The role of GC at an investment manager has evolved far beyond that of a back-office risk mitigator or escalations desk. The modern GC is a strategic executive who is deeply integrated into the firm’s business strategy, serving as both a risk architect across operational and investment lifecycles and as a credibility anchor with regulators and investors. GCs’ responsibilities typically encompass establishing the firm’s legal objectives – including the identification, assessment and prioritization of risks – which necessitates reconciling speed with quality and balancing privilege with transparency. GCs are also tasked with selecting and managing external legal resources to achieve their overall objectives. The approach an investment manager takes in managing its relationship with external counsel significantly influences its ability to realize its legal and business goals. Treating outside counsel as a strategic partner – rather than merely another third-party vendor – positions the firm to measure the relationship’s success in terms of business outcomes and regulatory resilience. In a guest article, Lowenstein Sandler partner Courtney B. Posner outlines the strategic value that outside counsel can provide, details metrics GCs can use to evaluate legal counsel and offers practical tools GCs can wield to optimize their relationship with external counsel. See “GCs’ Increasingly Critical Role in Managing Risk and Ensuring Compliance” (May 1, 2025).