What has been the number one challenge that has impacted you over the past year?

We faced two significant challenges last year.

Firstly, due to the increasing importance of ESG considerations, regulatory frameworks around environmental and social issues are rapidly evolving – even more so in the EU, in view of its ambition to play a frontrunner role. Our aspiration remains to be recognised as sector leader in this area.

Realising this aspiration required the review of a fully integrated ESG strategy and ensuing ambitions. We also had to navigate the complex web of technical requirements along with full taxonomy alignment and disclosure requirements, thereby ensuring that our company provides accurate and complete information. In doing so. this ambition was clearly reflected throughout our value chain.

The rise of ESG presents several challenges for legal teams, but it is also an opportunity to play a critical role in helping our organisation navigate these waters and ensure long-term sustainability.

Secondly, last year saw the return of inflation, a rapid rise in interest rates, and an increase in material and labour costs – as well as, for the real estate sector, a rise in sales yields. These significant changes in a relatively short time frame negatively impacted business plans and resulted in occasional revisits of strategic choices, requiring the legal department to rise to this challenge.

Do you have an example of a time when you have come up with an innovation that improved how your legal team works that did not result in a large expense?

Legal departments such as ours are familiar with digitalisation and the digital transformation that runs through the entire sector. The real estate sector has long been a bit analogue in nature, but different initiatives are developing and will have a strong impact on the sector. However, internal digitalisation does come with an expense.

Fortunately, the benefits that result from a properly running team do not require a large expense. Today, we are reaping the benefits of the clearly structured, functioning legal department we established – internal and external parties have a proper understanding of risk identification, management and resolution.

This enables us to implement a quasi-operational, agile and proactive approach, with early-stage involvement that guides processes and transactions, based on short communication lines and demonstrated cooperation between experienced people as well as a strong team spirit and solidarity.

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

Aside in-depth legal knowledge, we consider the following qualities as essential and greatly determine the selection of applicants to our team.

Firstly, effective communication is crucial in this industry, especially due to the rapidly changing macro-economic landscape. Deals can be complex and involve multiple parties, so the ability to clearly communicate and to different audiences is a key quality to possess.

The execution of real estate development projects requires an understanding of business strategy, financial analysis, risk management and the ability to balance legal requirements with business goals and objectives. Hence, business acumen is a prerequisite to success as an in-house lawyer.

Furthermore, successful in-house lawyers in the real estate industry must possess strong analytical and problem-solving skills to easily identify legal issues, research potential solutions, and offer sound, actionable advice.

Finally, despite the serious nature of our work, a highly personable disposition is a valuable quality that ensures success in this role. This ensures a working environment that encourages collaboration and teamwork, and a business relationship based on trust.