UPGRADATION IN LEGAL ASPECTS OF BUSINESS

Abhijit has done Graduations in Commerce (Honours) and Law from India and the UK. He is a qualified Company Secretary from India and Chartered Secretary from the UK and is a Fellow Member of The Institute of Company Secretaries of India and The Institute of Chartered Secretaries and Administrators.

- Abhijit Mukhopadhyay

How has the role of the general counsels and legal department changed from the past three to four years? What are they doing differently today? 

The role of GCs and legal departments has undergone a complete transformation in the last two decades not only in India but across the globe. This is because the expectations of businesses have seen a complete change. Today’s GCs are expected to be knowledgeable in legal disciplines and business savvy. They are expected to contribute positively towards the development and expansion of the business. Besides, today’s GCs and legal departments are also expected to develop professional skills and knowledge in the newer areas of law and to act as mentors to young professionals, retention of whom has become a challenge. Expectations from today’s GC and legal departments are that of a business manager who understands the business and the problems/issues surrounding as also to assist the business to resolve challenges. Gone are the days when the legal department did not hold any accountability to resolve complexities and challenges in a business especially from the legal point of view. 

According to you, what are the potential risk management skills companies should develop considering the changes in law or political situations that may pose future legal uncertainty?