Business acumen in demand
According to new research released this week, 90 per cent say they now give broader commercial advice to their company. Meanwhile 68 per cent say they are more involved in formulating commercial strategy in their company than five years ago. The research -The Role of the General Counsel - was conducted by The Global Legal Post in association with law firm RPC and looked at the changing role of general counsel across the globe.
More expected from law firms
The research also found that more is expected from law firms on this front, with two in three respondents looking for an enhanced service which combined legal advice with business acumen. Commenting on the findings, RPC managing partner Jonathan Watmough said "Gone are the days when external advisers could simply dispense legal advice in a vacuum - today it's as important to frame that advice in broad commercial terms that make sense not just to GCs, but to the c-suite executives they work for. Some firms have already made great strides in that area but, as the research suggests, many still have a long way to go."