Three core competencies for the modern general counsel

Joseph Polizzotto
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Joseph Polizzotto: Senior Vice President, Strategy and Client Services at QuisLex, USA

Journal of Financial Compliance, 2021, vol. 5, issue 1, 66-74

Abstract: This paper offers a perspective on how current general counsels (GCs) need to extend their reach and spheres of influence in order to add the greatest value to their companies. It provides practical suggestions on how to integrate and align the legal functions squarely with the company’s decision-makers, by focusing on achieving mastery over three competencies: (1) active engagement by the department in the governance structure of the entity; (2) a central role in the company’s reputational risk framework; and (3) an embracing of operational risk in the actual work being performed by the legal function. The author argues that it is insufficient if a GC is simply an outstanding lawyer who views their job largely to analyse legal issues and problems presented to them; rather, the paper postulates that a modern legal department needs to extend its reach and be more proactive and that the three competencies enumerated above, if mastered, help to accomplish that and create the opportunity for the GC and the department to be considered truly successful and influential. The paper also offers thoughts on how to nurture and develop talent within the department, how to incorporate the GC’s experience in crisis management for the greater good of the company, and how to be a thought leader on efforts to streamline processes and increase efficiencies.

Keywords: role of the general counsel; governance; reputational risk; legal operations; crisis management; developing talent in the legal department (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2021:v:5:i:1:p:66-74

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