Stepping into a PE-backed business: a GC’s perspective

Georgia Morgan Wynne spoke to Kristin McFetridge, General Counsel at MVF Global, about the realities of stepping into a private equity-backed business and why success in the role has less to do with law, and more to do with judgment, pace and people.

It’s rarely the legal work that’s the challenge

For many general counsel, moving into a private equity-backed business feels like a logical progression. Closer to the board, greater commercial exposure, and a more influential role in shaping the direction of the business. But the shift is often more profound than anticipated.

The technical legal work is familiar. What changes, quickly, is everything around it: the speed of decision-making, the expectations from stakeholders, and the level of ambiguity in day-to-day decisions.

As Kristin McFetridge puts it, the real adjustment isn’t legal capability, but how that capability is applied:

“Novel legal questions arise daily and external budgets are limited. Advising in a very fast-paced culture requires the ability to pivot quickly and make determinations based on imperfect information; so having sound judgment is imperative.”

In this environment, the GC is not simply there to provide technically correct answers. They are there to make calls, often without perfect visibility, and to help the business move forward with confidence.

Start by understanding the dynamics behind the structure

One of the most important early priorities for a GC entering a portfolio company isn’t legal orientation. It’s stakeholder mapping.

Private equity-backed businesses can be layered, particularly when founders remain involved as executives or shareholders. The sponsor relationship may be highly active or relatively hands-off, and those differences shape how decisions are made in practice.

McFetridge emphasises the importance of going beyond the formal picture:

“A key factor for me is understanding the sponsor’s relationship to the business, particularly when founders are still involved as management or shareholders. While the shareholders are always a key stakeholder for a GC, when you are in a portco, you may have more complexity depending on the level of investment and how involved your PE is in the day-to-day operations. I would definitely recommend that any new GC takes the time to understand, not only the legal/financial relationships, but also the board dynamics and the individual personalities in order to be as effective as possible in managing risk and advising the company.”

It’s a reminder that influence, alignment, and timing often matter just as much as legal accuracy.

Judgment becomes your most valuable currency

Legal expertise is a given at GC level. What differentiates high-performing GCs in a PE environment is the ability to translate that expertise into clear, actionable guidance at pace.

Rather than striving for complete analysis, the focus moves to:

• Identifying the core risk quickly
• Assessing what matters commercially
• Advising with clarity, even where there is uncertainty

In practical terms, the role becomes less about solving the problem perfectly, and more about helping the business navigate it in real time.

The GC sets the emotional tone

In moments of pressure, whether that be litigation threats, regulatory scrutiny or internal crises, the GC often becomes the anchor within the organisation. How you respond shapes how others respond.

McFetridge highlights just how central this is to the role:

“Moving into an in-house leadership role requires a different mindset: one where you often need to be the calmest person in the room to help manage others’ uncertainty or anxiety. All businesses face legal risk at some point. The GC is the one person who can navigate the business through that, so instilling a sense of confidence is a fundamental aspect of that role.”

That sense of calm isn’t just a personal trait. It’s something that needs to be actively protected.

For many lawyers transitioning from private practice, that means unlearning the expectation of constant availability and instead building the boundaries needed to operate effectively as a leader.

As McFetridge notes, maintaining that balance is non-negotiable: “To be effective at that, I know I need to bring my best self to work, which means taking the time to eat healthy, exercise, recharge with loved ones and pursue other interests that create balance.”

The role can be surprisingly isolating

One of the less visible aspects of stepping into a GC role is the sense of isolation that can come with it. Responsibility sits squarely with you. Decisions carry weight. And the instinct, particularly for lawyers, is often to internalise that pressure – but that approach can quickly become limiting.

McFetridge is clear on the importance of building and using a support network: “It is true that it is lonely at the top, and it can also be scary when the buck stops with you. We could easily think we have to handle things alone, but we need to remember we can tap into our community of external counsel, former colleagues and mentors and networks like Taylor Root’s PE and portfolio GC community, for advice and recommendations.”

Leveraging that network doesn’t just provide reassurance. It improves decision-making, brings in different perspectives, and helps GCs move faster with greater confidence.

Not everything needs to be solved immediately

High-performing lawyers are trained to be efficient, responsive, and decisive. But in a GC role, particularly within a PE-backed business, those instincts need to be applied more selectively. There is a natural temptation to address every issue as it arises. In practice, that approach can create unnecessary friction and limit longer-term effectiveness.

McFetridge reflects on this as one of the key lessons in her own career:

“As lawyers, we are trained to be efficient and to solve problems quickly. But, as the GC, you don’t have to do it all at once. Evolution is more effective than revolution in most cases. It can be hard to identify areas of risk or opportunity without immediately wanting to jump in and act. I have to remind myself that pacing and patience will better help me engage stakeholders, empower my team, and achieve more informed and sustainable outcomes.”

It’s a subtle but important shift: from reacting to everything, to prioritising what truly matters and sequencing change in a way the business can absorb.

A different kind of leadership role

What emerges is a picture of the GC role in a PE-backed business that is less about legal problem-solving in isolation, and more about leadership in a complex, fast-moving environment.

For those stepping into the role for the first time, it can feel like a significant adjustment. But it’s also what makes the position one of the most commercially impactful roles in the organisation: shaping not just outcomes, but how the business navigates the moments that matter most.