Rees Morrison, Esq., is an expert consultant to general counsel on management issues. Visit his website, ReesMorrison.com, write Rees@ReesMorrison(dot)com, or call him at 973.568.9110.
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  • Technorati Profile Creative Commons License This blog is licensed under a Creative Commons Attribution 3.0 United States License.

    « Gender differences and law department management | Main | General counsel and “crisis management” for their company »

    What does the term “compliance” mean? However defined, what is expected of the general counsel?

    A sizeable sample of US general counsel reported they spent more time in 2006 on compliance than in 2005. Some 235 general counsel responded to a recent survey by Corporate Board Magazine and FTI Consulting. A press release announced that 55 percent of those general counsel increased their time on “compliance” in 2006 from 2005.

    Such a result begs a question: what did those respondents understand by the term “compliance”? The concept can be extremely broad. Everything a general counsel advises on and oversees ought properly to be in accordance with our statutes, regulations, governmental positions, and judicial decisions. What parts of in-house legal services are not observant of compliance with our laws?

    The press release unhelpfully quotes an FTI consultant: “Over the past five years, compliance requirements have become acutely more complex, meaning that general counsel have had to assume a broader corporate role in identifying problems and keeping their firms out of the regulatory maze.” “Identifying problems” has no limits (See my post of Nov. 8, 2007 on enterprise risk management.), whereas if compliance comes down to observing regulatory requirements, the task is more manageable.

    Posted on November 10, 2007 at 08:41 PM in Showing Value | Permalink

    Comments

    Feed You can follow this conversation by subscribing to the comment feed for this post.

    Dear Sir. I cant get the 'survey' URL to work in your article today.

    Posted by: Tim Parnell | Nov 12, 2007 5:43:32 PM

    The comments to this entry are closed.