Being referred to as a commercially-minded lawyer is a coveted moniker for many in-house counsel. As a business-focused in-house counsel, you bridge the gaps or disconnects between the business and the legal team by taking a holistic and ‘well-rounded’ approach to your relationships and your work.

Our speakers discussed the O Shaped Mindset and the five O’s that are represented which include: open (being vulnerable and open to feedback); original (being a problem solver and open to new ways of working); opportunity (seeking opportunities and collaborating with others); ownership (being accountable with outcomes); and optimistic (displaying optimism about the future).

This framework identifies several key attributes for being a commercial lawyer and strategic advisor, which broadly fall into three categories: building relationships, creating value, and being adaptable.

Building relationships

Building relationships with key internal stakeholders and understanding the business are fundamental to achieving a commercial outlook. As you look to do so, it can be helpful to develop and hone essential skills such as emotional intelligence, self-awareness, empathy, and relationship management. You may find being curious in what your key internal stakeholders are doing and how they are progressing against their priorities to be helpful to building deeper relationships while staying close to understanding how legal can support those objectives. Having these relationships will empower you to have a tangible impact on the business while creating value. 

Creating value

More often than ever, in-house teams are seeking to remove any negative perceptions of the function and demonstrate their value. Understanding what value means to your stakeholders and putting their priorities at the center of your focus is a critical place to start. With a deep understanding of those priorities, you can then begin to assess potential risks and how it might be possible to help the business achieve its goals. Focusing on how things can be done more efficiently while streamlining the delivery of your legal services is another great way to show your value.

Adaptability

At the rate of growth and evolution of legal technology and AI, in-house counsel may want to be curious, understand what’s out there, and evaluate their applicability – all of which are key to thinking toward the future. This does require a progressive approach to risk, and there is a divergence of views in terms of the potential impact of AI on legal teams, but it’s one way that in-house counsel can demonstrate that legal is looking at how to drive efficiency, be adaptable to change and create value for the business.