María de Lourdes Ortiz Tovar – GC Powerlist
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Ecuador 2023

Financials

María de Lourdes Ortiz Tovar

Senior legal counsel | TMF Group

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Ecuador 2023

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María de Lourdes Ortiz Tovar

Senior legal counsel | TMF Group

Team size: Ten

What are the most significant cases or transactions that your legal team has recently been involved in?

One of the most significant transactions I recently led was the reconfiguration of the internal structure and business activities of a multinational client. It was a complex corporate operation that involved the reimagining the director’s functions, rethinking the economic activities aligned with the improvement of the business model, remotion and appointment of directors and amending the bylaws to reflect such changes.

The complexity of such operation laid not only on the technical part, but in assuring statutory changes would align with a new and better way of conducting business. This meant that in order to provide comprehensive legal advice, we had to understand the operation thoroughly.

Also, I co-led the merger of the Ecuadorian and Colombian internal legal team. This meant the internationalisation of both teams to continue to provide a flawless service to clients, with the aid of technological platforms for an improved coordination of services, deliverables, and milestones, both internally and with clients.

How important is choosing to work with external lawyers who align with your company’s values? Are you likely to reconsider what firms you work with based on this?

It is crucial for any business to have the right partners. When it comes to legal partners, hiring the “right fit” becomes especially relevant, since the client-lawyer relationship is based on mutual trust and understanding.

TMF values external counsel that are empathetic and proactive, who are committed to providing holistic and business-oriented solutions, a commitment and passion all TMFers share. More so, TMF selects external counsel based on high ethics standards and commercial good will. It is especially relevant for us to work with lawyers that advise us considering the long-term and ethical effects of business or legal decisions, rather than providing quick fixes.

Why are in-house lawyers well-placed to drive change in their organisations?

In-house lawyers are in a strategic place to propose, influence, lead and direct change within organisations since most, if not all, business decisions are consulted internally with them.

In my personal experience working for TMF, the legal team created processes that directly impact our operations and helped business lines develop a commitment to compliance and documentation in all the stages of business relationships.

It has not been an easy task, but the legal team constantly conveys to business lines that a precautionary, instead of reactive approach, is far more beneficial for the operation and business itself, together with the fostering camaraderie with our internal clients under the “One TMF” business philosophy.

As we live in a fast-paced world today, what skills will a corporate legal team need to succeed in the modern in-house industry?

As an increased number of functions can be carried out by technology nowadays, I consider soft skills to be especially relevant and irreplaceable. For example, being present during crucial meetings or difficult conversations or even acting as a mediator when needed are appreciated characteristics counsel should develop. Also, being empathetic and sensitive to business needs is a valued skill since it helps in gaining insight on the effects that our legal advice could have, and therefore, assist lawyers in providing practical legal solutions.

Personally, I consider that having a business-oriented focus helps lawyers propose out-of-the-box, tailored solutions that can support business development and continuity, rather than increasing the complexity and costs of a particular operation.

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