, vision, and strategic objectives
- Participate in business meetings and discussions to gain a comprehensive understanding of business operations
- Stay informed about industry trends and market conditions
“The best thing you can do is talk to your business teams. Ask to be a fly on the wall in their meetings and invest time into building those relationships.”
~ Doug Luftman, Chief Legal Officer, Trust & Will
Unlocking Success in In-House Legal Roles
To integrate legal advice with business strategy, you must:
- Ensure that legal decisions support the company's long-term objectives
- Identify potential legal issues before they become problems
- Regularly update the executive team on legal matters that could impact business decisions
“Be proactive about educating your business teams about risks in the company. Businesses want to know where the risks and vulnerabilities are. You eventually want the business teams to be able to spot the issues themselves and come to you proactively.
~ Sarah Binder, General Counsel, Lime
Taking Businesses & Legal Teams Global
#2 Building a strong legal team
Leadership and team-building are essential skills for GCs. A strong legal team supports the GC in managing the company’s legal affairs effectively.
Good leadership inspires confidence and trust within the team, creating a collaborative environment that fosters innovation and problem-solving. To build a strong legal team, GCs need to focus on recruiting and retaining top talent.
Effective recruitment starts with crafting attractive job descriptions that clearly outline roles, responsibilities, and growth opportunities. Offering competitive compensation packages, including salaries and benefits, is also crucial.
Moreover, providing continuous professional development opportunities can help retain top talent by ensuring team members feel valued and see a clear path for career advancement.
Tips for creating a collaborative team environment:
- Encourage team members to share ideas and feedback
- Facilitate discussions on ongoing projects and challenges
- Strengthen relationships through team-building exercises and social events
“As a GC, you should have a clear understanding of all the legal functions that your team is responsible for or required to do. Then, you must acknowledge the fact that you specialize in a few fields and not all of them. Hire people and build functions accordingly. GCs should be aware of their weaknesses and ‘know what they don’t know’; it is key to scaling the team."
~ Ryan Nier, General Counsel, Nova Credit
Putting Legal on the Map in a Hypergrowth Startup
#3 Ensuring compliance and governance
GCs play a critical role in corporate governance and regulatory compliance. They ensure that the company adheres to laws and regulations, thus avoiding legal risks.
So GCs usually need to navigate complex regulatory environments, develop and implement internal policies, and conduct regular training sessions for employees to ensure compliance.
Here’s how successful GCs do it:
- They conduct internal audits to identify and address compliance gaps
- They establish clear reporting channels for compliance issues
- They regularly assess and mitigate compliance risks
Also read: What is Contract Compliance? The Ultimate Guide
#4 Managing risks and crises
Risk management is a crucial aspect of the GC’s role. Proactive risk assessment and mitigation can prevent crises and protect the company.
GCs need to identify potential risks, develop mitigation strategies, and continuously monitor these risks to ensure their strategies remain effective.
To proactively assess and mitigate risks, GCs:
- Use risk assessment tools to identify legal and business risks
- Create plans to address identified risks
- Continuously monitor and reassess risks to ensure mitigation strategies are effective
And when there’s a crisis, a GC must develop a comprehensive crisis management plan. The most important thing in this plan should be to send out clear and timely communication to stakeholders.
“Be proactive about educating your business teams about risks in the company. Businesses want to know where the risks and vulnerabilities are. You eventually want the business teams to be able to spot the issues themselves and come to you proactively.
~ Sarah Binder, General Counsel, Lime
Taking Businesses & Legal Teams Global
Providing legal support to the executive team can help navigate the crisis and minimize its impact on the company.
Also read: Effective Contract Risk Management: Top Tips & Strategies
#4 Achieving work-life balance
You cannot overdo it. You need to be able to strike the right balance between your personal and professional lives.
Thinking about work after work hours also counts as work. That’s why you need to proactively prevent burnout and maintain productivity.
And how do you do that? By setting boundaries.
Here’s how you can do that:
- Prioritize tasks: Focus on high-priority tasks and delegate where possible
- Set work hours: Establish clear work hours and stick to them
- Take breaks: Regularly take breaks to rest and recharge
Wrapping up your journey as a General Counsel
Being a General Counsel today goes beyond legal expertise. You need to be a strategic partner, an effective leader, and a business-savvy professional. Balancing these roles requires continuous learning, strong networking, and leveraging technology.
Remember, it’s not just about knowing the law—it’s about understanding the business and integrating legal strategies with business goals. And amidst all this, don’t forget to prioritize your well-being by maintaining a healthy work-life balance.
To stay ahead in your GC role, you must keep evolving. The Counsel Corner is a great place to start. It has insights and interviews from heads of legal, CCOs, GCs, and more.
