How is the legal department (legal concerns) important to the four phases of strategic management?
The four phases of strategic management cover, as put by Harvard Business School, meeting the budget, predicting the future, thinking strategically, and creating the future. Other terminology is:
- evaluating the environment
- formulating strategy
- implementing the strategy
- evaluating the implementation of strategy
Legal teams are critical in strategic management phases because there are laws governing financial allocations (e.g., tax laws); there are laws governing business interface with the environment (e.g., toxic waste laws, environmental impact laws); there are laws regulating land use (e.g., nature sanctuaries); there are laws governing ethical and credible international business interactions (e.g., fair trade laws).