Every growing business has objectives, even if they are unstated. “Expand my market…make more lucrative deals…increase market share…retain customers.” These are each common business objectives.
Strategy is HOW you achieve these objectives. It is stated in the form of a “by”. ”We expand our market by opening new stores…We increase market share by acquiring a company…We retain customers by encouraging loyalty…” and so on.
What about Law and Lawyers? How do they figure into strategy?
Of course, you can use a lawyer like an ‘emergency medic’ or crisis manager to solve a pressing legal problem. But, the smart business person understands the strategic dimension of law. He and she recognize that law and lawyers are key to the following strategies:
- building a solid business foundation by means of proper formation, capitalization, and administration
- protecting revenue and profit by making better legal deals, upstream and downstream
- building brand equity and competitive advantage by using intellectual property law.
- constructing defensive moats by using trade secrets, cybersecurity, insurance, and contracts
- and enhancing human capital by implementing proper incentives, policies, and agreements
A big company might employ a “General Counsel” to implement its legal strategy. But if you don’t have such a General Counsel, allow me — over the next 5 emails — to guide you through the topics and questions that a General Counsel might.* I offer you a general “legal strategy roadmap” for implementing strategies critical to your company’s success. Look forward to our first installment, Business Foundations.
Good overview – looking forward to the next part and the one on intellectual property.