The importance of GC succession planning

Having a succession plan in place could be a matter of regulatory concern

The leadership profile of today’s general counsel as holistic risk manager, strategist and member of the senior management team is represented by many in the Fortune 500, those companies widely regarded as the economic fulcrum of the global economy. Given the breadth of experience required in the modern profile for the role, it is not surprising that individuals aged 60 years or more hold approximately 25 percent of these positions.

Raising the Consciousness

Interestingly, the growing recognition of the need for strategic succession planning has also given rise to important initiatives geared toward leadership for direct reports to the general counsel. One example is InsideCounsel’s underwriting of Project 5/165. The project sponsors invitees’ attendance at Development Day workshops for women, in order to optimize the increased number of female Fortune 500 general counsel. The goal is to have 165 women in these top legal roles within five years of the project’s launch in 2011.

Filling the Void

Julie A. Preng

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