The general counsel is a vital position in any modern corporation. The role of such professionals has transformed over the years. They have to shoulder multiple legal responsibilities within an organization. They play an important role in framing the overall corporate strategy and finalizing the tactical approach for fulfilling the company’s legal requirements. In brief, a general counsel attorney has to provide guidance on legal as well as business matters. At the same time, he/she must devise a plan to minimize the risks faced by the corporation. Additionally, such lawyers must also efficiently manage the other legal resources of the company. In this article, we are discussing the main responsibilities of a general counsel lawyer.
1. Define The Organization’s Policies
Most people would feel that the legal officer does not have a big role to play in defining a company’s policy. It is the job of the key decision makers like the senior executives of the corporation. The executive leadership drives the initiative but the attorney provides valuable input about the legal context. The professional’s opinion on whether the company’s stand is ethical or not holds a lot of weight. he/ she acts as the moral compass of the organization and ensures that ethical practices are promoted and become a part of the enterprise’s culture.
2. Give Advice On Major Business Transactions
Corporations engage professionals or general counsel services in large markets like India to get assistance during critical business transactions. In the case of complex deals like mergers and acquisitions, lawyers are required to efficiently conduct due diligence and assess whether the transaction is profitable or not. Their negotiation skills also come into play while finalizing the terms of such arrangements. They are responsible for safeguarding their organization’s interests and ensuring that all activities are conducted according to specified legal guidelines.
3. Assess The Merits Of Cases Under Litigation
Large enterprises can be involved in multiple court cases. It is the duty of the general counsel to handle matters under litigation. These professionals must assess the merits of all cases involving the company. They must find out whether the issues can be resolved speedily through alternative routes. They are also required to draw an effective strategy for defending the organization’s position. This seems to be a routine task for lawyers but in reality, is quite complex. Attorneys must be able to protect their employer’s interests and shield their reputation while handling the case.
4. Ensures Compliance With Legal Regulations
Every aspect of running a business is subject to one or more laws. It is essential for corporations to know about all applicable regulations. They can affect a company’s operations, resources, tax liabilities, profit margins, and reputation. Corporations depend on the advisors to know about their legal responsibilities. These professionals are responsible for creating the roadmap for dealing with these laws and ensuring the organization remains compliant with them. This is one of the most important responsibilities of corporate counsels. They have to constantly keep track of the latest developments and provide suitable guidance to their employers.
5. Explain The Legal Effects Of Financing Routes
The attorney is responsible for advising the corporation on legal aspects of the business’ finance. Assessing the efficiency of the present business structure and the current market conditions to chart a profitable route is a key duty of in-house professionals. They are also required to evaluate the corporation’s future plans to see they are in accordance with all applicable regulations. Businesses also depend on these advisors to study the legal aspects of various financing options.
The general counsel is responsible for managing the legal requirements of an organization as well as assisting the business leadership in making accurate decisions. These professionals also ensure that a healthy corporate culture based on ethical practices is created at the corporation.