The organizational responsibility at Larsen & Toubro Ltd, Mumbai, include – strategy for high-end businesses, with focus on Hydrocarbons, Heavy Engineering, Shipbuilding besides others, participating in M&A value chain, Contract Management & claims, Compliance management and Business advisory. Generally, the activities encompass structuring for international transactions, joint ventures & Consortium arrangements, Contract finalization, Commercial negotiations, Arbitrations, Litigations.
The role of General Counsel, as evolved in my case, is unexpected and with a swift pace. Starting from Documentation and Litigation, it moved at rapid pace to commercial, international exposure to businesses, M&A on a number of projects, besides the present focus area of Contract Management. Thus, I see a 360 degree kaleidoscope of involvement in all the activities of a General Counsel, which is a dream for every GC and I am satisfied with the transition and the process of maturation.
The Role of a General Counsel is bound to evolve, given the regulatory regime in which the Indian & International businesses predominantly operate, and with robust order. The domestic demand emanates from Regulators in Telecom, Hydrocarbons, Power, Nuclear and others, while the statutes of the nature of Company law, Competition law, Law of contracts, Institutional Arbitration and Bilateral Investment Treaties (BIT) require high end understanding. They put the onus on the governing Boards of companies, which in turn, depend on the legal advice – internal or external. Going forward, in my view, the role of General Counsel is bound to mature to the level of a Member of the Board, to hedge on legal risks from the traditional knowledge base of financial, operational and legal risks.
In my view, General Counsel needs to update themselves with different facets of changing statutes & regulations from time to time. This includes not only the case law as pronounced by various courts from High Courts to Supreme Court, the mindset of the political establishment of the day and the expectancy of the people impacted. The General Counsel, thus, needs to know not only the law in practice but also the expectancy in pipeline. The proactive approach would help the management in advisory decisions, which will place the General Counsel in a mature mode.
In my view, the synergies are an absolute must as the law firms have up to date systems and processes in place on law and litigation, whilst the in-house counsel would have a clarity on potential issues leading to a dispute, from time to time, whichever business they operate in. I would see the law firms to be a carrier to deliver, while the in house legal counsels are the ones like passengers to reach the destination. Thus, the synergy is inevitable, healthy and prosperous. Further, it should be the endeavor of the General Counsel to meet up with the practice partners of key law firms in a formal/ informal mode to augment their professional abilities.
Legal sites of eminence, such as Manupatra; Magazines of substance, such as Lex Witness, Corporate Law Reporter and others; websites of law firms; newsletters of top end consulting firms. A mix of all would deliver value to the learning, which should be an ongoing concern.
Jumpstart!! I suggest because it gives an opportunity for an individual to swim by the sea, and not a river. This is also laced with a caution that one should dream the role, display courage, articulate to speak, learn to unlearn and attitude to learn.
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