“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.