Historically, the management of legal risk has been event-driven — a response to the emergence of unexpected and untoward circumstances. For the most part, then, organizations managed risk on a piecemeal basis by calling on their in-house or external lawyers as the occasion arose. This, despite the fact that lawyers had little training in the management of legal risk, instead relying on their legal skills, their experience and their knowledge of the client’s business.
”The problem, says Magnus Steen, formerly Head of Legal, Nordics, at Sony Ericsson and now a private practitioner at Lindahl, a large Swedish law firm, may lie in lawyers’ historical professional detachment. “Lawyers are trained to do everything themselves, but I think it’s time to use business intelligence in assessing legal risk,” he says.
To this end, Steen and his team at Sony invested heavily in an agreement database and contract management templates and procedures. “If you don’t have control of your company’s agreements, you can’t be a proactive legal risk manager,” he says.”
Read the full article Managing Legal Risk | Lexpert Magazine.