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For the fourth consecutive year, the American Corporate Counsel's annual meeting was the site of a survey measuring Chief Legal Officer (CLO)'s top concerns in 2003. Topping the list this year:
Compliance with Sarbanes-Oxley
The effect of new corporate governance rules and standards is still being assessed. CLOs have taken compliance with Sarbanes-Oxley seriously and some already see it affecting relationships with senior management. Sarbanes-Oxley compliance is requiring in-house counsel to take on expanded roles, responsibilities and relationships and this expansion of responsibility is still a work in progress.
When asked about the impact on the “attorney-client trust relationship,” 32.2% thought that trust was adversely affected; and 22.2% of CLOs believe that new attorney reporting obligations will make senior managers less likely to seek legal advice.
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