Team size: 10

What are the most significant cases and transactions that your legal team has recently been involved in?

Our legal team covers a broad spectrum. As part of a global investment management firm, we have cultivated a team with a diverse set of financial services skills. Each qualified lawyer possesses a multi-disciplinary focus and skill set, while striving to be an expert in their core field. This enables us to guide the business on almost any issue it encounters day-to-day.

Some of the team’s most significant recent transactions include the demerger of Ninety One from the Investec Group and the simultaneous listing of Ninety One on the London and Johannesburg Stock Exchanges, using a dual-listed companies structure.

There was also the Steinhoff Class Action. We were integrally involved in the efforts led by the investment industry to recover value for investors who suffered losses due to the Steinhoff share collapse in 2017. As a result, the impacted investors received settlement payments from the parties implicated in the share collapse. Furthermore, the team were also involved in negotiating the sale of Silica, our third-party administration business, to FNZ.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most? Which have you found most useful in your legal team?

The legal landscape underwent significant changes due to global events like Covid-19 and lockdowns. A notable transformation includes replacing manual signatory processes with efficient electronic and digital signing methods. This enabled remote and secure document signing, resulting in significant efficiencies in contract processes.

AI and machine learning have also now become mainstream, enabling large language models (LLMs) to function as advanced AI-powered assistants. In the legal field, LLMs are revolutionising how lawyers leverage stored information, efficiently processing large volumes of data to free up lawyers for more sophisticated tasks. These models excel at analysing trends, drawing meaningful conclusions from data repositories, and are particularly valuable for summarising and translating information. Our experience with proprietary LLMs has proven immensely helpful.

Moreover, automating repetitive manual processes adds great value and will continue to grow. This automation reduces human error, streamlines processes, and avoids duplication of effort. Contract management systems are also becoming more advanced, seamlessly integrating with current legal and business systems. Embedded OCR technology enhances searchability, saving time in analysing extensive data sets. Additionally, the inclusion of templates and self-service features proves beneficial.

Remote work is integral to modern in-house legal practice, requiring effective management for optimal business, team, and individual outcomes. Technology, including instant messaging and video meetings, has bridged physical divides, enabled seamless online collaboration, and fostered cohesion among both on-site and remote participants.

How do you suggest in-house lawyers build strong relationships with business partners?

In-house lawyers can strengthen their relationships with business partners through various means. Integration is crucial for in-house lawyers, requiring a comprehensive understanding of the business and its strategic direction. Our team operates in specialised pillars, fostering expertise in specific areas and creating “centres of excellence.” This approach allows business partners to easily identify go-to lawyers for specific matters, fostering meaningful relationships.

Furthermore, maintaining visibility and relevance is crucial for the legal team. Sharing knowledge, providing training, and showcasing specialised skills enhance visibility and add value. In-house lawyers should also stay agile, versatile, and tech-savvy to address diverse legal issues efficiently and streamline communication for business services.

To be a trusted in-house legal adviser, you must offer commercially focused, pragmatic advice. This involves distilling complex information into easily understandable guidance, requiring a profound understanding of your business, its success metrics, and the associated opportunities and risks. Effectively packaging legal advice within the business context, making it persuasive and clear to non-lawyers, is essential.

What are some of the main trends impacting your industry in South Africa?

High inflation and interest rates have significantly impacted the economy, driving a risk-off approach to investing. Increased scrutiny and negotiation of legal contracts have gained renewed significance in an economic environment where many counterparties are experiencing tangible cost and financial pressure. Parties are actively seeking to manage downside risk.

We have also seen a recent increase in new and evolving legislation, because of the country’s greylisting and various social and political initiatives. Furthermore, technology and digitisation have brought seismic advancements, presenting a multitude of opportunities to make legal services more effective and efficient.