Disclaimer: L. Scott Askins left Kabbage while this research was being conducted, in December 2022.

What are the most significant transactions that you have recently been involved in?

My legal team was instrumental in guiding Kabbage through a transformational pivot during the height of the Covid-19 pandemic to become the second largest first round Small Business Administration (SBA) Paycheck Protection Program (PPP) lender by application volume, approving US$7bn in application supporting around 300,000 small businesses (preserving an estimated 945,000 jobs) and outperforming some of the largest banks. 2020 culminated with the acquisition of Kabbage by American Express in October pairing Kabbage’s digital cash flow management solutions with American Express’ over 60 years’ experience backing small businesses, global networks, and breadth of financial services. It was a massive effort on all sides to successfully close a fully virtual deal in the middle of a pandemic. Within 2021, the first full year following the acquisition, my team supported the launch of the full Kabbage product suite from American Express, as well as achievement of key acquisition integration milestones. Moving into 2022, the Kabbage platform has become instrumental in American Express’ initiatives to move “beyond the card” with lines of credit, checking accounts and insights to help small business customers not just emerge from the pandemic but to grow their businesses.

How do you suggest in-house lawyers build strong relationships with business partners?

Know your company’s products and customer needs, look externally, and follow emerging trends in your industry and more broadly in disruptive companies competing or looking to compete in your industry. It is imperative to understand financial statements, as well as your company’s strategic goals and key financial metrics to support company-wide initiatives and drive value to all stakeholders. As a lawyer, you need to lay out the risk, but always make a recommendation using business judgment and concise non-legalese summaries. If you do not know something, it is fine to state that but then be a problem-solver and seek out the answer. Know that it is also okay to make mistakes, just be accountable and learn from them. The pandemic deepened my belief that the ability to quickly pivot in a transformational way and remain agile is the key to success in challenging times.

As we enter the next decade, what skills will a corporate legal team need to succeed in the modern in-house industry?

In addition to my response above, corporate legal teams need to get out of their comfort zone and choose to participate in cross-functional projects to network with business stakeholders across your company. If you can successfully navigate those efforts, your team will be sought out for advice early and often. I also believe one of the most important things corporate legal teams should continue to focus on is driving your company’s DEI initiatives. I personally serve as an advocate to accelerate gender balance and diversity on corporate boards and in the C Suite. General counsel have a responsibility to not only advocate for themselves but also for others to create more opportunities and move the needle forward.