Karanovic & Nikolic has hosted a number of participants from the largest companies in Macedonia at the first-ever Corporate Counsel Forum held in Skopje on 28 March 2014.
Panellists and participants discussed the most important categories of industry-specific legal risks for Macedonian companies, as well as the most efficient ways to identify and manager legal risk.
They reviewed the results of a corporate counsel survey conducted by Karanovic & Nikolic that investigated the resources available to corporate legal departments for the management of legal risk.
The results of the corporate counsel survey showed that in-house counsel are faced with the ‘more-for-less’ challenge; in other words, that they are required to provide more legal services at a lower cost due to corporate and departmental budget cutbacks. Hence, in-house counsels need additional resources to be allocated by management in order to manage legal risk more efficiently.
In the context of legal risk management, corporate legal advisers also highlighted that one of their greatest concerns is the frequency of legislative amendments to industry-specific laws and, often, the ambiguity and disproportionate administrative burden imposed on companies by new legislative solutions. The rapid change of laws and the non-responsiveness of the state authorities often require companies to invest substantial resources in order to ensure regulatory compliance.