"WBG Legal Department, Leading Development Issues Beyond Support" - Christopher Stefans, Senior Vice President and General Counsel

Preference for Experienced Lawyers with Relevant Backgrounds
Global Talent Recruitment from Law Firms Worldwide

Christopher Stefans, Senior Vice President and General Counsel of the World Bank Group (WBG), emphasized that "an efficient legal ecosystem plays a crucial role in economic development and in creating a favorable investment environment." He noted that the WBG Legal Department "directly contributes to addressing development challenges, going beyond traditional legal support functions." He also stated that the department actively supports member countries in establishing the rule of law and strengthening institutions, including by creating new organizations dedicated to legal advisory and knowledge sharing.

Stefans, Senior Vice President and General Counsel. The Law Times.

Legal Control Tower for Development Projects

During an interview with The Law Times, held on the occasion of his visit to Korea for the Sejong International Conference in September, Stefans explained, "The WBG consists of five independent entities: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). Each entity has its own legal team."

As General Counsel of the WBG, his role is to coordinate the work of the legal teams across these five organizations and to enhance consistency and efficiency in the services provided. He said, "The legal teams of each entity advise on the design and structure of lending and investment transactions and ensure compliance with policies and procedures." He added, "They identify and mitigate risks, negotiate project contracts, and support each institution's operations by monitoring borrowers' compliance with contracts during project implementation." He further explained that the legal teams "respond not only to contract breaches or defaults, but also provide legal responses when operations are disrupted by natural disasters or when employees are put at risk."

At the group level, the legal team "also advises the WBG Board and management on operational issues such as environmental and social safeguards, anti-corruption, financial and risk management, procurement, and staff regulations," Stefans said. He added, "The entire legal team also provides advice on financial soundness, new financial products, fund management, and the annual bond issuance program of about 70 billion dollars in approximately 15 securities markets worldwide."

Establishment of Advisory and Knowledge Unit

The WBG Legal Department established the Law Advisory & Knowledge Unit in 2024. Stefans explained, "This unit directly provides services and knowledge products related to legal and regulatory reforms, and capacity building for legal institutions such as the judiciary, government ministries, and regulatory agencies, to support member countries' policy objectives and development priorities." He continued, "For example, we create and offer model laws for the establishment of effective carbon trading markets, women's economic participation, cybersecurity, or data privacy, and provide training programs for judges and regulatory agencies to help build public trust in institutions." He stated, "Ultimately, this approach aims to identify barriers to private sector investment, develop evidence-based legal and regulatory solutions to reduce investment risks, and encourage private sector participation."

In this context, Stefans underscored the importance of legal systems. He said, "The long-term success of global economic development goals depends on an effective 'legal ecosystem' in which policies, laws, rules, and regulations are established and applied in a fair, efficient, consistent, transparent, ethical, and accountable manner."

450 Employees from 90 Countries

Stefans said, "The WBG Legal Department selects lawyers with relevant experience for each division," and noted that talent is recruited from law firms around the world. He explained, "For roles supporting lending, investment, or client advisory services, we seek lawyers with experience in corporate or project finance; for equity investment roles, candidates with backgrounds in investment funds or private equity; and for fundraising roles, lawyers with experience in capital markets, investment trusts, or asset management." He added, "We prefer experienced lawyers from law firms who can provide new lawyers with thorough training and experience in fields related to the WBG's work."

Lawyers with experience in international development or the financial sector from various governments are also eligible for recruitment. Job postings are made on the WBG recruitment website, and senior positions may be outsourced to headhunting firms. The WBG Legal Department employs about 450 staff members, with approximately 300 lawyers from 90 countries.

"Korea's Development Experience as an Important Case"

Stefans described the rule of law as an "ecosystem" of policies, laws, rules, systems, and institutions, and said that for this system to function properly, the judiciary must apply laws and regulations fairly and efficiently. He added that such a system builds investor confidence and fosters economic growth.

He noted, "Judicial independence is an essential element of the rule of law and ensures the objectivity and fairness of judges." At the same time, he pointed out, "Other safeguards such as conflict of interest rules and integrity are also important." He added that effective judicial institutions can reduce investment risks and transaction costs, leading to more investment, jobs, and growth.

Stefans also emphasized the partnership with Korea. He cited the Korea-World Bank Partnership Facility (KWPF), a trust fund supported by the Korean government, as an important example of supporting sustainable development solutions for developing countries worldwide, drawing on Korea's development experience.

Reporter Kim Jisoo, The Law Times

※This article is based on content supplied by Law Times.