When a large, publicly traded company hires a new OCL, it can make headlines, as can hiring a new COO or CFO. An OCOL usually has a long career in law. Positions an OCOL can hold before becoming an executive include Chief Legal Officer, Senior General Counsel and Partner of the firm. Legal Skills: The Head of Legal Department must be able to identify and resolve complex legal issues without resorting to external legal advice. He must also possess exceptionally good skills in legal negotiation such as mergers and acquisitions, tenders and contract acquisitions. He or she must also be able to draft and manage complex patent, trademark and regulatory documents and deal with these issues in a practical manner in a rapidly changing business environment. An OCOL recognizes the legal risk of new businesses, but can also place that decision in the broader context of the business. Experience: A candidate for this position must have at least 7 years of professional experience in a corporate law function in a dynamic, fast-paced and dynamic environment, preferably as Senior Counsel. The legal manager must also have successful experience in negotiating complex, high-quality contracts and agreements. The head of the legal department will also need exceptionally good communication skills in his highly collaborative and interactive ability, with his clarity in conveying information determining the effectiveness of collaborative tasks. In addition, he needs good communication skills in creating high-quality legal documents, which must be clear, unambiguous, concise and conclusive, leaving no room for misinterpretation or manipulation.
The structure of each company may vary, and the specific tasks of the CLO role may not be the same in all organizations. The position may involve keeping senior management informed of new or changing laws that may impact or relate to their business and industry. OCOL can also, if necessary, establish curricula for employees who need to understand legal issues and protocols related to their roles or business operations. If the company is involved in litigation, the general counsel may represent the firm directly, lead the legal team that does so, or choose the lawyer who will do so. Both positions bring value to your business, but in different ways. A general counsel will provide you with all the legal advice and support you need. If you`re just looking for extra help managing your legal team and ensuring compliance is maintained in every way possible, then a GC is a great option. In-house legal counsel are invaluable to a business. They understand the specifics of your business, which allows them to better understand the risks and potential threats to your business. High-level positions responsible for your company`s legal affairs are all the more important because they oversee the company`s entire legal team. Collaboration: The role of the Chief Legal Officer is also collaborative, and as such, they work with department management and key business stakeholders to monitor and ensure regulatory compliance across the organization and maintain the integrity of the business internally and externally (reputational risk).
The Chief Legal Officer will also work with department management across the company to identify and manage potential legal risks. Knowledge: The head of the legal department ensures that information about relevant laws and policies flows freely throughout the company. He oversees the delivery of executive and human resources training courses on legal issues affecting the operations and transactions of each department. An essential CLO is essential to successfully manage the legal aspects of your business. They don`t want someone in the role who thinks about decisions for weeks. You want a confident OCOL who can review a legal request, effectively analyze the benefits and risks, and then move the process forward in a timely manner. The role of Chief Legal Officer and General Counsel is an important step in his career and a potential stepping stone to other senior legal positions or broader senior management. If you`re new to this role, your mailbox will be full of legal and management issues. However, it is a leadership role, so you need to focus on the strategic aspects. Take some time to think about your approach and create a plan that covers all key priorities.
What executives are beginning to realize is that general counsel can provide better legal advice if they have a thorough understanding of the business and the industry. A GC participates in important contract negotiations and regularly makes effective organizational decisions. The role of general counsel is also more closely associated with a high-level lawyer who ensures that all legal obligations of the company are met. Some of the main tasks of a GC are listed below. When hiring a general counsel, you want to make sure you choose someone who not only understands the legal aspects of your business, but can also handle the more strategic aspects of running a business. With that in mind, here are some key features you should look for in a CLO. Competent in-house legal talent is an important part of your company`s team, and finding the best legal talent is necessary if you want to compete in today`s economy. You can`t afford to make mistakes when you find the right candidate for a position as a general counsel, legal counsel, general counsel, or other important legal positions. The General Counsel plays a leadership role in the business by leading the legal department and legal department throughout the company. To do this, the Head of Legal Affairs provides proactive, in-depth, legal and business advice to the firm and implements initiatives and processes to set standards and strengthen a culture of integrity, quality, ethical conduct and accountability throughout the company.
However, if you are interested in a more dedicated role for your business that can provide business value in addition to legal advice, the Chief Legal Officer is a better choice. The role of CLO has actually grown a lot lately, being ranked the sixth fastest C-suite title of 2020 with 23% growth, according to Workforce Insights. The candidate must also have a proven track record of providing effective and high-quality legal advice to department heads within a company, resulting in increased integrity in internal and external affairs. In addition, he has a proven and successful track record in creating departmental priorities that align the legal department`s strategic direction with overall business objectives. A qualified candidate also has proven experience in relationship management and the proven ability to lead a legal team and develop talent that then generates value across the company. Communication skills: The head of the legal department must have exceptionally good communication, which is especially necessary in his or her leadership position.