General Legal Counsel as a Subscription Service | LEXR (2024)

FAQs

What is the difference between a chief legal officer and a general counsel? ›

A CLO leads all aspects of legal affairs, including risk management, compliance, and dispute resolution. In contrast, GCs are responsible for managing the legal functions of their organizations and ensuring compliance with applicable laws and regulations.

While the Chief Legal Officer oversees legal strategies on a higher level, General Counsel offers more hands-on management, making decisions in the moment for legal matters like compliance regulations, contract review and negotiation, asset protection, and litigation.

General counsel have many clients, but none more important than the members of the executive team, often referred to as the “C-suite.” Unfortunately, for many general counsel, the C-suite sees them only as the “lawyer” — the person there to help deal with legal issues and nothing more.

For this reason, most large law firms have full-time, dedicated internal General Counsel, to monitor the firm's compliance with applicable ethics rules and procedures, to respond to ethical issues as they arise, and to implement best practices in the firm's policies for risk management.

The VP of Legal often reports directly to the Chief Legal Officer (CLO) or General Counsel (GC). In some organizations, these titles may be used interchangeably, depending on the structure and needs of the business.

Your general counsel should never report to your CFO

It's important that the leaders of your finance and legal functions have direct, unfiltered access to the CEO.

In today's world, the GCs may collaborate with board members by attending board meetings regularly. Because the general counsel and board members rely on each other in important ways, they need to work toward establishing a good relationship.

The General Counsel will set the long-term strategic vision, priorities, and budget for the Legal team, ensure that the company and its employees stay in compliance with applicable laws and regulations, advise and liaise with the Board of Directors and executive team on strategic initiatives, and handle most sensitive ...

The general counsel of a company is the lead attorney in a company or organization. A deputy general counsel is second-in-command, helping the general counsel oversee the other lawyers in the department and provide legal advice to cases affecting the business.

Is a VP considered C-level? No. A Vice President, or VP, is considered to be part of V-level management and reports directly to the C-level.

What are D level executives? ›

D-level executives are the ones who report to VPs. In this case, D stands for director, e.g. a Director of Engineering or a Director of Sales belong in this grade. Some companies also use the term “B-level executive” to describe mid-level managers. Related resources: Best job sites for executive-level candidates.

The average age of a top executive is increasing. According to a recent study by the Wall Street Journal, the average age of a C-suite member is 57—six years above where it stood in 1980. There are obvious factors behind the shift. The average life expectancy, for example, is much higher than it once was.

The modern general counsel (GC) role has evolved from legal advisor into something more. They now serve as a strategic and influential partner and counsel to the C-Suite, helping make decisions that protect the business while guiding growth and profitability.

Cultural fit and integrity are the two most important qualities for an effective general counsel. To maximize the likelihood for a successful general counsel, there should be a clear understanding of the values and priorities for the organization and the GC, as well as input from diverse perspectives and stakeholders.

The Associate General Counsel is usually an experienced lawyer who supports and reports into the General Counsel at medium or enterprise businesses.

Some companies use the title chief legal officer (CLO) instead of general counsel (learn more about the differences between the CLO and GC here and a deep dive into their roles) to denote the top legal executive.

A general counsel, also known as chief counsel or chief legal officer (CLO), is the chief in-house lawyer for a company or a governmental department.

For many smaller companies, it may make the most sense if the compli- ance officer is also the GC, because there is sufficient overlap in their roles. Keep in mind that no matter what the tone is at the top, the risk remains that a particular individual in a dual role will have a limited perspective.