The role of the general counsel has traditionally been insular, focused on guiding businesses through existing regulations. But rapid technological advancement has forced general counsel and in-house legal departments to shape future regulations across all industries.

"The traditional role of the CLO is advising the business on what the law is, what you need to do under the law," explained Craig Silliman, chief administrative, legal and public policy officer of Verizon in Basking Ridge, New Jersey, during a panel hosted by In-House Focus, an in-house CLE organization.