Texas Lawbook: How has the GC/CLO role changed during your 35 years in-house?
Elena Kraus: So much has been written about the changing role of the GC/CLO recently that I am probably not going to offer much new material. I would say that the expectations of the role now include not only business acumen, but also technology expertise (especially with the advent of AI), a deeper understanding of political issues and trends, and the soft skills of being a leader of a diverse workforce across a wide spectrum of generations, ethnicities and unique life experiences.
Lawbook: What do you think are the biggest challenges facing GCs in Texas today?
Kraus: Managing our workforce in a growing Texas economy, anticipating rapidly evolving regulatory and macroeconomic changes that affect our businesses and industries, and keeping up with technological trends and advances.
Lawbook: Are GCs still the conscience of a corporation? Should they be?
Kraus: Yes. GCs wear many hats. We are not only the conscience but also the torch-bearer of all things ethical and moral, as well as the traditional role of protector and defender of its most valuable intangible — its good name and reputation.
Lawbook: What are the critical factors you or other GCs should consider when deciding about hiring outside counsel, and what are the biggest mistakes that outside counsel make in their relationship with in-house counsel?
Kraus: I always hire the lawyer, not necessarily the firm. From my perspective, hiring counsel who take the time to learn about our business, who see themselves as part of our internal team and put our interests in the forefront is what makes for a long-lasting relationship between a GC and an effective external legal advisor. I value loyalty to the brand and transparency in my dealings with outside counsel.
Where I have seen things go wrong in the relationship is around inefficient billing that the client relationship partner does not address and work product that lacks brevity or leans away from being practical toward academic. As GCs, we do not have the luxury of time to read lengthy emails or memos, trying to find the piece of advice that we need in order to make a decision or advise our internal client. Be succinct, be practical, be fair in your billing, and have your GC’s back and you will have a beautiful professional friendship for years to come.