19 August 2024

To strategy, governance and beyond

Legal’s role already includes strategic advisory and governance responsibilities. But what does an in-house team of the future look like? And how many hats can you really wear at once?

Increasingly, in-house lawyers are also becoming:

Strategic Business Partners
With businesses facing increasingly complex regulatory environments, in-house teams are evolving to play an integral role in business strategy while continuing to manage legal issues and risks.

ESG Managers
With a growing emphasis on governance and transparency, as well as commitments to sustainability and ethical practices, ESG is increasingly an issue handled by legal teams. While grappling with a rapidly changing regulatory landscape, in-house legal teams also need to:

• provide strategic advice on ESG initiatives and their impact on business operations and policies​;
• support corporate sustainability initiatives;
• ensure adherence to ESG laws, regulations and best practice
• manage risks related to ESG issues, including reputational and regulatory risks;
• integrate ESG considerations into business strategy, policies and practices;
• collaborate with multiple departments to align relevant strategies, policies and business goals; and
• foster a culture that promotes transparency and accountability in ESG matters.

Technology & Data Experts
Legal’s expanded responsibilities also involve leveraging technology, such as AI and automation, to handle routine tasks, allowing teams to focus on higher-value activities like risk management and strategic goals.

In-house teams are also getting better at using technology and data to manage their work, and becoming more sophisticated in their approach to procuring external support where they have gaps. Gone are the days of simply briefing everything to a familiar law firm. Savvy legal teams are identifying skills and resources gaps and sourcing what they need from alternate providers.

Teams are implementing data-driven approaches to optimise workflows and manage budgets effectively.

We’ve only covered three new hats here, but others (that currently exist) include compliance, risk and company secretariat. New governance responsibilities will emerge and be assumed by Legal. You’re going to need a bigger hat rack.