First, can you please give us an idea of the sort of work your team has done recently?

A key project for Banesco Banco Múltiple (Banesco) has been digital transformation. In this context, the legal team has supported the innovation team in rendering legal advice which has enabled the implementation of all projects, while at the same time ensuring compliance with the current legal and regulatory framework.

The legal team also participated actively in the first ever debt issuance by Banesco, successfully structured and matured the Security Agent services that Banesco offers, structured the company’s approach to the Insolvency Law which entered into force in 2017.

The legal team works closely with the corporate division of the wider legal department in evaluating legal tech solutions and the feasibility of RPA, standardisation of contractual clauses and vendor policies, among other projects.

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

In addition to blockchain, cloud and artificial intelligence (technologies that are rightfully mentioned often), we are particularly interested in other key technological advancements with high ROI long term: legal data analytics, research automation, natural language processing, and intuitive document and knowledge management. They have a direct impact in alleviating the burden of administrative tasks on legal teams, allowing general counsel and their teams to invest more time on strategic matters and key legal risks.

Whilst not a technological advancement in itself, the role of the chief legal operating officer is crucial in helping legal teams understand if technology is the solution to a specific problem and, if this is the case, how it can be effectively deployed.

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

The general counsel is transitioning from a legal expert and risk mitigator to a business enabler. This intertwines with our second response, because as technology evolves and also its deployment we foresee that low value and repetitive tasks will be automated and the general counsel and its team should have more time to focus on higher value activities and strategic advice. This has a direct effect in transforming the general counsel and its team into real allies of their business partners.

Whenever legal teams are viewed as a burdensome formality they are incorporated into projects which are already structured and, as a consequence, they are put up against the wall and do not have any maneuverability. However, when legal teams are viewed as business enablers they are either a key actor of the innovation team or are incorporated into strategic projects and initiatives from the very beginning.