Team size: 31

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

We always look for technological and digital solutions that can replace old and expensive methods. Additionally, we are keen to introduce new products and services for the benefit of consumers while adhering to the purpose of the relevant regulation. In-house legal teams must therefore be agile and respond with real-time legal solutions.   

We also share the premise that technological disruptions would also change the way legal teams work, as legal technologies and data analytics will also be adopted within legal teams’ work. For example, AI-based software can be added to assist in various tasks such as document review and due diligence.   

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

One of our primary tasks as in-house lawyers is to build opportunities for promoting the company’s business while protecting it from excessive legal risks.   

In-house lawyers should, therefore, be highly professional and internalise that they are not external consultants but integral parts of the company. In-house lawyers thus need to be capable of giving sound business advice, sharing accountability in subsequent decisions, be innovative and creative, all while coping with internal demands for enhanced efficiency, cost savings and legal risk management.   

A successful in-house lawyer would have a meaningful and profound appreciation of the current market situation, industry trends, the company’s position in the market, its risk appetite, and its future business, legal and regulatory challenges.   

Furthermore, in-house lawyers in key positions should be motivated to constantly improve their skills, be fully updated on current changes, achieve positive results in problem-solving and perform beyond expectations. They should also be responsive, collaborative, and business oriented.   

Heads of legal teams should facilitate and promote the utmost open, direct and equal communication system within the legal team. Therefore, one of the main challenges is to build a close-knit team, regardless of the hierarchical position, while allowing free and unfiltered sharing of opinions.   

Moreover, it should be at the head of the team’s focus to allow knowledge sharing and collaboration within the legal team. First, it enables each lawyer in the team to “pick up” any issue that her colleague was working on when necessary. Second, it allows team members to share thoughts and get advice from their peers on the different issues they face. Third, in the banking industry’s ever-changing legal and regulatory atmosphere, a legal question usually encompasses more than just one realm of the law, thereby requiring interdisciplinary and multiple points of view.   

What can law firms do to improve their service to the legal department?  

In-house lawyers must identify the legal fields and concrete situations in which an external counsel is justified. Law firms must provide the best legal services and subject-matter experts at a fair price. An ideal law firm should thus be symbiotic with the in-house lawyer. At the same time, the latter serves as a bridge and provides the external counsel with the business context and goals, expectations (success criteria, deadlines, etc.) and budget estimation. Therefore, they must work closely throughout the project and ensure that the desired deliverables are duly received as planned.