The role of General Counsel (GC) is evolving, requiring a broader skill set beyond legal expertise as companies increasingly lean on GCs for their insights on nonlegal issues. A recent survey conducted by KPMG highlights the growing expectation for legal chiefs to contribute to strategic discussions. However, the survey reveals that only 23% of GCs are consistently involved in such deliberations.
This trend reflects a broader shift toward a more integrated role within the corporate hierarchy. GCs today are expected to provide guidance on matters like risk management, corporate governance, and business strategy, effectively positioning them as key players in decision-making processes. Yet, the KPMG data suggests a disconnect between expectation and implementation, as many legal departments remain underutilized in their potential strategic capacity.
In tandem with these findings, industry experts like those from Forbes emphasize the importance of integrating GCs early in strategic planning stages. This integration ensures that legal insights are embedded in the decision-making framework, potentially safeguarding companies against legal risks and contributing to a more holistic approach to business challenges.
Despite the push for deeper involvement, many organizations still view legal departments as isolated entities rather than integral parts of the strategic team. The challenge lies in changing corporate culture to embrace a more inclusive approach, where legal counsel is seen not just as a safeguard against liabilities but as a proactive contributor to growth and innovation.
Ultimately, while the shift towards a more embedded role for GCs is apparent, the pace of change remains slow. Companies striving for competitive advantage must break down the silos that traditionally confine legal teams to purely reactive roles. Encouraging a proactive stance not only aligns with modern business needs but maximizes the untapped potential of a deeply integrated legal perspective.
The findings underscore a critical need for corporate leaders to rethink the positioning and utilisation of their legal teams. Embracing the strategic value that GCs can bring could be a decisive factor in navigating the complexities of today’s business environment and achieving long-term success.