What is today the purpose of a Legal function in a company and, in particular, in a Bank?
The time of the mere “juriconsult”, o legal advisor, is long gone and today a corporate lawyer must have strategic skills in the risk management and compliance areas, experience in corporate governance, ability to understand financial statements or to contribute to the preparation of a business plan, passion for the company’s product and ability to position and promote it in the market. All this in the awareness that every day we are faced with overbearing regulations, barriers of all types, data centrality, customer protection, reputation to protect.
In a world which places a growing premium on hyper-specialization and is characterized by the coming to market of new mobility systems and paradigms, especially to meet the demands of the new generations, it is increasingly easier to miss the forest for the tree and, consequently, to lose the ability to spot risks or to understand and take specific opportunities.
In fact, on close inspection, practically all that happens in a company has to do with Legal, whether it is a contract, an e-mail, a meeting. “Law is Freedom”, as Johann Wolfgang Goethe famously said.
The Legal department is called upon to contribute to this and other aspects, not only through the input of key legal knowledge, but also by developing a complete overview of corporate processes, similar to that of the rules and regulations governing the business. A Legal department 4.0, blockchained to codes and laws, on one side, and to the versatile and creative digital world, on the other.
In short, a Business Partner that is both a driving force for the company’s business and a brake for any potentially harmful situation.
Basically, the idea is to start from best practices in the preparation, negotiation and management of contracts, mindful that the main objective is supporting the creation of value while protecting the company, its values and its people.