In-House Legal Tip: Be an expert in your Company … and the law.

Here is a simple proposition that I think we can all understand:

If you are preparing for a trip understanding the terrain that you will be navigating is essential to allow you to plan for and execute a successful journey.

The same principle applies if you are to become a highly successful in-house legal advisor.  

Knowing the law well is not enough. Knowing how it applies to your company is critical.

So, what should you know about your Company? Here are some things to consider:

1. Activities: what does your company do and where. products, markets, etc. You should know the “what” and the “how” it operates. 
2. Decisions: how do decisions really get made – both the formal and informal processes (and know when each will apply)
3. Weaknesses: what is your Company “bad” at – this is often where problems come from
4. History: you should be able to speak to the history of your company
5. Ecosystem: you should know the organizational design of your Company like the back of your hand
6. Policies: you must be familiar with all of your Company’s policies as they pertain to the legal operations
7. Personalities: what are the personalities of all the major decision makers
8. Risk Appetite: what is your Company’s appetite for risk and how to interpret that safely
9. Economic Drivers: what are the true economic drivers at play in your Company
10. Objectives: what are the real objectives of your Company, and how can you contribute
11. Values: what are the inviolable values that your Company represents
12. Sector: know your sector well – and focus on monitoring updates from the regulators of your sector.

In short – an informed environment is a controlled environment. You need to understand the advisory terrain in which you are required to perform miracles. As such, you need to inform yourself of all of these matters.

It is also worth noting that detailed organisational knowledge is considered one of the most “heavily weighted” factors when it comes to the appointment of legal team leadership. Being strong in this area means that you have the ability to massively outscore any external leadership candidate – so be sure to press home this advantage.  

So, ask yourself this – have you engaged in the “intentional” acquisition of company-specific knowledge? If not, then take time to factor that into your knowledge development plan. 
 

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