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Three core competencies for the modern general counsel
Journal of Financial Compliance,
5
(1),
66-74
(2021)
Abstract
This paper offers a perspective on how current general counsels (GCs) need to extend their reach and spheres of influence in order to add the greatest value to their companies. It provides practical suggestions on how to integrate and align the legal functions squarely with the company’s decision-makers, by focusing on achieving mastery over three competencies: (1) active engagement by the department in the governance structure of the entity; (2) a central role in the company’s reputational risk framework; and (3) an embracing of operational risk in the actual work being performed by the legal function. The author argues that it is insufficient if a GC is simply an outstanding lawyer who views their job largely to analyse legal issues and problems presented to them; rather, the paper postulates that a modern legal department needs to extend its reach and be more proactive and that the three competencies enumerated above, if mastered, help to accomplish that and create the opportunity for the GC and the department to be considered truly successful and influential. The paper also offers thoughts on how to nurture and develop talent within the department, how to incorporate the GC’s experience in crisis management for the greater good of the company, and how to be a thought leader on efforts to streamline processes and increase efficiencies.
Keywords: role of the general counsel; governance; reputational risk; legal operations; crisis management; developing talent in the legal department
The full article is available to subscribers to the journal.
Author's Biography
Joseph Polizzotto is Senior Vice President for Strategy and Client Services at QuisLex, which is one of the world’s leading alternative legal services providers. He brings decades of experience to QuisLex in that role. Just prior to joining QuisLex, Joe was the General Counsel for the Americas at Deutsche Bank, a position he held for 6 years. Previously, he was the General Counsel at Lehman Brothers, where he worked for almost 19 years. His many professional distinctions include the Alfred J. Rauschman Award from the Securities Industry and Financial Markets Association (SIFMA) for contributions to the Compliance and Legal Community and a distinguished career in financial services. Joe also worked as a commercial litigator at the law firm of Cadwalader, Wickersham & Taft, and he began his legal career as a law clerk for the Honourable Joseph F. Weis, Jr, of the United States Court of Appeals for the Third Circuit. He is an honours graduate of both Columbia College, where he received his BA, and the New York University School of Law, where he received his JD. Some of Joe’s career highlights include testifying on behalf of the financial services industry before Congress on a number of occasions and appearing before the United States Supreme Court in Mastrobuono v. Shearson, 514 U.S. 52 (1995). He has served frequently as a speaker on industry panels, usually on critical issues affecting the banking/securities industry, legal ethics or the role of the General Counsel.
