By Daniel Kobialka
A January 2013 Legal Exchange Network report about general counsels and chief compliance officers showed that these professionals will prioritize increasing department efficiencies and enhancing cost management in 2013. Meanwhile, the study revealed that "doing more with less" is the top priority for many compliance and legal officials.
According to a press release, 76 percent of general counsels and chief compliance officers said that improving legal management spending was a major initiative this year. In addition, 60 percent of study participants noted that reviewing and upgrading their compliance programs were critical objectives in 2013.
Financial News reports that the general counsel position has become a prominent role in many organizations around the world. General counsels shed light on legal matters and help businesses overcome challenges as the global economy evolves.
“Over the past five years, as globalization has taken hold, as the post-crisis order has sharpened, and as the regulatory interface has become more prominent in financial services, the role of the general counsel has been brought into clearer focus," said John Halvey, general counsel of the New York Stock Exchange Euronext.
Adam Eades, chief legal and regulatory officer and executive board director of trading platform Bats Chi-X Europe, said that general counsels often make quick decisions that can have significant effects on businesses.
“In the old days you may have been asked to give an opinion every now and again but now we’re expected to be involved in the up-to-the-minute commercial decisions," Eades said.