In-house counsel know risk. It’s present in contracts, compliance issues, and regulatory shifts—always keeping you on your toes. But have you ever wondered if there’s a better way to approach in-house legal risk management?
Ever Feel Like You’re Playing Defense Instead of Leading the Game?
Sarah Stogner, an oil and gas lawyer turned cannabis industry expert, has a unique take on managing legal risk. Her experience in two highly regulated, high-stakes industries offers valuable insights for any in-house legal risk management strategy. Whether you’re drafting contracts, negotiating deals, or advising executives, the principles she applies in oil and gas law can help you stay ahead of the curve.
Let’s break down four key lessons from Sarah’s unconventional career that can transform the way you approach risk management.
Watch the full conversation with Sarah Stogner here:
Contracts as Core Tools for In-House Legal Risk Management
In industries like oil and gas, contracts aren’t just agreements—they’re survival tools. They define responsibilities, manage liabilities, and protect against worst-case scenarios. But here’s the kicker: most industries don’t treat contracts with the same level of care.
Sarah highlights how oil and gas contracts are built to withstand volatility. They anticipate problems before they happen, addressing issues like price fluctuations, environmental liabilities, and regulatory changes upfront. The takeaway? In-house legal risk management should include building contracts that do more than just outline terms—they should act as proactive, strategic legal shields.
How often do your contracts account for unexpected disruptions? If they’re just covering the basics, it may be time to rethink your approach to in-house legal risk management.
Adapting In-House Legal Risk Management to Shifting Regulations
One of the biggest challenges in both oil and gas and the cannabis industry is ever-changing regulation. Sarah has seen firsthand how businesses struggle when they treat regulations as static rather than evolving.
For in-house legal teams, this means staying flexible and proactive. Instead of scrambling every time a new law passes, build a framework that allows your company to adapt quickly. This could mean drafting contracts with future regulatory shifts in mind, developing strong compliance training, or maintaining close relationships with regulatory bodies.
Think about it this way: Are you preparing for change, or just reacting to it? The companies that thrive are the ones that integrate adaptability into their in-house legal risk management strategy and see regulatory shifts as opportunities—not roadblocks.
Know Your Industry’s Pain Points—And Solve Them
One of Sarah’s strongest pieces of advice for lawyers entering new industries is to identify pain points and create solutions. Whether in oil and gas or cannabis, businesses face recurring issues—supply chain disruptions, liability concerns, and compliance headaches. The best lawyers don’t just spot problems; they offer fixes that executives didn’t even know they needed.
For in-house legal risk management, this means getting involved early. Instead of waiting for problems to land on your desk, proactively analyze contracts, policies, and industry trends to prevent issues before they escalate.
Here’s a challenge: What’s one ongoing legal issue your company faces? Instead of managing it on a case-by-case basis, could you design a long-term solution that becomes part of your in-house legal risk management framework?
Your Mindset Matters More Than You Think
Legal expertise is critical, but Sarah emphasizes that mindset is just as important. The best lawyers aren’t just intelligent—they’re adaptable, persistent, and solutions-oriented. They understand that success isn’t just about knowing the law; it’s about how you apply it under pressure.
This is especially true in in-house legal risk management, where legal counsel must balance compliance with business goals. The ability to think creatively, communicate effectively, and stay resilient in the face of uncertainty can set you apart.
So, ask yourself: Are you operating reactively, or are you leading the conversation? Shifting your mindset from risk-avoider to strategic partner can redefine your role in in-house legal risk management.
Final Thoughts: Think Like an Oil and Gas Lawyer
Sarah’s experience proves that industries with high stakes—like oil and gas or cannabis—require lawyers who think beyond traditional legal roles. If you’re in-house counsel, taking a page from this playbook could mean the difference between merely managing risk and strategically controlling it.
So, the big takeaway? Treat contracts like shields, stay ahead of regulatory changes, solve problems before they escalate, and cultivate a mindset that positions you as a leader in in-house legal risk management.
What’s one change you can make today to strengthen your legal risk strategy? Let’s start the conversation.
Watch the full conversation here: Notes to My (Legal) Self: Season 2, Episode 16(ft. Sarah Stogner)
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