Colombia Update: The lawyer as a business partner

Lawyers within companies can acquire the fearsome reputation of being that character who hinders all business and who is dedicated solely to finding problems to all contracts and ideas in which, with so much effort and dedication, have worked the other areas of the company. For this reason, it is not strange that many times the legal area becomes, in the eyes of others, that fearsome mandatory approval, synonymous with delays and complications.

This is why many companies have restructured their legal areas so that their members become business partners, and it is also the reason why I invite my colleagues, especially those who work in-house (as in-house lawyers of the company), to assume their role from this new perspective. The lawyer as a business partner assumes a position that goes beyond the traditional legal review of documents or the issuance of legal concepts, since he will make important contributions to the business, accompanying the structuring of new ideas from the beginning.

It is important to highlight that, to become business partners, it is not necessary to sacrifice the level of rigor in legal review, but it does imply promoting the simplification of legal processes within the company.

Lawyers usually focus on the details and be thorough, but to be an effective business partner we must find a way to address these details, without complicating the internal processes of the company, because business moves in an agile and constant way.

In order to become an effective business partner, it is vital to acquire a high level of knowledge about how the business works, to understand, at least, what are the objectives you want to achieve and who are the key players. At the same time, it will be essential to engage with the different areas of the company actively, to be aware of the projects from an early stage, so that we can give timely notice about the possible legal risks that we detect, and thus make the adjustments that are pertinent in time.

On the other hand, to play the role of business partner, lawyers must develop our creativity, so that when we face situations that involve a risk, we can propose different ways to face or solve it.

Finally, we must learn to distinguish between substantive and purely stylistic matters, especially when issuing our concept regarding the documents that are the subject of our review. It is usual for lawyers to be strict in how we draft documents. Still, when our objections will surely cause delays in closing an important business, it is essential to differentiate when such objection represents a mere personal preference and when it represents a material matter to protect our client. If we make this distinction, in addition to acting as an effective business partner, we will avoid unnecessary delays for the business and make the negotiation with the counterparty more enjoyable.

By LLOREDA CAMACHO & CO, Colombia, a Transatlantic Law International Affiliated Firm.  

For further information or for any assistance please contact colombia@transatlanticlaw.com 

Disclaimer: Transatlantic Law International Limited is a UK registered limited liability company providing international business and legal solutions through its own resources and the expertise of over 105 affiliated independent law firms in over 95 countries worldwide. This article is for background information only and provided in the context of the applicable law when published and does not constitute legal advice and cannot be relied on as such for any matter. Legal advice may be provided subject to the retention of Transatlantic Law International Limited’s services and its governing terms and conditions of service. Transatlantic Law International Limited, based at 42 Brook Street, London W1K 5DB, United Kingdom, is registered with Companies House, Reg Nr. 361484, with its registered address at 83 Cambridge Street, London SW1V 4PS, United Kingdom.