The skills lawyers need to become CEO
Becoming a CEO requires more than legal knowledge – it demands a diverse leadership skill set. Lawyers aspiring to this role should further develop strategic, financial and people-focused capabilities to position themselves for success.
Building a broader leadership skill set
Legal expertise is just the starting point for aspiring CEOs. The real challenge is developing a comprehensive leadership toolkit that involves managing large, diverse teams and driving a corporate vision. In-house lawyers who aspire to leadership need skills in people management, stakeholder engagement and organisational change.
Clear communication is a critical differentiator. While lawyers are trained in precise, informed arguments, successful CEOs must do more – they inspire, connect and create a narrative that motivates people. The most successful legal leaders are those who can seamlessly transition from analysing details to getting across a broader, more inspiring view of what's possible.
Getting to grips with financials
A clear takeaway from our data was that financial acumen is key to make it to senior business leadership. Our participants were quick to identify financial knowledge as a shortcoming, with one even referring to managing business financials as “daunting.”
Many in-house lawyers lack deep operational experience or a thorough understanding of profit and loss management – a core requirement for any CEO.
Aspiring CEOs would benefit from taking on projects that involve budgeting, operational strategy and financial decision-making. Getting comfortable with these areas early can help bridge the gap and build credibility beyond legal circles.
“Lawyers' core strengths, generally, are not with numbers and financials. Many lawyers I have coached take time to find areas outside the law where they can confidently add real value in an executive committee environment. Financial matters are not generally a lawyers go-to area."
- Tonia Lovell, Former Unilever Chief Legal Officer & Current Coach to In-House Lawyers
Seeing the big picture
It may come as no surprise: there’s a perception that legal professionals sometimes get too caught up in the little details. In-house lawyers are trained to spot problems, but CEOs need to frame solutions. The transition from legal professional to business leader requires a fundamental shift in perspective, to not only eliminate risk, but navigate them to business growth.
Successful legal leaders develop a keen commercial instinct. They step beyond traditional legal boundaries and immerse themselves in broader business challenges.