The New Business Dream Team: Your CLO and CFO 🎯

The collaboration between legal and finance departments can make or break major business initiatives. When these service functions work in tandem, organizations see better risk management, more strategic decision-making, and stronger business outcomes.

Yet many companies still treat legal and finance as separate service departments rather than strategic partners. This siloed approach can lead to missed opportunities, increased costs, and unnecessary risks.

Megha Parekh, EVP and Chief Legal Officer of theJacksonville Jaguars, shares how building strong partnerships between legal and finance creates wins in both sports and business. With over a decade of experience leading major initiatives like stadium deals and crisis management, she reveals practical insights for fostering effective collaboration between these crucial departments.

Why Early Collaboration Matters

High-performing businesses consistently bring legal and finance together at the strategy stage, not just when problems arise. Early engagement between departments prevents costly missteps and enables better business outcomes.

When planning major initiatives, consider these factors:

• Budget planning should align with strategic initiatives, not just historical spend.

• Risk assessment needs both legal and financial perspectives.

• Complex deals require both teams' expertise from day one.

• Crisis management depends on both departments working as bedrock partners.

Build Trust Between Departments

Psychological trust between departments matters even more than budget size. Here's how to build it:

Start early: Bring both departments into discussions at the planning stage, not just for approvals.

Share context: Help each team understand the other's objectives and constraints.

Focus on solutions: Work together to find paths forward instead of just identifying obstacles.

Celebrate joint wins: Recognize how both departments contribute to successful outcomes.

Measurable Results of a Robust Legal-Finance Partnership

When legal and finance teams align effectively, the impact ripples across the organization. Deal closures accelerate as both departments work in tandem from day one, while risk assessment becomes more nuanced by combining legal expertise with financial insights. 

Crisis response improves dramatically; instead of scrambling when issues arise, these departments act as bedrock partners with clear protocols and shared understanding. Resource allocation becomes more strategic, too, as both teams gain early visibility into upcoming initiatives and can plan proactively rather than reactively.

Perhaps most importantly, this partnership changes how organizations make decisions. Rather than viewing legal and finance as separate checkpoints, companies tap into their combined expertise to shape strategy from the ground up. The result? Faster execution, smarter risk management, and stronger business results.

Ready to strengthen the partnership between your legal and finance teams? Listen to our full conversation with Megha Parekh on this week's episode of The CFO Show, available wherever you enjoy podcasts.

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