Fintech focus: six ways to show the value of your in-house legal team

The fintech industry is fast-paced and constantly evolving, so it stands to reason that their in-house legal teams must keep in step. Their role has expanded beyond traditional tasks like contract review and risk mitigation as they have become strategic partners, helping their organisations navigate complex challenges and enabling growth.

Demonstrating the value of the legal function to the wider business, however, can be a challenge. Anastasia Evans, Group General Counsel and Company Secretary at IFX Payments, Dipali Sahni, General Counsel at DEMICA and Ehsan Haque, Head of UK Legal and Compliance at Laser Digital weigh in on how legal teams can effectively showcase their strategic impact.

Reframe the perception of legal

One of the first steps in demonstrating the strategic value of the legal function involves shifting the perception of the in-house legal team from a cost centre to a critical and value-creating function. This change in mindset is vital, as many businesses still struggle to see the team as an asset that contributes to revenue generation and growth.

Anastasia Evans explains, “Reframe the perception of legal from a necessary evil to a critical function that creates value for the organisation.” According to Evans, the key lies in showcasing how they impact a business’ objectives, such as expanding into new markets, launching new products or driving overall growth. “Highlight how the legal team’s work directly enables the company to achieve its strategic objectives,” she advises.

Educate the business on the legal team’s value

Beyond contract review and risk mitigation, the legal function offers a wealth of expertise that can significantly benefit the broader organisation. Evans explains: “Showcase the legal team’s expertise in areas like risk management, regulatory compliance, corporate governance and strategic advisory. Demonstrate how the legal team’s proactive counsel helps the business navigate complex challenges and capitalise on opportunities.” Ehsan Haque echoes this, adding, “It’s important to illustrate how the legal team’s work reduces the overall business risk and workload for other departments.”

By educating the business on the full scope of the legal team’s capabilities, in-house counsel can reframe the perception of their function and position themselves as strategic partners rather than mere overhead.

Showcase the legal team’s expertise in areas like risk management, regulatory compliance, corporate governance and strategic advisory. Demonstrate how the legal team’s proactive counsel helps the business navigate complex challenges and capitalise on opportunities.

Build relationships and good will

Another crucial element involves cultivating strong relationships with key business stakeholders.

Haque offers some practical advice: “Position yourself and your team as collaborative partners who are invested in the company’s success. Demonstrate your willingness to be pragmatic, commercial and solution-oriented, rather than just a roadblock.” Dipali Sahni agrees: “Build strong relationships and goodwill with key business stakeholders. Showcase your understanding of the business and your willingness to be a team player,” she says.

By building trust and credibility through consistent, high-quality support, the legal team can position itself as an indispensable asset to the organisation.

Quantify the legal team’s impact

Gathering data and using metrics to demonstrate the legal team’s impact can underpin the case for the legal function’s importance to the wider business.

Evans advises, “Quantify the value the legal team provides, such as cost savings or revenue generated. Use data and metrics to show the business impact of the legal function.” Haque agrees, explaining, “What I’m doing at the moment is ensuring that the key revenue-generating functions are closely aligned with the legal team’s efforts.”

By collecting and presenting tangible evidence of the legal team’s contributions, in-house counsel can build a compelling business case for the resources and support they need to scale their function.

Advocate for the resources you need

As organisations grow, so too must the legal function. In-house counsel should advocate for hiring an in-house legal team required to support the company’s priorities.

Evans stresses: “Demonstrate how additional headcount or technology investments will enable the legal team to better support the company’s growth and strategic priorities.” Sahni adds, “Position new hires as enablers of the company’s goals, not just overhead. Emphasise how the legal team’s ability to scale will help the business avoid bottlenecks and maintain its competitive edge.”

See also: Building an in-house legal team from scratch

Cultivate a culture of continuous learning

In a rapidly changing business environment, it’s vital for the legal team to remain agile and innovative.

Evans advises, “Encourage a culture of continuous learning and development, where team members are empowered to take on stretch assignments and expand their skill sets.” Sahni also stresses the need for flexibility, noting, “You’ve got to be able to handle anything that comes your way. Whether it’s employment law, pensions or any other area, be ready to pick it up and handle it.”

By fostering a growth mindset, in-house counsel can ensure their function remains capable of meeting the ever-evolving needs of the business.

Demonstrating the strategic value of the legal function requires a multifaceted approach. As Haque aptly puts it, “If you build the relationship, then you can effectively communicate what you want done, how you want it done and also translate your vision for how you want the team to operate to the people working with you.”

This holistic approach is key to unlocking the strategic value of the in-house legal function, ensuring it is seen not just as a reactive service but as a proactive partner in driving business growth and success.