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How does that take shape in real life? Consider the multinational that set up a subsidiary 10 years ago to meet local contractual obligations but hasn’t filed necessary reporting in the years since. Suddenly, there’s an opportunity to sell or divest — and internal teams are left scrambling to update files.
Managing legal entities more effectively supports deal readiness while reducing risks — and it’s easier than you think to refocus on this area.
At EY Law, we recommend asking three key questions to get those building blocks in place now:
- Do we have the right people focused on legal entity management? You’re in the business of building a business. That means selling, innovating and expanding the reach and success of your company. Record-keeping may not be a core competency or skillset in the business or in the general counsel’s office. Ensuring you have the right people dedicated specifically to managing legal entities may require you to cast a broader net, align with a managed service provider or otherwise bolster your team. The key is to invest in the right people now. Ensuring you have eyes on this area consistently prevents you from inadvertently making costly oversights and having to play an expensive game of catch-up down the road. EY Law teams can help you focus on your core areas of responsibility and support your team, at home and around the world.
- Is our legal entity management process built to handle today’s realities? When you have a standardized process in place to manage any area of a business, you can eliminate guesswork, cut down inefficiency and generate more reliable outputs. That’s as true for legal entity management as any part of your operations. Because legal entities can reflect a veritable spiderweb of companies and subsidiaries spread around the globe, this area is often rife with geographic, legal and jurisdictional nuances. At EY Law, we’ve built our own global methodology and process for consistently helping manage legal entities. Employing a option like this can streamline your process and speed up your compliance, all while generating in-house agility that allows you to make decisions with confidence.
- How can technology further reduce costs, risk and problems? Digital transformation is now revolutionizing general counsel’s offices around the world. This shift toward digitized solutions brings with it a great potential for legal entity management, too. Adopting or acquiring a tech platform to track progress, ensure deadlines are met and spot potential issues — for example, through dashboards or heat maps — can go a long way towards improving efficiency across legal entity management. Consider how and where to connect your people and processes with leading tech tools to quickly make a positive impact.