24 ASIAN LEGAL BUSINESS – MAY 2024 WWW.LEGALBUSINESSONLINE.COM believed there will be a rise in new pricing models over the next five years. Facing a technology-driven shakeup to the synergies with their external counsel, corporate legal teams are prompted to redefine their roles. General counsel believe that the recipe for their team’s success is to go beyond the practice of law and to become strategic business partners with the rest of the enterprise. “The legal function of the future will be highly specialised with lawyers embedded in the business working alongside their respective stakeholders to structure deals and proactively address legal and business risks,” says Huen of the Bank of Singapore. “I see the general counsel role evolving to be increasingly key to an organisation’s success, and the general counsel will need to be a proactive and strategic advisor to the CEO and the board of directors on issues beyond legal matters to help the organisation gain a competitive advantage,” adds Huen. Guyala of Nestle Philippines considers it highly necessary for in-house lawyers to be immersed and well-versed in the business and operations in order to render legal solutions effectively. “In Nestle, lawyers act as legal business partners to the different departments, exposing them to operations reviews, which, in turn, contributes significantly to their knowledge of the business. This enables them to render pragmatic legal advice that is attuned to business realities and not just legal concepts,” says Guyala. The Dong-A ST legal team also emphasises the fusion of legal acumen and commercial precision and urges inhouse lawyers to prioritise their professional development by deepening their understanding of the business sectors they operate in. They also believe it is crucial to foster close collaboration between in-house lawyers and colleagues from other departments such as finance, operations, marketing, and human resources. “This collaborative approach facilitates a comprehensive grasp of the company’s objectives, challenges, and opportunities, fostering a culture of teamwork. Through cross-functional collaboration, lawyers can offer businesses more strategic and value-added advice, thereby positioning themselves for success in today’s dynamic and competitive business landscape,” explains the DongA ST team. “Our mission is to help our commercial colleagues solve their legal issues with a commercial mindset,” says Kato of INPEX Corporation. “We are not deal blockers. However, our primary role is to help protect the legal interests of the company.” AGILE AND SOPHISTICATED To guide companies in navigating Asia’s diverse and nuanced business landscape, in-house legal departments need to be more agile in what they do and sophisticated in the advice they provide. ASIA TOP 15 IN-HOUSE TEAMS 2024 Larsen & Toubro (L&T) Bank of Singapore
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