What Is a General Counsel?
In a corporate setting, a general counsel (GC) is considered the head of the company’s legal department and the authoritative source for all legal matters. In a family office, general counsel will typically go beyond just providing legal advice. They also offer services such as tax planning, estate and trust administration, retirement, business succession, charitable giving, and asset acquisitions and sales
General counsel should be able to provide these and other crucial legal strategies to help clients achieve their long-term goals and objectives.
General Counsel Qualifications
Candidates for general counsel positions must be licensed legal professionals, having obtained a law degree and passed the bar exam in their state. A background in finance, accounting, or business is advantageous and can further enhance their qualifications.
The candidate must be able to uphold confidentiality and navigate complex legal issues involving substantial assets effectively. General counsel roles require strong leadership and communication skills, as they must manage interactions with other professionals and clearly explain legal issues to various stakeholders. Finally, the selected candidate must demonstrate unwavering integrity and adhere to all regulatory compliance requirements to protect the client’s assets and legacy.
Duties of a General Counsel
- Work closely with the client and their financial staff, such as investment analysts, wealth managers, and accountants
- Provide sound legal analysis of and advice on real estate, trusts, estate planning, and philanthropic efforts, including private foundations
- Develop and implement procedures to maintain regulatory compliance standards across all legal and financial activities
- Draft and process the documents needed to support the execution of crucial legal and financial moves, including trust and will development
- Complete investment due diligence to identify and help clients understand risks and tax implications
Interview Questions to Ask When Hiring a General Counsel
Here are a few helpful options for those seeking a qualified professional to fill this role:
- How do you make complex legal concepts understandable for clients and team members who are not legal professionals?
- How do you ensure confidentiality when discussing legal matters with multiple in-house and outside parties?
- What is your process for creating legal strategies to support the client’s long-term goals and objectives?
- When was the last time you had to say “no” to a client, and how did you handle it?
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FAQ
What Does a General Counsel Do?
A general counsel acts as a strategist to support a client’s long-term legal and financial goals. They provide legal advice and authority on complex matters such as tax and retirement planning, estate and trust administration, business succession, acquisitions, mergers, and real estate transactions.
What Does Success Look Like for a General Counsel?
A general counsel is successful if their legal strategies are helping clients make progress on their goals. Constant monitoring of investment portfolios, estate plans, tax planning execution, and business or real-estate deals will let you know whether this is the case.
Additionally, you can evaluate the general counsel on their consistency in identifying and avoiding risks, their willingness to research and implement new and helpful strategies, and the degree to which they are compliant with regulatory laws.
What Experience Should a General Counsel Candidate Have?
General counsel should have extensive experience in managing complex legal matters with high-net-worth individuals and families. They should also be well-versed in maintaining confidentiality in those matters.
It’s beneficial if the candidate has experience managing a team as well. This is because the GC will be working with many others to achieve the client’s long-term goals.
What Is the Difference Between a General Counsel and a Legal Advisor?
A legal advisor works more in daily operations, drafting paperwork and devising solutions to immediate issues. The GC’s job has a more long-term outlook. They provide strategies for tax and estate planning, real estate, business, and other areas to help high-net-worth clients achieve personal and financial goals.
Why Work With a Recruiter to Find a General Counsel?
General counsel jobs have the power to influence the direction of an individual or family’s legacy for generations. A recruiting firm will work closely with clients to ensure candidates align with their values and goals and have the broad knowledge necessary to provide them with robust strategies for lasting success.
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