Another disadvantage of a non-legal title is that it may be more difficult to obtain years of legal practice from a state bar association if you are trying to get yourself admitted to practice on the basis of years if your title was anything other than a legal title. 9 The tasks of an OCOL vary depending on the size and complexity of the organization. In general, however, they will have a number of responsibilities, including: The role of Chief Legal Officer is a newer position than that of General Counsel and, in some respects, an extension of the role of General Counsel. OCOL is a C-suite position that focuses on the legal department, but is also responsible for providing valid business solutions to issues that arise. A legal analysis is expected, but OCOL also takes into account the business model and objectives of the company. Each OCOL is responsible for overseeing all aspects of legal affairs, including: You need to educate executives across the organization about potential legal risks, help those leaders anticipate risks, and be alert to potential issues. The president of the company just suggested that we change my title of general counsel to something more appropriate to reflect my legal obligations. He offered a position of General Counsel/Director of Regulatory Affairs. Any suggestions would be greatly appreciated! Mentors inside and outside the legal department can also encourage learning in areas such as risk-taking and relationship building across the organization. “The CEO who hired me introduced me to dozens of people when I started. This quickly gave me an insight into the company. You also have to be good at building relationships,” Nelsen said.
“As a general counsel who has worked in various industries, I can tell you that the chassis changes, but the other parts remain the same.” First, in some cases, the legal department is large enough (e.g., 30+ lawyers) that a CEO wants both an OCOL and a GC. OCOL would work closely with the Board of Directors, CEO and other members of the executive team (i.e. CFO, COO) and devote the majority of its time to managing these relationships, focusing on “holistic” topics such as corporate strategy, organizational growth and cultural creators. The GoC, on the other hand, would ensure that the entire legal team would report to them and would be the one to manage the day-to-day legal function. In this scenario, the GoC is responsible for and reports to the OCL. While this arrangement is likely to still be confusing, it can succeed by allowing OCOL to part with thorny and time-consuming legal quagmires and also allowing another leading lawyer (the GoC) to spread its wings, oversee a very large legal function, and not worry about some of the complex and nuanced personal political interactions. which can occur in sequence C. 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. Do you use established criteria to designate in-house counsel as “lead counsel”? If so, is it a year of appeal, expertise, supervision of junior lawyers or something else? An experienced legal recruitment firm facilitates the entire hiring process with: For an agile general counsel, the four dimensions enhance their contribution to the organization as a member of the leadership team. “Never feel limited by your title. They can add value in many ways,” advised Best Buy`s Nelsen. “Lawyers have advanced degrees, a high level of intelligence, and are able to do much more than just draft contracts.” The terms “General Counsel” and “Chief Legal Officer” are often used interchangeably. However, there are important differences between these positions, including their specific priorities. These differences, which are described in more detail below, should be considered when hiring a lawyer for your business: At Cowen Partners, we take a proactive approach and have a private network from which we can attract qualified candidates for your needs. Our legal recruitment team can provide you with the best talent with not only the right qualifications, but also someone who connects with the company`s management and culture. We are also incredibly topical.
Fit to the culture and the ability to act as a trusted advisor are two key factors that directors typically consider when looking for in-house lawyers. In particular, emotional intelligence is valued by GC candidates, as high emotional intelligence often signals better stress management in stressful situations. People with high EI are also more likely to build strong relationships and are known to be thoughtful. These two qualities make it easier for a GC to connect with others and become a trusted advisor. In summary, the General Counsel`s qualifications go beyond legal expertise to deepen business and industry knowledge and financial acumen. While CEOs and boards of directors are responsible for the succession of general counsel and the development of in-house legal talent, legal expertise, business perspective and financial acumen are a highly valued combination. As professionals, lawyers are trained and appreciated for their technical skills and expertise. Assessments of legal frameworks illustrate their expected strengths in influencing and negotiating. Some legal leaders attempt to advance their careers by increasing these strengths and developing a greater breadth and depth of legal knowledge. An OCOL is the highest legal framework in an organization and reports directly to the CEO or COO. OCOL are generally responsible for tasks that include (but are not limited to): The GC is responsible for representing the company`s legal interests in all matters, including litigation, regulatory matters and labour disputes. They can also advise senior management on legal issues such as regulatory compliance or potential mergers and acquisitions.
Lee Udelsman is Managing Partner of our New Jersey office, former Managing Partner of our New York office, and Head of the firm`s in-house practice group, where he focuses on the recruitment and retention of in-house legal services in the U.S. and abroad. Since joining the firm in 2005, Lee has successfully worked with hundreds of companies ranging from optimizing the legal department, including legal fees, benchmarking compensation and leveraging alternative legal resources, to recruiting high-performing legal teams to support the firm. Now you can also get answers and information from one of the best legal executive recruiters in the country. A question that often arises in the context of legal research is whether the new head of an organization`s legal function should assume the title of General Counsel or Chief Legal Officer. Similarly, the other related question we sometimes receive is whether a company should have both a General Counsel (OCO) and a General Counsel (GC). The answer tends to be a solid “No, but…” 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 important features you should look for in a CLO. A crucial 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. An OCOL recognizes the legal risk of new businesses, but can also place that decision in the broader context of the business.
Given the benefit of better business and industry knowledge and financial acumen for legal executives, CEOs and boards should look for candidates who possess these qualities when recruiting general counsel.
