Who Reports to the Chief Legal Officer

When a large, publicly traded company hires a new OCL, it can make headlines, as can hiring a new COO or CFO. An OCOL usually has a long career in law. Positions an OCOL can hold before becoming an executive include Chief Legal Officer, Senior General Counsel and Partner of the firm. Understanding the unique responsibilities of each role can help you hire the right person for the job and lead your organization in the right direction when it comes to your legal affairs. Priorities often have components that touch more than one face. For example, the priority of “aligning legal priorities and resources with corporate strategy” may include elements of the strategist`s role that understand (and potentially influence) the company`s strategy and its relationship to the legal department`s strategy. It can also address the role of the operator and implement processes and procedures for the legal team to help them adapt. Chief Legal Officers (COOs) are the most senior lawyers in an organization. You are responsible for overseeing all legal matters of the Company, including litigation, regulatory compliance and government relations.

GC`s role is to provide legal advice that helps the company achieve its business objectives. It may sound simple, but it`s quite complex. Finally, an OCL/GC partnership could be an attempt by the firm to retain its lead counsel because he or she has certain skills or abilities (usually technical, for example). Knowledge of a complex regulatory system) that the firm has not yet been able to replicate with another lawyer and is not willing to lose that person. As a result, they could agree to a CLO/GC agreement for a while. If a company has a long-time general counsel who has established a very strong relationship with the CEO, we`ve seen situations where the CEO asks the GC to stay with the company until the CEO retires – but they also want to promote internally who will be the future head of the legal department. The GC becomes Chief Legal Officer and an Assistant General Counsel is appointed. Again, this might work if it`s a short stay. Keeping the company informed of compliance issues and recommending an action plan to address those issues is also the responsibility of the OCOL.

There is also an aspect of corporate governance in the role where certain responsibilities and functions fall on the OCOL to ensure that the company does not break any laws. This may include, for example, ensuring that the company conducts its hiring process in accordance with labor standards, complies with relevant product labeling regulations, complies with health and safety regulations, and submits reports required by government agencies. The terms “General Counsel” and “Chief Legal Officer” are often used interchangeably. However, there are important differences between these positions, including their specific priorities. These differences, which are described in more detail below, should be considered when hiring a lawyer for your business: Here are the key competencies that a Chief Legal Officer should possess in order to perform their duties effectively: To qualify for the position of Chief Legal Officer, you will need a law degree. You should also have extensive experience as a lawyer. In general, the competent OCOL must have knowledge of legal issues and business activities. Education: A bachelor`s degree is often a minimum requirement to become a law director.

However, many employers prefer candidates who have a law degree, such as a Juris Doctor (JD). A JD lasts three years and includes courses on topics such as criminal law, civil law, contracts, tort and constitutional law. OCOL must have a solid understanding of the law and its impact on business decisions. They need to understand how to translate business goals into actionable legal strategies. This understanding requires extensive experience in legal and commercial matters. Over the years, especially during the pandemic, the role of the company`s chief legal officer has become a key figure in senior management, helping to shape the company`s strategic direction. Today`s Chief Legal Officer (CLO) is multidimensional and no longer just an extraordinary legal tactician.