KISCHA STACKHOUSE-BAKRE
                                                                        PROFESSOR SMITH
                                                                        LEG 100
                                                                        NOVEMBER 9, 2013

Legally astute managers have the ability to identify and pursue opportunities to use the law and legal system to increase both the total value created and the share of that value captured by the firm. By being proactive, they   often forestall more onerous business regulations and convert regulatory threats and constraints into opportunities for value creation and capture. Conversely, managers who lack the ability to integrate law into the development of strategy and of action plans can place the firm at a competitive disadvantage and imperil its economic viability. There are four components of legally astute and they are:
  1. A set of attitudes
  2. A proactive approach
  3. The ability to exercise informed judgment
  4. Context-specific knowledge of the law and the appropriate use of legal tools.
    Legally astute managers recognize the importance of law to firm success and accept responsibility for managing the legal aspects of a business. They also appreciate the need to meet societal expectations and realize that ethical considerations may determine how the law is applied in a given case. They recognize the importance of selecting not a “hired gun” but a true counselor at law who combines knowledge of the black-letter law with judgment and wisdom.
    Cyberspace, as everyone knows, is the online world of computer networks that has:
  1. Facilitated communication
  2. Accelerated the transmission of data
  3. Revolutionized the way the world works.
The long-term impacts of information technology remain to be seen. But one issue is   now quite clear. Businesses will seek...