Top 5 reasons why companies need an in-house legal counsel
The power of in-house lawyers in Malaysia has grown exponentially in the past 5 years. Today, the role of an in-house legal counsel is no longer limited to managing the legal risk associated with the business that they work within.
They now work as strategic business partners, participating in issues relating to corporate strategy, such as capital allocation, competitive strategy, new products, and emerging technologies. It is therefore little surprise that demand for in-house lawyers has risen significantly within the local corporate landscape.
Here are some compelling reasons why you need to solidify your in-house legal counsel today.
1. They support growth
In-house legal counsels provide firms of all sizes with expeditious advisement, accelerating their rate of growth. The key advantage of having an in-house legal team is embedded in the fact that legal issues are dealt with using a predictive, rather than reactive approach.
2. They liaise with external counsels
Being well-versed in industry trends and armed with a strong network of legal connections, in-house legal counsels can act as responsible liaisons when dealing with external law firms.
3. Their business acumen
Having a nuanced understanding of the business, in-house counsels add value to their firms in a number of ways. These include providing commercially astute advice and contributing to developing the strategic direction of the business within the relative legal frameworks.
4. They are emotionally intelligent
Being accustomed to interacting and dealing with different stakeholders from diverse backgrounds and levels of seniority, in-house legal counsels demonstrate high levels of emotional intelligence (EQ).
5. Cost savings
Corporations with in-house legal counsels typically generate internal legal services at a cost per unit of time lower than hourly rates of external law firms. Cost savings also come in the increase of business certainty, the increase of business flexibility and greater freedom of top business executives.
How do you identify the right person to fit into an in-house legal counsel role?
A business orientation, willingness to learn and ability to balance agility with experience are the signature traits of an ideal in-house counsel who can help proactively guide a company forward.
Although Robert Walters works with public companies, many of our corporate clients are privately owned at various stages of growth. We know the in-house and law firm landscapes extremely well so we can quickly and efficiently identify legal counsels with the expertise and mind-set that fit your needs and culture.
For more in-depth advice, please contact Lindy Ho at firstname.lastname@example.org or Tracy Tan at email@example.com, our legal recruiters to discuss further on how we can assist you with this very important step in your company’s growth.