Legal news and trends for Canadian in-house counsel and c-suite executives
Issue link: https://digital.canadianlawyermag.com/i/50882
back to its founding. As their external legal counsel and a partner at Goodman and Carr LLP, Fletcher had handled the company's incorporation in 1999, drafting the companies' articles of incorporation and corporate bylaws. He acted as Generex's lead corporate counsel for four years before join- ing the company's legal department as general counsel in April 2003. As general counsel for Generex, Fletcher says he became "well versed" in the legal challenges facing biotech companies, from navigating the regulatory approval process to drafting partnership agreements with big pharmaceutical companies. "Lawyers tend to be more conservative than entrepreneurs. But once inside the role of CEO, you have to start thinking out- side the box," says Fletcher, adding most of the learning required to be a CEO is done on the job. Companies don't necessarily appoint lawyers as CEOs because they are facing financial, legal or succession hurdles. Sometimes lawyers move on up from the legal department to the executive suite after decades of loyal service. Kathleen Taylor was appointed Lawyers tend to be more conservative than entrepreneurs. But once inside the role of CEO, you have to start thinking outside the box. MARK FLETCHER, Generex Biotechnology Corp. CEO of the Four Seasons Hotels and Resorts in August 2010, after spending more than two decades with the company, for example. Taylor worked in corporate securities and competi- tion law at Goodmans LLP in Toronto before joining the Four Seasons' legal department in 1989. She was appointed vice president and general counsel in 1992, promoted to president of worldwide business operations in 1999, and then president and chief operating officer in 2007. CHARTERING THE RIGHT COURSE TO THE VERY TOP W hether you aim to please the CEO or want to be the big boss, Canadian Lawyer InHouse asked the experts to share their wisdom. Anita Lerek is the founder of Advocate Placement Ltd., Canada's oldest legal recruitment firm, and she has helped place both outside and in-house counsel. Mikael Meir is an entrepreneur who has founded a dozen companies and now serves as an executive coach. InHouse: What are some of the things lawyers do that irk CEOs? Lerek: Business executives are busy people. Dropping a hundred-page legal memorandum on their desk isn't helpful. Always be succinct and provide your con- clusions and recommendations upfront. Meir: As an entrepreneur who has launched many companies and worked with many lawyers, I've found lawyers sometimes have difficulty seeing the forest from the trees. They obsess over details without fully understanding the context of the deal or the fundamentals of the business. InHouse: How can lawyers tailor their legal advice to align it with business objectives? Lerek: See the big picture, not just nar- row technocratic details. But learn to push back. You want to establish your independence as legal counsel early on. If you lose ground early on, you will never regain respect. Meir: Lawyers have to step outside of the dogmatic legal mindset. Obviously they must understand and follow the law. But they also have to understand the business and provide recommendations that are practical. InHouse: How can corporate counsel highlight their value to the CEO and earn recognition? Lerek: Don't just curry favour with the one, but with the many. You want to develop good relationships with everyone who drives the business. Go to meetings and get involved. Meir: Impress the CEO with your under- standing of the fundamentals of the busi- ness. Show the CEO that the legal depart- ment adds value to the business and is more than a cost centre. 22 • JUNE 2011 INHOUSE InHouse: What are the major gaps in legal education that lawyers who want to be CEOs should address? Lerek: You should learn about finance and accounting. These days there are so many lawyers with MBAs or business backgrounds that this gap may be an overgeneralization. Meir: After graduating from law school, instead of spending years at a big firm, where you will be pounded by paper, get a job outside of law. Get on boards. Start a business. Do something entrepreneurial. The best way to learn the fundamentals of business is on the job. InHouse: How can lawyers plot a path to the top position in a company? Lerek: Step out of your office. Step out of your role. Step out of your comfort zone. Meet everyone. Don't be afraid to give business advice. Seek out mentors who can show you the ropes. Meir: Sit on committees. Get actively engaged in all aspects of the company. Hire a coach and develop a learning plan to elevate behaviours, attitudes, and skills which lead to success. — MR