4 Ways Role Of A General Counsel Lawyer Has Evolved
The role of the general counsel has changed rapidly during the past few years especially for those who serve the multinational companies. When it comes to the scope of work, it has expanded beyond the usual legal and administrative tasks such as risk management, cost control, regulatory compliance, and the major areas that impact the success of an organization. The points below are some of the key focus areas of the general counsel lawyer today.
Catering to globalization
With several companies continuing to expand into the international markets, the general counsel may have to face the challenge of successfully managing the in-house teams and those in the multiple international jurisdictions. The legal departments figure out the complexities related to the flow of business information and activities while staying on track with the local and the other laws governing the transactions. It is their responsibility to create sustainable teams with adequate knowledge when it comes to the latest version of the international laws and regulations that can impact the business operations. They have to foster easy collaboration between the teams and recognize or take proper actions while dealing with the coverage and the competency issues.
Advocating culture and reputation
While general counsel services in India have to mostly handle legal matters, they have other duties such as to manage all those aspects that can harm the reputation of the company. It is part of the role of this individual to counsel and offer advice to the company not only related to the legal issues, but the policies and the events that may harm the reputation and the culture of the company. They are also responsible for encouraging the companies to bring into the limelight the internal practices destroying the culture and the reputation of the company within the community reflecting the internal corporate culture. With regular access to the board of directors, they are known to offer advice about the implications of the policies that determine the shape.
Risk management and prevention
The general counsel litigation is also the corporate officer watching the legal risk management and the legal compliance while helping the company to steer its way through the legal challenges. Today, the role of this individual is not restricted to defending the company, but also to keep it out of trouble. The best way to ensure that businesses comply with the law is to set appropriate responsibilities at the top. When the organizations are interested in establishing corporate values such as integrity and ethics, the mindset should become an important aspect of decision making. The GC advocates such a behavior within the organization and develops collaborative relationships within the board and also oversees the ethical and the cultural values of the corporation. When it comes to the achievement of the long-term strategies, the GC plays a crucial role.
Privacy and security of the data
The latest cyber attacks have brought to the limelight security and data privacy for the government regulators and the public. Companies can no longer ward off the limitations of technology or the insurance policies to make up for the loss of profits and the reputation caused by these infamous cyber attacks. The general counsel must stay prepared to develop, update, review and implement the strategies of prevention, procedures, and policies for the creation of a contingency plan on the event of a breach. For the international jurisdictions, the lawyers in India playing the role of a GC have to deal with several other challenges and complexities. They are responsible for developing a centralized plan for limiting authorized access to data and use of data and consider the privacy regulations or the standards of data residency in the foreign countries. When it comes to securing data privacy, they need to stay up-to-date with the regulations and the challenges in this field.
The general counsel of today plays a crucial role and sets the tone at the perfect level for driving the corporate culture in a beneficial direction in which the leadership is bent on creating a long-term and sustainable value for the shareholders that are more responsive to the stakeholders. They have also emerged as key decision-makers for the large corporations for providing proper insight and proactive strategies for completing a wide range of tasks for dealing with local and international operations.