GLS Legal Support Centre

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Legal & Regulatory Assessment Legal Function Law Firm Relationships Legal Costs Legal Team Capacity Legal Infrastructure Legal and Compliance Line Ongoing Legal & Compliance Group Legal Policy

Key Definitions

◼️Legal Counsel: the lawyer or legal team advising the business on legal risks and opportunities.

◼️Legal Department: the internal team (or solo function) responsible for managing the company’s legal affairs, contracts, compliance, and risk.

◼️General Counsel (GC): the most senior lawyer in the company - responsible for overseeing all legal, risk, and compliance matters. Often acts as a strategic advisor to the founders and board.

◼️Legal Budget: the allocation of funds toward legal expenses - including internal counsel, external lawyers, tech tools, compliance costs, and dispute reserves.

◼️Law Firm: an external provider of legal services, typically engaged to handle specialised matters, transactions, disputes, or overflow work.

◼️Compliance: adhering to relevant laws, regulations, and standards affecting your business.

◼️Contracts: legally binding agreements that govern your relationships and transactions.

◼️Policies & Procedures: internal rules that ensure your team complies with the law and behaves ethically.

◼️Risk Appetite: the level of legal or regulatory risk your business is willing to accept.

◼️Regulator: the government body that oversees compliance in your industry or jurisdiction.

◼️Due Diligence: the legal review process conducted by investors or acquirers before a deal.

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