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Ahead of his appearance at the upcoming Australian Law Forum 2025, Kelvin Liew, senior lawyer at Westpac, discussed how in-house counsel can help their organisations navigate this complexity.
In today’s volatile economic climate, effective legal risk management is critical – it can mean the difference between enabling business success and becoming caught in prolonged, costly litigation.
In the face of geopolitical volatility, regulatory scrutiny, and shifting client expectations, Liew pointed to the importance of balancing legal risk management with pressures for business growth, particularly in a cost-constrained and highly competitive environment.
“Uncertainty about the future economic outlook” plays a key role, he noted, as legal counsel are increasingly expected to support growth while managing rising costs and legal budgets constraints.
In response, in-house counsel have evolved into strategic partners, enablers, and thought leaders to guide organisations through change and drive sustainable growth, Liew told Lawyers Weekly.
“This has seen business going from previously asking ‘Can we do this?’ to engaging early and asking ‘How can we do this or achieve the outcomes we are looking to achieve?’” he said.
In order to make this shift, adaptability is essential, according to Liew.
“This involves first acknowledging the environment has shifted and then being adaptable to work with clients to navigate that change with a legal risk lens.
“It is very much a different environment [from] COVID and the pre-COVID periods, but the learnings and earlier experience very much carry through,” he added.
As economic conditions continue to shift amid ongoing volatility, past experience has left legal teams well equipped to navigate change.
“In-house counsel are using their earlier experience of navigating other periods of uncertainty today to enable growth and manage risk,” he said.
Liew will join leaders from Telstra, Amazon, and Ironbridge Legal for a panel session exploring how to effectively manage legal risk in any economic conditions.
To hear Kelvin Liew speak further on rising legal risk, come along to the Australian Law Forum.
Run in partnership with principal partner Thomson Reuters, the Australian Law Forum will take place on Thursday, 14 August, at The Star in Sydney. Click here to buy tickets.
To learn more about the event, including the speakers and agenda, click here.
