Via Transportation GC on How Legal Looks at Regulatory Risks
Via Transportation's VP of legal affairs, Erin Abrams, said her company differs from some of its startup counterparts in that the legal department wants to work with regulators, not "smash through" their rules and regulations.
October 12, 2017 at 06:13 PM
9 minute read
Many startups live and die by the idea that: “It's easier to ask forgiveness than it is permission.” But Erin Abrams, VP of legal affairs at Via Transportation, said at a conference on Wednesday that her company follows a different philosophy when it comes to regulatory compliance.
The New York-based ride-sharing company appears to differ in its approach from some of its competitors, such as Uber Technologies Inc. and Lyft Inc., which have both been entrenched in controversies in recent years after regulators have alleged they pushed the legal and compliance envelope.
Abrams, who spoke during the Women, Influence and Power in Law conference in Washington D.C., said that looking at regulatory risks is one way her legal department adds value to the company.
She explained that Via prefers to work “hand in glove” with state, local and municipal governments on legal issues, unlike competitors who ”get very far out ahead in regulations and are willing to take regulatory risks that can backfire.”
“We don't want to show up and smash through all of your existing regulations. If you have a regulatory system, we want to work with you,” Abrams said of Via. “Being a part of that framework is how we differentiate ourselves from competitors.”
Abrams moved to the startup world in 2014 after an in-house role at Citigroup and several years at Fried, Frank, Harris, Shriver and Jacobson. The leap to a more risky industry alone, she said, was a personal risk, and she had many friends and family members whose enthusiasm and support were underwhelming at first.
She said hiring her was also a risk for her company, which brought her on when there were only five or six employees at Via in total. Abrams acknowledged that many startups don't hire in-house lawyers this early, but she said Via is more cautious than the average startup.
She's grown with the company as its leadership has made decisions on issues such as whether to purchase cyber insurance and when to roll out a compliance program.
Since joining Via as an in-house lawyer, Abrams said she's learned to look beyond merely the legal risks that she focused on when she was previously in private practice. She now considers, for instance, operational risks, economic risks and regulatory risks as well.
Abrams said she is constantly asking questions of herself and colleagues to assess risks that could arise in the future. And in the innovative space where transportation meets tech, no level of preparation is off-limits.
“What about this risk in our business today? she said. “What about if there are electric vehicles, how does this change? What about if there are autonomous vehicles? What about if there are electric, autonomous, flying vehicles?”
Many startups live and die by the idea that: “It's easier to ask forgiveness than it is permission.” But Erin Abrams, VP of legal affairs at Via Transportation, said at a conference on Wednesday that her company follows a different philosophy when it comes to regulatory compliance.
The New York-based ride-sharing company appears to differ in its approach from some of its competitors, such as Uber Technologies Inc. and Lyft Inc., which have both been entrenched in controversies in recent years after regulators have alleged they pushed the legal and compliance envelope.
Abrams, who spoke during the Women, Influence and Power in Law conference in Washington D.C., said that looking at regulatory risks is one way her legal department adds value to the company.
She explained that Via prefers to work “hand in glove” with state, local and municipal governments on legal issues, unlike competitors who ”get very far out ahead in regulations and are willing to take regulatory risks that can backfire.”
“We don't want to show up and smash through all of your existing regulations. If you have a regulatory system, we want to work with you,” Abrams said of Via. “Being a part of that framework is how we differentiate ourselves from competitors.”
Abrams moved to the startup world in 2014 after an in-house role at
She said hiring her was also a risk for her company, which brought her on when there were only five or six employees at Via in total. Abrams acknowledged that many startups don't hire in-house lawyers this early, but she said Via is more cautious than the average startup.
She's grown with the company as its leadership has made decisions on issues such as whether to purchase cyber insurance and when to roll out a compliance program.
Since joining Via as an in-house lawyer, Abrams said she's learned to look beyond merely the legal risks that she focused on when she was previously in private practice. She now considers, for instance, operational risks, economic risks and regulatory risks as well.
Abrams said she is constantly asking questions of herself and colleagues to assess risks that could arise in the future. And in the innovative space where transportation meets tech, no level of preparation is off-limits.
“What about this risk in our business today? she said. “What about if there are electric vehicles, how does this change? What about if there are autonomous vehicles? What about if there are electric, autonomous, flying vehicles?”
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