Even though we often don’t consider it with all due attention, we can’t deny the fact that the business world is built on foundations set by tireless work provided by legal practice. This discrepancy is perfectly understandable – business owners like to think in terms they fully understand. Unlike corporate models, marketing and negotiations, legal practices feel much more inhospitable to the newcomers.
But, even if they don’t need to meddle in these complexities, corporations have full freedom to choose the associates that will make their legal teams. And the qualities needed here are something we can all reach an agreement on.
So, let us take a look then at some of these universal qualities the modern corporation need in their legal teams to make sure they are allowed to do what they do the best on their part of the court.
Understanding of different legal specializations
As time goes by, your company will, inevitably, encounter situations where they will need to reach out beyond the narrow area of the corporate law. That is why assembling a team of experts with a narrow focus on this specific area can hurt the interests of your company long-term. Ideally, your future legal advisors should have at least 10 to 15 years of high-quality experience spread across the different law areas like litigation, intellectual property, insurance, and compliance issues. Also, you should try to keep in mind the growing globalization and look for professionals with good knowledge of foreign practices.
Passion for their legal practice
This is one of the instances where the corporate and legal worlds speak the same language – the people who are passionate about their jobs are the people who will get the job done. So, try to fill in your legal team with people who are driven by the sheer satisfaction they get in the tasks they perform. As time goes by, you will be able to find a mutual ground where you will learn to align your long-term goals. This mutual understanding will, in turn, help your legal advisors to become better skilled in balancing out your company’s risks and benefits, understanding its organization and corporate vision, and so on.
Be ready to use the latest technology
To an inexperienced outsider, legal practices may look like a very stale industry that draws its efficiency from tradition and stability. The truth, however, is that this world is as open to tech disruption just as any other business sector in the world. The legal practices that want to get an advantage in their cases need to be able to efficiently perform research, interviews, database management, etc. If, for instance, we take Australia as an example of a developed and tech-driven economy, we can see that the lawyers in Sydney and other metropolitan areas keep up this tech pace with their peers from other industries.
Ability to get thrifty
Much like all other business departments, corporate legal teams need to work within set boundaries and financial limitations. This situation is only made worse by the fact that some corporate court cases can drag out over incredibly extensive time periods. That is why your attorneys, legal advisors, and all other members of your legal team need to be able to get thrifty and get hands-on with limited resources when necessary. However, the professionals with established practices are very good at understanding proportionality and the scale of one case and knowing how to pace it out to the benefit of the company.
Initiative and independence
Legal teams that want to reach any semblance of success in the practice need to be able to take charge and full responsibility. Even better, they should always take the initiative and work to solve the problem before they get out of hand. If you manage to hire advisors that possess these qualities you will get access to numerous other benefits like creative problem solving, excellent teamwork, the ability to work under pressure, and, with time, high commercial awareness. But, for all these things to be possible, the attorneys need to be able to think two steps ahead and take the necessary preemptive, timely, actions.
The long term development plan
This is yet another instance where the necessities of the corporate world align with the world of corporate law. Namely, in order to be able to perform their task in the fullest possible capacity, your legal advisors need to be able to constantly develop and stay at the forefront of the industry. You can go a long way in helping them do that by aligning the development plan of your company with the areas of law they want to explore in the future. If they are able to take the growth of your company as their priority and use it as a springboard for their own professional developments, your legal advisors will be able to truly thrive.
We hope these few mentions gave you a general idea about the set of most important professional and personal qualities your legal advisors need to possess in order to help your company navigate corporate law without any obstacles. Even though these forces are not always obvious at first glance, the business landscape is largely steered by the invisible hand of countless regulations, compliances, and legal matters. Finding the people who will be able to easily navigate this maze might just be the piece of the puzzle you miss to bring your company to the top.
