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Top 10 Tips For In-House Counsel
Top 10 Tips For In-House Counsel
Top 10 Tips For In-House Counsel
So you landed the job of your dreams as in-house counsel for XYZ corp. Now what?
Law school doesn’t always prepare a new attorney for the challenges of the “real world”. All
of a sudden getting a bad grade is no longer the worst thing that can happen. All those long
nights spent getting everything “perfect” may no longer be possible or practical from a
business perspective.
When starting your career as in-house counsel in a corporate legal department you may find
yourself in a very small team and you are expected to be the legal expert from day one. When
a sales rep or purchasing manager emails you with a question on the latest contract draft or
when there is an HR issue with an employee, you are expected to know the answer and
provide a solution that is not only legally sound, but most importantly is good for the
business.
The size of the department will have a big impact on your first 90 days as in-house counsel. If
you are joining a company with a large legal department you go through an internal training
program. If the company is smaller you might have to search out your own training program
like the ACC’s Corporate Counsel University. No matter what the on-boarding looks like, we
have put together a quick and practical 10 step guide that will allow you to hit the ground
running.
Knowing who reports to whom, how the official information channels work and where the
legal department fits in, empowers you to navigate the corporate maze and get stuff done
faster.
Most of the information you will need to understand the company is already be covered in the
major filings. But there might be slight differences, take the time to go through any Form 8-K
disclosures and Form 10-Q filings.
Going back three years gives you a picture of where the company is coming from and a better
understanding of how things have changed over time. If the company is privately held,
review any shareholder updates and don’t forget to check that any accredited investor forms
are completed and signed.
The due diligence binder (physical or virtual) should contain all the items the company would
have to present in the event of a financing round, acquisition or audit. See the binder as the go
to repository for information about the legal and operational infrastructure of the company;
contracts, licenses, permits, documents outlining the operational responsibilities, insurance
certificates etc. When you are going through it make notes on how it can be improved. If your
company doesn’t have one, creating a virtual one should your first action step.
If you have uncovered anything that worries you or have questions, this is your opportunity to
discuss it. A secondary objective is to find out how these external partners work with your
company. What is the relationship? Who do they interact with? Is the relationship based on
personal connections or is it 100% business?
10. Meet with senior managers from the
different departments.
By now you have formed a very good idea of how the company functions, and what if any,
challenges there may be going forward. Now is the time to start laying the groundwork for
your road ahead as in-house counsel within the company.
Set up meetings with the senior management in each department and listen to their concerns.
This is the time to set expectations for both sides. Now is when you start building the
foundation for your reputation as a trusted business partner instead of the in-house counsel
roadblock.
Conclusion
Starting in a new role as in-house counsel is exciting and it’s easy to start diving head first
into work. Resist the urge to roll up your sleeves and dig into the work that has been piling up
on your desk before you came in. Taking the time to fully understand the how, what and why
of the company will help you do your job both in the short and long term. If you are joining
the company at a time of crisis, you might have to deal with the crisis immediately and space
out the steps outlined above. Your target should be to have these ten tips for new in-house
counsel done within the first 90 days.