In-house legal counsel are uniquely positioned to contribute to the strategic decisions made by a company’s board of directors. In this whitepaper, we will discuss why in-house legal counsel should consider seeking a position on their company’s board, what skills they can bring to the table, and how to make a credible argument to be admitted to the board.
Why In-House Legal Counsel Should Consider Joining the Board
In-house legal counsel have a deep understanding of the company’s operations, legal risks, and regulatory requirements. They also have experience working with senior executives and can provide valuable insights into legal and regulatory issues that may impact the company’s strategy. By joining the board, in-house legal counsel can contribute to the company’s strategic decisions and provide valuable guidance on legal and regulatory matters.
Skills and Learnings Needed to Join the Board
To join the board, in-house legal counsel must demonstrate a range of skills, including strategic thinking, financial acumen, and effective communication. They should have a deep understanding of the company’s business, industry, and competitive landscape, as well as the legal and regulatory environment in which it operates.
In-house legal counsel should also undertake learning opportunities to gain a broader understanding of business operations, such as executive education programs or courses in finance, accounting, and leadership. They can also seek out mentorship opportunities and seek guidance from current board members to better understand the responsibilities and expectations of board members.
Making a Credible Argument for Joining the Board
To make a credible argument for joining the board, in-house legal counsel should highlight their skills, experience, and contributions to the company. They should demonstrate their ability to think strategically, analyse complex legal and regulatory issues, and effectively communicate their recommendations to senior executives and the board.
In-house legal counsel can also seek support from other senior executives, including the CEO, CFO, and current board members, who can attest to their value and contributions to the company.
Conclusion
In-house legal counsel have a unique perspective and set of skills that can contribute to the strategic decisions made by a company’s board. By demonstrating their skills and experience, seeking out learning opportunities, and making a credible argument for their admission, in-house legal counsel can contribute to the success of their company and advance their own professional development.
