Just deserts

AC: How often does AREIT brief out, and when do you seek the advice of external counsel?
AM: Where possible, we internalise standard advice in relation to general operational matters and transactions. The need to engage external counsel arises on occasions where the sheer volume of work is beyond the capacity of the team (particularly the in-house legal team), where we require specialised advice in relation to a particular area of law (for example, intellectual property or environmental law) or where we require jurisdictional-specific advice that needs the attention of external counsel who are working on a daily basis in those jurisdictions, and can provide timely and relevant advice that allows usto cover off any specific issues and mitigate any risks that may arise.
We have a select number of firms that we utilise according to the needs of the business at a particular point in time. Having said this, our relationships with external counsel, especially in the current economic climate, although very healthy, are not fixed: any selection of external counsel, especially for particularly significant matters, is subject to a competitive and transparent tendering process.

AC: What types of innovations do you see as important in the coming year?
AM: In the foreseeable future, all businesses will be faced with, to differing degrees, a state of flux, uncertainty (mainly due to external forces) and challenges to various paradigms. Appropriate and considered decision-making that has the proper context is essential, and the in-house legal function will play an increasingly significant role in this regard, particularly from the perspective of enhanced risk management processes and protocols, and a repositioning of corporate governance structures to take account of the prevailing circumstances.

The views and opinions expressed in this article are personal and those of the interviewee, and do not represent those of AREIT or any of its affiliates, subsidiaries or associates.