Quick, what’s your employed lawyer’s policy deductible?
Susan Friedman of Marsh writes in the New York Law Journal about the increasing liability risks faced by GCs and other managing corporate counsel in their potential role as “gatekeeper.”
Of note, according to Ms. Marsh, are these issues:
In 2006 in-house attorneys were confronted with a myriad of potential exposures, many of which will continue through 2007 and beyond. The highlights of 2006 included: Â§307 of SOX, backdating stock options, new rules of federal civil procedure regarding electronically stored information, the McNulty Memorandum, Federal Rule of Evidence 502, liability to outside third parties, investigating boardroom leaks, and multi-jurisdictional practice and licensing.
The entire article is worth reading for GCs; it is also instructive for outside counsel who want to understand their clients’ situation better.
Even the footnotes are good (number 6 being a personal favorite).
Watch your step!