MNCs and the GC - Why it Really Means 'Global Counsel'

Abstract

In this article, the term GC, traditionally used to refer to General Counsel or the lead legal counsel for a corporation, will be substituted for the more appropriate world-wide sobriquet of Global Counsel. This definition of the role of GC connotes the new reality of the broader global portfolio of responsibilities beyond simply “legal” to encompass compliance , risk management, tax, transfer pricing, corporate development, lobbying, and other functions now required of the role on a global basis. It also defines an evolution toward a more technology-enabled cross-cultural global corporate governance legal model that allows inter-related processes to work across the transnational operations of a Multi-National Corporation (“MNC”). GCs can achieve this in a variety of ways, either by developing and deploying in house staff with a global mindset or developing a globe-spanning network of external counsel.