What in-house lawyers need to know about IFRS 16 – the new accounting standard affecting leases

published on Legal Risk Management

The International Accounting Standards Board (IASB) has published International Financial Reporting Standard (IFRS) 16 – the new accounting standard concerning commercial leases which comes into effect on the 1st of January 2019. Superseding the International Accounting Standard (IAS) 17, the IFRS 16 rules are set to change the way long-term leases are treated on company balance sheets. Virtually all companies use leasing agreements as a low-risk means to gain access to property and equipment without incurring large cash outflows upfront. It also provides flexibility and is sometimes the only way to obtain the use of an asset that is not available for purchase. Therefore, the changes could affect many businesses. But don’t worry, it’s not all bad news! […]

CASE STUDY: How CitizenM improved productivity in Legal and across entire organisation

published on Contract Management, E-signature technology, General Counsel, Legal Technology

Many General Counsels find themselves inundated with administrative tasks, thereby taking them away from assuming a more proactive role in the business. All too familiar with this predicament, Hein Bijl – General Counsel of CitizenM – was glad to see the back of spreadsheets and manual processes when the company adopted a smart legal repository for managing all their legal information. As a global chain of boutique hotels with a global footprint, CitizenM has multiple entities across multiple jurisdictions, making the amount of legal work to manage impossible without an efficient process. Here’s how they are making the most of Legisway and haven’t looked back.

How to calculate your business risk using a Risk Assessment Matrix

published on Compliance Management, Entity Management, General Counsel, Legal Risk Management, Reporting

Pulling together a risk management plan for your company is no easy feat. Firstly, you need to properly identify the full gamete of risks that could impact your business. Then gathering and compiling all the necessary information requires time and resources. But arguably the most important step of all is calculating the level of risk by creating a Risk Assessment Matrix. This is what the business takes out from the assessment and puts into action. It requires a high level of expertise and advanced analytical skills if you want the findings to be accurate and credible.

Due Diligence Report – Real Estate and IP – proving your net worth

published on Compliance Management, Contract Management, Entity Management, General Counsel, How-to, Reporting

Think you could turn around a prompt and thorough due diligence report verifying your company’s net worth if a potential investor or buyer came along? It is estimated that every year 7.5% of all company documents are lost and 3% are misfiled at a huge aggregate cost to businesses to locate or recreate these files. Not to mention that failure to provide complete information could cost your company the deal. So don’t let this be you!

A large part of proving your company’s net worth includes real estate, assets and all intellectual property and this needs to be chronological, up-to-date and accurate. As a CEO, CFO or Legal Counsel, you might have most of this information on hand, but it doesn’t hurt to consolidate what you do have and areas you may need to address.

Due Diligence Reporting – commercial records & contracts, claims & compliance – are you ready?

published on Compliance Management, Contract Management, Entity Management, General Counsel, Reporting

Whether you’re a start-up or working for a well-established enterprise, one day you could find yourself lumped with the onerous task of due diligence reporting for a potential buyer or investor – and you’ll want to be prepared. If the preparation of due diligence falls on the CEO, CFO or sole Legal Counsel, it always pays to have a checklist of the key requirements upfront to ensure you don’t leave any stone unturned, and that the process runs as smoothly as possible. Here is a run down of some of the initial records and documentation to help get you on your way to due diligence perfection.

How small legal departments can cope with an increasing workload

published on Cloud technology, How-to, Legal Innovation, Legal Technology

If you think your job is more demanding and time consuming than a year ago, you are not alone. About 3/4 of in-house lawyers say workloads have increased compared to 2016. The question is, how can small legal departments cope with this increasing workload? For small legal departments that lack the budget to increase headcount or outsource legal work, this increased demand for legal services from their businesses means more operative work, often at the expense of providing strategic counsel. In fact, many GCs are only able to spend 32% of their time providing strategic counsel while more than 50% of their time is spent on admin tasks like filing, searching for documents and sending emails.