4 MAY2022Editor NoteGeneral Counsels are Masters of the Balancing Act between Business & Law Rachita SharmaSpecial EditorGender equality and women empowerment have been two of the most crucial cornerstones in modern day feminism. There have been endless conversations about the lack of women representation in the workforce, corporate world and especially leadership roles. When looking globally, we find that MENA region scores the lowest when it comes to representation of women in top leadership and management roles. Women in the region have been struggling to break the glass ceiling for several years. Unfortunately, the region also suffers from a severe lack of women in the labor force. India is a swiftly growing economy and holds immense potential going forward. To accelerate this growth, India has seen an increased emphasis on bringing-in reform initiatives to strengthen the local business and foreign direct investment (FDI) landscape. While these reforms are critical and a necessity to amplify business growth, their implementation poses as a major challenge for the industry and policymakers alike. With regulations evolving rapidly, there exists an ambiguity and complexity when it comes to operating in the choppy waters of the Indian business landscape. Nobody can really predict when or how business regulations might change in an industry. The gondolier who can help businesses navigate along these periodic regulatory changes is a General Counsel (GC). Tasked with the responsibility to take care of non-litigious actions such as providing legal assistance in the areas of documentation, legal structuring, compliance and regulatory issues & policies, a GC is akin to the legal compass of an organization. Additionally a GC must also oversee everyday legal advisory along at the firm. In essence a GC is the one who bridges the gap between the law of the land and the business. Over the years, the role of a GC has evolved. In today's highly complex business landscape, their expertise has become all the more important. No longer do they merely play support functions; they are the ones who help leaders strategize business functions, oversee financial matters, veer the business' growth in compliance with the law of the land and keep any risks at bay. A GC also oversees any business related record keeping & documentation. Given today's increased reliance on digital technologies, a GC must also focus on keeping the organization safe in the digital sphere. Other than cyber security, IP laws are also increasingly becoming important for businesses, and it's a GC's responsibility to safeguard the company from all possible risks. In such a scenario, a GC today must be able to situate any legal issues in a larger business context and act accordingly. The current edition of Women Entrepreneur magazine shines the spotlight on some of the most prolific women performing the role of General Counsels. Do let us know your thoughts.
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