Lorraine Parrott – GC Powerlist
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Australia 2023

Financials

Lorraine Parrott

General counsel and company secretary | Mercedes-Benz Financial Services Australia and New Zealand

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Australia 2023

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Lorraine Parrott

General counsel and company secretary | Mercedes-Benz Financial Services Australia and New Zealand

What has been the number one challenge that has impacted you over the past year?

Maintaining a high-performance culture with the onset of change fatigue has been the most significant challenge over the past year. How do you keep your people engaged when they are constantly tackling one crisis after another? Most of us appreciate that change is inevitable and are energised by the opportunities that it presents. However, the impacts of Covid-19 have brought about an accelerated revolution in how we do business and interact with each other. Running off pure adrenalin is not sustainable and will only last for so long.

We have a simple mantra in the legal team – ‘Go hard when you have to, stop when you can!’ — Most often than not, this is much easier said than done. Our team members are encouraged to look out for each other and hold each other accountable. As their leader, I must also lead by example on this front.

Another development has been to recalibrate my expectations of the team in ways that recognise their diverse working styles. I have consciously focused on the quality of their output rather than the traditional hours they work. My job is to create an environment that supports them to be the best they can be.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most?

Data is the new soil, and sophisticated organisations increasingly strive to be more data driven. We no longer hold data to comply with document retention obligations but also to make smarter business decisions. From a regulatory perspective, we are gradually shifting towards the GDPR lead principles where data protection and destruction become even more critical. However, the Australian regulatory landscape remains a complex suite of sometimes conflicting obligations. Before catching up with technological advancements and community expectations, there is still a long way to go.

Being the custodians of confidential and sensitive information bears great responsibility. To ensure we remain good corporate citizens, we must find the right balance between data retention and data destruction. The business may want all 20 data fields, but legally do we need all 20 data fields, and can our technology differentiate between what needs to be retained and what needs to be destroyed? Operationalising and managing those risks through an effective data governance framework is where our legal risk management skills will come to the fore.

What would you say are the unique qualities required to be successful as an in-house lawyer in your industry?

I generally measure my success through the level of engagement and recognition of my internal business colleagues. Does legal have a seat at the executive table? Is the legal team involved in the early planning stages? Does the business rely on the legal team to provide strategic solutions and enable strategic goals?

The more we integrate into the business, the more valuable our contribution is. Understanding your business as much as possible, speaking the language of your audience and providing pragmatic risked-based advice contribute to being an indispensable partner. Being part of the solution rather than the problem is far more rewarding.

Lorraine Parrott - Australia 2018

General counsel and company secretary | Mercedes-Benz Financial Services Australia and New Zealand

Lorraine Parrott is passionate about challenging the perception that lawyers are barriers to business and is a strong advocate for promoting their value proposition. With an expertise in motor vehicle...

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Lorraine Parrott

General counsel and company secretary

Mercedes-Benz Financial Services Australia and New Zealand

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