María Fernanda Acosta – GC Powerlist
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Colombia 2022

Non-profit / public sector

María Fernanda Acosta

General counsel | Fondo Latinoamericano de reservas - FLAR

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Colombia 2022

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María Fernanda Acosta

General counsel | Fondo Latinoamericano de reservas - FLAR

In what ways do you see the in-house legal role evolving in your region over the next few years?

Beyond the current trends of technology and ESG standards, there is space for active participation in the innovation projects of any company. In-house counsel must not only be thoughtful and capable of interfacing with different areas of law while working with external lawyers on multiple projects, but they must also develop additional non-legal technical knowledge and soft skills to be competent project managers capable of leading interdisciplinary teams.

I am confident that each in-house counsel can shape their role according to their interests and aspirations and align them with the company’s ones.

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

AI will continue to impact the role of in-house counsel. Internal lawyers are responsible for different company tasks from operative to administrative and advising the senior management team. Thanks to the introduction of AI, the workload associated with research, data review, and even the selection of provisions to be included in an agreement, is decreasing. This allows focus on other, more demanding functions of the role, which are the ones that I find more interesting — being a trusted advisor and supporting and driving the company’s innovation process.

On the other hand, advancements in technology always come with new challenges. Algorithms can learn patrons of decisions and process relevant information beyond the capacity of the human mind when making decisions. The human ability to choose certain consequences based on personal values will be essential for counsel to maintain their relevance in the face of technological advancements.

If you had to give advice to an aspiring in-house lawyer or general counsel, what would it be and why?

An in-house career requires not only being skilled lawyers but also building strong relationships with the managers and developing a good understanding of the business strategies and purpose.

It is essential to be a team player. It must be kept in mind that trust is the basis of every healthy relationship. Legal counsel should be trusted in their commitment to accomplish objectives and maintain an independent judgement.

Understanding the company’s business, purpose and strategy serves as a compass and is an effective way to focus efforts on the day-to-day work.

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