Foley & Lardner LLP partner David Simon coauthored The Agenda article, “Turn Your Corporate Lawyer into a Strategic Weapon,” published by Financial Times.
Simon and coauthors Knox McilWain, head of regulatory legal, regulatory compliance, and data and privacy at Airwallex, and Shiv Haria-Shah, partner at Fieldfisher, share insights from their recent workshop for MBA students at the University of Oxford Saïd Business School exploring how to strategically navigate the frequent disconnect between business executives and lawyers.
The authors assess the cause of this disconnect, grounded in the unique priorities guiding both functions. “Lawyers are taught to spot risks, build comprehensive airtight arguments and prevent
bad outcomes — their regulatory licenses and professional identities depend on caution, thoroughness, and precision,” they write. “Meanwhile, executives are rewarded for driving growth, speed, and results.”
They provide several important tips for business executives looking to unleash the full value of their legal support, including placing legal issues in the business context, developing a ‘risk permission structure,’ asking for a provisional legal opinion, involving counsel early, providing lawyers access to key stakeholders, and clarifying the intended audience and use of legal advice.
“Most sophisticated legal advisors know that they must be strategic partners — not friction points. Effective and experienced executives know how to channel legal advice without stalling momentum, reframing the legal function as a source of competitive advantage,” the authors conclude. “Lawyers do well to recognize their predispositions and limitations, but executives can also help to unlock potential. When that shift occurs, companies not only avoid missteps, but they also move faster, smarter, and with greater confidence amid uncertainty.”
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