Why Indian legal professionals need to change their lenses to be able to compete in the turbulent global scenario?
International business, Globalization, far flung communities coming together due to telecommunications has affected lives of all across the board. This era of commerce and industry has catapulted India into the world economy, creating a need for innovation for all professions and businesses. Indian lawyers have traditionally pursued careers as practicing advocates, solicitors and barristers but with high profile rainmakers like Zia Mody making waves in corridors of global corporate powers, the role of legal professional is meant to undergo a drastic change.
Modern law firms are expected to be certain that the expertise they bring to the table meets the present and future needs of the business that they serve. They need to be closely attuned to changes in the clients’ businesses, moves made by their clients’ competitors, and possess fairly good knowledge of the trends and forecasts of the markets in which their clients operate. Thus the need for management education for legal professionals becomes of paramount importance.
Gone are the days when the lawyer entered the scenario after the problem/dispute arose. Now they are expected to give legal advice right from the inception of business and during negotiations with clients. Almost all documents, be it a reply to a customer or a product flyer, has to be vetted by the legal and compliance department before it can be released. The contents of the document have to be within the parameters either set by the company or by the regulator; any deviation may lead to heavy penalties. Due to the involvement and interaction of the legal, commercial and compliance departments in daily affairs, knowledge of the working of the different departments/functions of the company is important. Thus lawyers have become an integral part of the strategic management team as their advice is becoming increasingly important in complex business decisions.
Today’s lawyer has to wear many hats – that of a mentor, teacher, leader, counselor, negotiator/arbitrator, trustee, environmentalist, investigator, social activist, entrepreneur; and many others. For lawyers to render correct advice to their clients, they must learn project financing, intellectual property protection, Corporate Taxation, And Business And Investment Law, Communication Skills, Negotiation Skills, Ethics And Corporate Governance and all kinds of management skills.
WeSchool being always ahead on the curve, has developed a new course for Legal Professionals which combines management functions and practical aspects of Law. The teaching methods include lectures, case studies, workshops and role plays. The faculty comprises of stalwarts from the corporate sector and leading legal luminaries to give a balanced perspective from both the sides. The syllabus is formed after deliberations by the experienced Advisory and Academic Board members from the legal and corporate fraternity.
