The role of General Counsel continues to evolve as more board members and C-suite officers expect their legal chiefs to up their contribution to company goals. According to the results of a new study, the GC adds value as a member of the executive team strengthened by their ability to contribute to the strategic growth of the business. The study, The Power of the Business-Minded General Counsel, was conducted by executive search firm BarkerGilmore and NYSE Governance Services, and surveyed the opinions of CEOs and directors of publicly traded companies nationwide.

Corporate governance

The research found that GCs make the greatest business impact in their handling of corporate governance matters. Business strategy is the clear frontrunner for where GCs can add more value. Similarly, business acumen is a now top ranking core competency for today's GC to be considered a valuable strategic advisor. When it comes time to replace a GC, 57 per cent recommend benchmarking internal candidates against external talent, 37 per cent  said the company should focus on external candidates, and six per cent recommend focusing solely on internal candidates. It also found that as CEOs and directors increasingly look to the GC to act as a trusted and strategic advisor to the business, confidence in GC and law department succession planning is on the decline. BarkerGilmore Managing Partner John Gilmore noted that 'with law department budgets running so lean, it is uncommon for a clear successor to be identified and closely aligned with the board, especially at small or mid-sized companies