In-house Careers Evening

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An event that allowed lawyers looking to move in-house and those already working in-house to gain a unique insight into the in-house environment and what is expected of them and how to make the most of a career in-house.

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In-house Careers Evening

  1. 1. 2011In-houseCareersEvening
  2. 2. In-house Careers Evening• What it means to be in-house today David Cosgrave, Lecturer, The College of Law• Working with boards – corporate governance and beyond Laurence Street, General Manager, Major Transactions and Governance, CSIRO• Taking your career to the next level – working in an international context Chris Woodforde, Director and Consultant, Bridgewater Strategies• How to stand out from the crowd – a recruiter’s perspective Phillip Hunter, Principal Consultant, Carmichael Fisher
  3. 3. What it means to be in-housetoday David Cosgrave Lecturer, In-house Program The College of Law
  4. 4. Enhanced status?• A falling tide – the GFC and the in-house function.• Closer to boards and senior management• Why?• C7, Harrington, Lehman Brothers Australia, AKZO
  5. 5. Structural change• Legal function follows organisation structure• Risk, regulation and corporate governance• The revolution in legal processes
  6. 6. Integration• Closer integration with the business = more effective legal work• Evidence of this – Sako & CBM/FTI• Advantages and disadvantages
  7. 7. Regulatory Oversight• The increasing breadth and depth of regulatory oversight• The regulatory ecosphere as a rationale for an in-house legal function• Liability – corporate & personal a concern for directors
  8. 8. Risk and Corporate Governance• Going beyond the “hand brake” tag.• Situational awareness - Know your risks and how to manage them• The in-house lawyer as an apostle of corporate governance and risk management.
  9. 9. Enhanced status – with a twist• Enhanced status, but greater risks• "To whom much has been given, much will be expected"• New skills and capabilities are required.
  10. 10. In-house Counsel & Boards – Corporate Governance and beyondLaurence StreetGeneral Manager, Major Transactions & GovernanceCSIRO
  11. 11. Working with boards – Understanding your role• Identifying “below the line” proposals: • Is it legal? • Is it the right thing to do?• The way you present information is critical • Senior Corporate Leadership – strategic focus • Project Management – transactional focus
  12. 12. The in-house lawyer as risk manager• Legal risk assessments typically overstate the likelihood and consequences of legal risk • Low probability / High consequence • Assess separately enterprise risk from project risk• Enhancing the „resilience‟ of a decision • Preparedness vs tick box
  13. 13. Influencing, Facilitating & Judgment• The power of agenda setting and briefing notes • The Chair and the Chief Executive• Boards and collegiate decision making • Vs individual director duties
  14. 14. Making Yourself Stand Out in The Crowd – A Search Consultant’s Perspective
  15. 15. Market WrapAustralia has been fortunate in sidestepping a technical recession, but robust growth is still a way off.The GFC has tested many businesses and their in-house legal departmentsSince January 2011 we have seen strengthening prospects in sectors in line with the unique two-speed Australian economyPrimary sectors of growth: Secondary sectors of growth:- Construction - Utilities and Services- Engineering - Government- Infrastructure- Mining and Resources Stable:- Oil and Gas - IT/Tech/Telco/Prof Services/Health & PharmaOther notable sectors of growth has been identified in:- Banking (Retail and IB)- Financial Services
  16. 16. Market Wrap (cont.) ‘Tightening-of-the-belt’ with regards to:- Budget- Head-count- Future team growthOverseas management with Australian based operations pushed to reduce spend.Results of the past 36 months on the future of in-house legal:- Increased innovation- Push for tailored billing structures- Employment modificationsDirect results on in-house lawyers:- Moving back into private practice- Moving into roles outside the „pure‟ legal function
  17. 17. Market Wrap (cont.)The overseas ‘brain-drain,’ hot zones:- Asia- UKCold zones:- North AmericaConservative growth market + High quality candidates = Demand(Reduced opportunities) + (Increased number of = (Competitive market) highly skilled lawyers)Employers Market – Employers get EXACTLY what they want... Even if it takes them alittle more time to find it.
  18. 18. What employers want in an in-house lawyer?What General Counsel seek:- Broad corporate and commercial experience- In-house / secondment experience- Strong technical drafting skills- Commercial acumen / solutions orientated- Strong commercial / relationship building skills- Leadership / Management skills- Flexibility / Mobility Specifics: (as identified over the past 3 years)- Further education and qualifications -Top-tier firm for ASX Listed / global organisations- Personality / Cultural fit - Top-tier for Corporate Counsel roles (M&A, PE)- Negotiation skills - Top-tier / Boutique for Banking and Fin Services- Training skills - International experience for regional roles- Communications skills - Specialist firms for IT, Media, Patent And Employment Law
  19. 19. What employers want in an in-house lawyer? (cont.) How General Counsel search: - Search / Recruitment firms (naturally) - Secondments - ACLA / CSA membership / Networking functions - LinkedIn.com - ReferralsWhere General Counsel look:-Top and mid-tier private practice- Competitors or general industry body
  20. 20. What employers want in an in-house lawyer? (cont.)In firm label or your high flying supervising partners todays market you can no longer bank on yourtop-tier reputation. You need to pack some considerable punch!Keys areas to keep in mind:Academics. Strong academics and/or honours. Undergraduate in Law with Commerce (Banking).Further education. COLLAW‟s Masters of Applied Law: In-house Practice. CSAs Certificate inGovernance and Risk Management. Uni‟s Masters of Law or MBA or LMBA.Experience level. Legal Counsel: 2-3 / 5-8. Senior Counsel: 10-12+. General Counsel: 12+.Secondment experience. Understand the requirements & work in a commercial environment.
  21. 21. What employers want in an in-house lawyer? (cont.)Background/Rotations. Mixture of experience across departments then settling in suitable practice.Practice experience. Corporate and commercial most relevant OR employment law for an ER/IR/HRspecialist role or construction for a construction role ... And so on.Transaction list. What work and level you were involved in.Associations. ACLA, Women Lawyers Associations, Young Lawyers, BFSLA.Commercial acumen. Demonstrated experience , entrepreneurial, proactive, solutions orientated,facilitator, enabler.Cultural fit. Self-starters, autonomous, easy going, trusted advisors, friend-not-foe.
  22. 22. Once In-house – Where to from Here?Senior Counsel or General Counsel / Regional CSA, Masters of Applied Law – In-house Practice,Counsel – most common route management experience, committee exposureCommercial Manager Strong focus on projects, procurement and deal facilitation. Business skills a must.Specialist Legal Counsel – more common in eg Global M&A Counsel; regional roleglobally decentralised legal structures (eg Diageo, Based in HQ. Masters of Law;Cargill, RBS) Corporate
  23. 23. Once In-house – Where to from Here? (cont.)Company Secretariat CSA, experience in an ASX Listed environmentManagement - COO, CEO, CIO, Board Management experience, strong relationships building skills, financial skills, MBACompliance / Corporate Governance Manager CSA, Corporate Risk Management

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