Focus on: in-house counsel as time passes

The role of the in-house counsel has, and still is, changing significantly. Over the years, the role has evolved to become much more comprehensive and demanding; in-house counsel must fully immerse in the business, assess, not only the strategic, but also the operational risks, and remain alert to various aspects that affect the performance and reputation of the company. Awareness, as well as prompt risk management, is required. These tasks become more challenging in a fast-moving legal landscape, and especially in a country where the rule of law is not as firm as it used to be. The social demands have influenced the way in which the courts traditionally interpreted the law and have pushed the legislators to react with poorly drafted legislation. On top of that, Chile is facing a process of drafting a new constitution that changes fundamental aspects of the institutions and the structure that the republic has known until now. We are facing several uncertainties that will remain for some years. In-house counsel face an endless challenge to keep updated with all incoming regulation, as well as assess the risks and manage them in the most suitable way. To fully comply with that role, the in-house counsel must be part of the management team and have the ability to build appropriate teams and properly guide them in complying with the law. The in-house counsel has a strong role in introducing the norms to the staff and simplistically explaining them. In my experience, by keeping the explanations as simple as possible, a better understanding of the norms are achievable. Speaking about compliance, although the existence of an independent compliance department is ideal, it is not always possible. In such a case, it is the in-house counsel that must take the lead in compliance. In summary, the in-house counsel has a particularly challenging, dynamic, and exciting role. If properly handled, the in-house counsel can influence the path a company takes, and the way it behaves. To pursue such a goal, having an alignment with the corporate values is essential. In my view, in-house counsel can have an especially significant role in fostering corporations to not only comply the law, but also to encourage them to do the right thing and speak up if not. The law is the base line, the minimum to observe. However, we should aim to follow and promote higher standards and encourage the organisations where we work in that direction acknowledging the key role that corporations play in today’s society.