New Years Resolutions for Lawyers:
As we approach the new year, it's time to reflect and make resolutions to do things differently next year, whether in our personal or professional lives.
Here are 3 potential New Years Resolutions that lawyers can make to ensure they remain a valuable asset by doing better deals.
Whether you're in-house or an outside counsel, reflecting on and revisiting these 3 steps can help you be a better lawyer and a better deal maker.
- Re-evaluate your approach to risk Lawyers are sometimes accused of “over-lawyering” a situation – moving too slowly and flagging every possible issue to the detriment of larger business objectives. Although this approach may be warranted in certain situations (e.g., in high risk transactions where the client has time to "get it right"), this is not always the case. By investing time getting to know better each stakeholder (internal or external), and each transaction, lawyers will more likely strike the right balance in their risk mitigation approach. Stereotypically, startups are more willing to take risks (because they are hungry to close the deal) and mature companies are more risk averse. However, context matters. Even a startup entering a highly regulated space might be more risk averse and willing to "go slow" to "get it right". And even mature companies may have high risk tolerance for small deals, when trying to scale, and/or when venturing into speculative new business lines.?Be a chameleon. Adapt your risk profile to the situation.
- Align on communication and strategy Effective communication starts with listening – taking the time to understand needs and goals, which may differ by function within the same organization. Short of this, a lawyer risks missing important details and nuances, resulting in the need to “cut/paste” from previous matters. Likewise, it also important to keep stakeholders well informed, not simply by providing updates or issuing warnings about what not to do, but, perhaps more importantly, by explaining complex legal issues in practical, layman’s terms. "Here's why you should care." This approach to communication helps to build trust and encourages internal clients to seek out advice on both legal and business issues. Moreover, by speaking the same language, a lawyer is more likely to be viewed as a valuable strategic partner who helps get things done, as opposed to an obstacle.? ?
- Embrace opportunities to innovate? Many lawyers prefer to “stay in their lane” by handling only those transactions that fall within their areas of experience (in other words, their comfort zone). However, as industries change, new technologies come into vogue, workloads continue to expand and budgets shrink, attorneys should embrace opportunities to expand their skill-sets and take on work outside the scope of their previous experience. For example, devote time to learning about new technologies (AI?) and how they may impact the company’s product or services offerings. Additionally, consider how new digital tools designed for the legal industry may help with managing burgeoning work volumes and improving efficiencies within the legal function.?
Making resolutions and setting goals are both tried-and-true ways of achieving success. In the business world, failure to innovate or adapt can lead to becoming obsolete. As a lawyer, these are some suggested New Years Resolutions for you to consider.
Brian Heller is a Tech Transactional Lawyer (Digital & Social Media, SaaS, Ad Tech, etc.) for Outside GC (OGC), a different kind of law firm.
OGC is virtual, so it’s much more affordable, and all OGC lawyers have prior in-house GC experience and/or experience in business roles.
Brian started his career with Shearman & Sterling in NYC, then Akin Gump in DC), then in-house in a variety of tech companies, and in Business Development and Corporate Development roles, including in a Private Equity owned startup, with a successful exit.
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2 个月Useful tips. I'm seeking to broaden my knowledge on the changing legal landscape regarding AI. Also seeking to gain a new skillset understanding and drafting SaaS agreements.