The role of an in-house Lawyer becomes most prominent as they are best equipped to identify and assess “legal risks”. Their specialized knowledge and familiarity with the institutional policies enable them to perform this function. The in-house lawyers need to understand the business processes and the transactional intricacies to assess legal risk.
They are expected to apprise the management the nature and extent of “legal risks” and help the management to take a well informed commercial decision. To achieve this, in-house lawyers should not hesitate to obtain access to all relevant information and should involve themselves in the decision making process of the institution in a proactive way.