Team size: Seven

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

In my opinion, technological advancements will not affect the current way in which most in-house legal teams operate in the essential parts of the legal work, such as the wording of contracts, representation in legal proceedings, corporate governance and the construction of regulatory mechanisms that are compatible with the law, as well as accounting standards.

However, on technical and procedural issues, technology can facilitate specific legal work components to allow for a more optimised process. For example, we can find the immediate reports of public companies to shareholders, which are currently drafted on a file that the company uploads to the stock exchange website. Technology assists in the access of information (including making this information accessible to people with disabilities), automatic error corrections, as well as being more easily searchable or as open source for other uses. We will have an easier way to understand where and when a given document is applicable through future advancements in archiving and indexing through keywords to allow documents to be more easily retrieved. Ultimately, technology cannot replace the work a human will do, but it can facilitate the storage, retrieval, and indexing of these documents to ensure it is more readily accessible.

Cybersecurity presents another area of opportunity where technology can play a significant factor. One of the areas is document management and electronic signatures. With more and more documents being signed electronically, the risk of forgery is always present. Electronically signing a document with an embedded audit trail can help minimise this risk and help make it more secure than a paper-driven process (as well as a part of the ESG regulation).

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

Aside from having comprehensive knowledge of the law across multiple industries, one of the essential qualities required to be successful is the ability to stay curious and continuously learn as industries evolve. Specifically, when working with investments in sectors that may be relatively unknown or as a new investment area for the company, having the ability to dive into the intricacies of an industry is imperative if one is to truly understand whether a given investment is worth an organisation’s resources, you must remain curious and be able to maintain a student mentality. A “start-up mentality” supports the right mindset when evaluating new opportunities.

In addition, corporate governance in Israel requires the in-house legal counsel to act as a part of the company’s management. At the same time, it serves as a legal entity providing legal advice. This multi-faceted role requires someone both experienced and charismatic while simultaneously demonstrating a stoic and patient approach when working with decision-makers. Blocking out the noise and avoiding conflicts of interest while navigating complex decisions is an important part of the role. It is important to remain politically impartial and ensure that inter-office politics do not affect decision-making.

Accounting, or at the very least maintaining a fundamental understanding of this area of expertise, is vital in the role, specifically when diving into an organisation’s financial statements. It is also imperative to have a strong familiarisation with the laws and regulations of securities and trading on the stock exchange. In addition, cross-departmental collaboration across accounting, appraisals, and multiple other departments is essential.

The in-house legal counsel of a public company also maintains a duty to the public and, more importantly, to the company’s shareholders. He must be able to keep his composure and, to a certain extent, provide a more conservative approach to navigating the regulatory environment. This type of approach will reduce the risk of unnecessary errors as well as maintain proper corporate governance.