“How do you reconcile the imperative strong contribution to the business?”

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“How do you reconcile the imperative
of good governance with making a
strong contribution to the business?”
“Make a meaningful difference
every day.”
When I joined Man in 2003 as Global Head of Product Structuring & Financing, I
was appointed to a role that combined elements of business development with legal
services. This was not unusual in the market at that time, especially given that Man, a
world-leading alternative investment management business, had a truly independent
compliance function.
After our landmark acquisition of GLG Partners in 2010, we re-organized our senior
management team, and the business aspects embedded in certain legal functions were
stripped out. The General Counsel role now formally took over the regulation and
compliance function. This level of independence is now seen as standard and meets
regulatory expectations as well as reducing the scope for conflicts of interest.
So, with a necessary degree of detachment and independence, how can the General
Counsel and the legal team be seen as making a strong contribution to the business
and not be viewed as merely a necessary part of risk management? In our case, we
have prioritized the following to ensure that legal and regulatory expertise in a heavily
regulated business is seen as truly strategic:
• Getting the legal advice right. That is our day job.
• Having representation at the principal Executive Committee.
• Becoming the consigliere to the CEO and Executive Committee (ignoring the mafia
overtones) and building trusted partnerships.
• Handling transactional management of key deals.
• Introducing genuine commercial opportunities and maximizing networks.
• Adopting deliverables that meet “SMART” requirements with respect to their tangible
and productive content (Specific, Measurable, Achievable, Relevant and Timely).
Stephen Ross
Group General Counsel
Man Group plc
London
• Demonstrating an efficient process for regularized business and allocating resources
for higher-value matters.
• Educating our people continuously on non-legal matters.
• Communicating our achievements.
I was once told by a leading (non-Man) hedge fund principal that if each member of
his team could not spontaneously “articulate in 30 seconds at the end of each day what
meaningful difference they made to their firm that day, then they should be sacked!” That
may be a little harsh and unrealistic, but the concept resonates.
Each month, K&L Gates LLP presents Top of Mind®—a leading in-house lawyer’s take on key
issues shaping business and legal strategies. For more Top of Mind features, please visit our
website at www.klgates.com and click on the Top of Mind icon.
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