Although these responsibilities continue to take high priority, general counsel’s job is changing in both scope and influence. In fact, a Forbes Insights and K&L Gates survey reveals that 71% of C-level and legal executives believe their role will substantially change over the next three years. Another 77% believe they will have to deal with a lot of new issues.
Workshops, consortiums and continued education can help lawyers stay up to date on the latest regulations. However, it’s equally important that general counsel learn how these rules apply to their particular industry. Fortunately, by developing a deeper understanding of a manufacturer’s market and customers, in-house lawyers can not only ensure compliance with ever-evolving regulations, but also conduct a more thoughtful analysis of regulations for better business decision making.
Lawyers and business line leaders alike must be more willing to strengthen relations internally and externally to get products to market faster and support innovation. What’s more, by enabling general counsel to act more as a strategic advisor to the C-suite, manufacturers can embed legal precautions in everything from supply chain processes to factory floor operations.Nearly a third—32%—of the executives we surveyed view data and analytics as a trend most relevant from a legal point of view.
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