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Sarbanes-Oxley Compliance: Still a Work in Progress
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:
- Effect of new corporate governance rules on the law department's relationship with senior management.
- Balancing the CLO's relationship with the company CEO and Board of Directors.
- Managing the total cost of the legal function (head counts and outside counsel spending).
- Protecting attorney client privilege under the Sarbanes-Oxley Act.
- The typical participant in this year's survey was a CLO working in a publicly traded company with $100-$500 million in revenues, managing a law department with two to five lawyers, and an annual budget of $1 to $5 million.
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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