The contribution of in-house legal departments to corporate strategy continues to evolve in response to market pressures, growing regulatory complexity and increased political interventionism. As national and supranational competition authorities become more active, corporate decision makers face unprecedented layers of uncertainty, delayed plans and unforeseen risks.
Lex Mundi published a report on how competition regimes in critical markets are applied, what motivates the decisions of authorities and what general counsel can do to circumvent the pitfalls through better detection, prevention and mitigation of risks.
The report, Changing Competition Regimes: Organizational Best Practices for Navigating Cross-Border Legal and Political Risks, includes distinct trends in competition law that are impacting the strategy and performance of multinational companies, including the globalization of competition law, fragmentation of enforcement action, diversification of enforcement mandates by agencies, cooperation among competition agencies and increasing litigation.
In particular, three broad challenges face corporate counsel:
In response to these challenges, corporate counsel shared experience and tactics for enhancing the role of the legal department and overall corporate performance. These tactics can be grouped into four categories of management best practices which are outlined in separate sections in the report covering: upstream regulatory advocacy and corporate diplomacy; program management; involvement of the legal department; and engagement of external counsel.
For more information regarding the report on Changing Competition Regimes: Organizational Best Practices for Navigating Cross-Border Legal and Political Risks, contact Lauren Smith.