Team size: Four

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

As we enter the next decade, a corporate legal team needs to really build on their commercial awareness and sector expertise. In the modern in-house industry, the legal team is increasingly moving away from an isolated overhead or a mere risk-assessment department. It needs to be fully integrated into the business functions and act as a business enabler. This would also entail excellent interpersonal skills and a pragmatic and solution-oriented approach to legal risk. A keen understanding of the nuances of the law firm industry and the litigating landscape, together with the ability to embrace technology and modern compliance tools is also key for modern in-house legal teams to effectively harness legal resources.

What is the biggest risk facing your industry now and how are you preparing your organisation to deal with this?

Economic recession and reduced demand are of course the biggest risks facing the estate industry, especially aggravated by the global pandemic. To deal with this, our legal team needs to be equipped with a deep understanding of the rapidly evolving insolvency and debt recovery legal landscape and jurisprudence, to ensure that it can provide the right advice for restructuring and reviving stressed assets.

The unusual business environment created by the pandemic has been swiftly followed by the Ukraine crisis, and attendant supply chain costs rising and rising inflation. Are you now putting more emphasis on preparing for the unforeseen and, if so, what does this entail?

Indeed, there is a critical need for being prepared for the unforeseen and this would entail the ability to diversify and innovate, as well as being knowledgeable about modern technological solutions for more efficient risk assessment and prediction of outcomes. Great teamwork is also key to effectively coping with any unforeseen crises and continuously fostering a culture of excellence and mutual respect. Along with flexibility and compassion to respond to sudden work environment adjustments, it also goes a long way in developing and educating a team that is well equipped for a changing business environment.