Business Acumen for In-House Counsel: The Key to Legal Leadership

Have you ever sat in a meeting and suddenly realized—you’re not just the “legal person” in the room? You’re being asked to help make a real business decision. It can be a little exciting, maybe even a bit overwhelming. But if that’s happening more often, you’re definitely not alone. Business acumen for in-house counsel has become the game-changing skill that separates legal advisors from legal leaders. Knowing the law isn’t enough anymore—you also need to understand how the business works.

Today’s in-house lawyers are showing up at the intersection of strategy, risk, and innovation. And the ones who thrive? They’re not necessarily the ones who know every statute by heart. They’re the ones who can talk through revenue models, weigh market risks, and shape business opportunities—right alongside the executive team.

As legal expert Catherine McGregor puts it, the most effective in-house lawyers aren’t just legal advisors anymore. They’re problem-solvers, business partners, and key decision-makers. And in the process, they’re helping to reshape what it means to be a lawyer inside a modern business.

Watch the full conversation with Catherine McGregor here:

Legal expertise will always be your foundation—it’s what gets you in the room. But business acumen for in-house counsel is what keeps you there. The legal professionals who are driving meaningful change within their organizations are the ones who understand corporate strategy, can interpret a balance sheet, and offer legal insights that actually move the business forward.

I once spoke to a general counsel who said, “I used to think my job was to say no to bad ideas. Now, I see it’s about helping the business say yes to the right ones.” That mindset shift is at the heart of this evolution. In-house lawyers who understand business priorities aren’t just reviewing contracts—they’re designing solutions.

One standout example is The Crown Estate’s General Counsel, who collaborated closely with the CEO to embed legal strategy into the company’s larger transformation. The result? A stronger, more agile business—and a legal function viewed as an integral part of corporate growth.

Here’s the good news: developing business acumen for in-house counsel doesn’t require an MBA or a finance degree. It starts with curiosity. Listening differently in meetings, asking thoughtful questions, and spending time with colleagues outside the legal department can give you insights that radically improve how you advise and lead.

The more you understand the levers that drive your company—costs, revenue, risk appetite, customer behavior—the more valuable your legal perspective becomes. You stop reacting and start anticipating. You go from flagging problems to helping solve them before they escalate.

The truth is, you don’t have to choose between being a great lawyer and a strategic business partner. The best in-house counsel are both. Business acumen for in-house counsel is what makes legal leaders indispensable in today’s complex, fast-moving corporate environments. It’s how you move from supporting decisions to making them.

So, if you’ve ever wanted to be more involved in shaping the direction of your company, this is your moment. Start by diving deeper into one part of the business you’ve always been curious about. Ask the questions, make the connections, and keep learning.

Because the future of the legal profession isn’t just about knowing the law—it’s about knowing how to use it to build better businesses.

Watch the full conversation here: Notes to My (Legal) Self: Season 1, Episode 10 (ft. Catherine McGregor)

At Notes to My (Legal) Self®, we’re dedicated to helping in-house legal professionals develop the skills, insights, and strategies needed to thrive in today’s evolving legal landscape. From leadership development to legal operations optimization and emerging technology, we provide the tools to help you stay ahead.

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