LEGAL
As the New Year kicks off, it's the perfect time to reflect on the past year and the challenges and opportunities it presented. Here you will find the top 10 Corporate Counsel Connect articles from 2015 – a diverse collection of what meant most to you over this past year, from FINRA rulings to diversity in the profession to selection of expert witnesses and tips on professional development. Haven't read these top stories yet? Now's the time to catch up!
1. New GC? Top 10 ways to succeed in your new role
The first months in any new role have a tremendous effect on how an employee is perceived and can determine that employee's success. For a new General Counsel that reports to the CEO and the board of directors, this effect is amplified because of the high profile of the position. The following are some key actions a GC can take in the first few months on the job to ensure success.
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2. New FINRA rule on background investigations may be surprisingly expansive
On July 1, 2015, a new rule issued by the Financial Industry Regulatory Authority (FINRA) takes effect, requiring that "each member firm ascertain by investigation the good character, business reputation, qualifications, and experience of an applicant before the firm applies to register that applicant with FINRA and before making a representation to that effect on the application for registration." A firm's failure to act in accordance with FINRA's rules may be taken as evidence of a breach of that firm's duty of care, and consequently, as evidence of negligence.
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3. Words to lead by: A discussion with top general counsel
One of the very best ways to learn about leadership is from those who are exemplary leaders themselves. We connected with a few experienced general counsel to hear their stories and to learn about their leadership styles, favorite advice received, and how they worked to transform their legal departments. We spoke with several legal department leaders, including Susan Hackett, Sterling Miller, Tanya Avila, and Ed Friedland.
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4. Breaches in the boardroom: What directors and officers can do to reduce the risk of personal liability for data security breaches
Corporate directors and officers may increasingly be targets of shareholder derivative lawsuits in the wake of the surge of regulatory actions and private litigation around data breaches. While no individual directors and officers have been held liable for the costs of a data breach to date, such lawsuits have been filed. The risk of individual liability can be mitigated by taking proactive measures.
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5. "Think-time" topics for legal departments
Each year, I try to make time for some kind of end-of-year/beginning-of-year introspection and retrospection, taking a break from the "urgent" to think about some of the bigger strategic issues that are important. I thought I'd share what is currently on my list of "big thoughts" for law department leadership to consider and, hopefully, spark some good "think-time" for you, too.
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6. Planting the seeds of diversity with Eric de los Santos
From a Filipino-American community along the sandy beaches of Hawaii to the ivy-covered halls of Brown University on the East Coast, to a global rollout of his growing legal department, Eric de los Santos, Assistant General Counsel, Director of Employment Law at TrueBlue Inc., has been planting the seeds of diversity and inclusion all along the way. His tremendous commitment to diversity in the profession will be recognized this October at the Association of Corporate Counsel Annual Meeting, where he is set to receive the coveted Matthew J. Whitehead II Diversity Award, an award named after a visionary CLO who made diversity a core value of ACC membership.
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7. 5 unbreakable rules for ensuring counsel select the right expert witness
Counsel and their clients routinely use, and handsomely pay, expert witnesses in their cases. Choosing the right expert is vital to the success or failure of cases. However, counsel's selection of expert witnesses is often unplanned and careless. In selecting the right expert, there are many common mistakes attorneys should strive to avoid. Counsel should follow these 5 unbreakable rules to ensure they select the right expert witness.
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8. Here it comes: Time for a rebirth of the legal profession?
I live in the Washington, D.C. area; I'm writing this in spring, when the entire region is all about the cherry blossoms. Part of the magic is that even though we know that the trees will bud again each spring, there is something almost primitive about celebrating the end of winter and witnessing the rebirth that these amazing spring blossoms signify. This annual cycle of birth, maturity, decline, and rebirth got me thinking about the legal profession and the changes it's cycling through, as well.
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9. Top 5 must do's for the first in-house counsel
I've done the first in-house lawyer/first GC thing a couple of times now, and each time I do, I learn something different. But a few lessons have remained constant through every industry, role, and political environment. I originally picked up these tidbits of gold from mentors and colleagues. I was lucky enough to have the opportunity to learn from them. (And smart enough to actually listen!)
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10. An inside job: Becoming a valued strategic business partner
For several months, I've been trying to pull a number of themes and thoughts together under a single banner, and what I've come out with is: "The Legal Department as a Strategic Business Partner." You're probably thinking, "Yeah, yeah, yeah – every in-house leader has been saying that's what they want to be/are for as long as there have been in-house counsel." Even though everyone seems to be saying it, what the heck does it mean to be a "strategic business partner"? Even I admit, as a law practice management consultant, that it sounds like "consultant speak" or "management speak."
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Here are a few bonus articles we know you'll find of value:
Key issues in drafting indemnification clauses
Many agreements involving stock or asset purchases contain indemnification clauses. Often a contracting party may be tempted simply to cut and paste an indemnification clause contained in a prior contract. But few if any contract terms play a larger role in business litigation than indemnification clauses. As such, whether your company is the buyer or the seller, time spent tailoring your indemnification clause to the specific circumstances of your transaction is time well spent.
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Press 'up' on your career: How to develop a good elevator pitch
You walk into an elevator and the only other person is your ideal potential boss, the chief legal officer of a Fortune 500 company. What do you do? If you think that being a lawyer means you're not in sales, think again. As Daniel Pink notes in To Sell is Human, we are all in sales now. Still, when it comes to your career, you are selling yourself, which can feel very awkward. If you want to make a career move or move up in your current career, you need to learn to sell yourself.
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