Executive Search Firm News - Compliance Growing Concern

Compliance Growing Concern

Compliance matters are a growing issue among General Counsel, according to a national study.

The study, as reported in the New Jersey Law Journal, indicates that 86 percent of 169 corporations surveyed in 2005 cited their main concern as “keeping track of company activities that might have legal implications.”

“Such concerns have been heightened by the increasing complexity of regulatory requirements, driven by Sarbanes-Oxley and related laws, along with a series of high-profile trials involving executives and in-house counsel,” according to the Managing Outside Counsel Survey Report, prepared by the Association of Corporate Counsel and Serengeti Law.

The increased emphasis on compliance has manifested in several aspects, reported New Jersey Law Journal:

• 63 percent of law departments report that they must certify there are no material deficiencies in their reporting of legal issues annually
• 46 percent must issue monthly reports assessing exposure to legal issues; 22 percent must do so on a quarterly basis
• 49 percent must document legal developments between formal reporting periods

“The increased emphasis on compliance may have a ripple effect through relationships with outside counsel, making in-house counsel more likely to bring in outside help, and less sensitive to higher hourly rates,” according to the report.

The Journal also reported that spending on outside counsel is increasing:

• Spending rose to $1.8 million in 2005 from $1.3 million in 2004; 2004 spending was down from $1.6 million in 2003
• Median spending for 2005 was $5.2 million for companies with revenues of more than $1 billion, $963,000 for those with revenues of $100 million to $1 billion, and $525,000 for smaller companies.

Executive Search Firm News Articles
Recent RSI News Center Articles :: News Center Articles Home :: :: Career Corner Article Series :: 10 Tips for Managing Stress | Body Language Says It All | Career Change | Career Search Expense Deductions | Climbing The Corporate Ladder | Customer Face Time Equals Higher Sales | Deferred Compensation Pay Regulations | Essential Career Skills | Essential Personal Skills | Essential Skills For Executives | First-time Manager | First Impressions | Great Impression in 60 Seconds | Handling A Layoff | How to Ask for a Raise | Leadership & Management | Make Yourself Relevant | Making Career Resolutions | Making Speeches Can Help Your Career | Maximize Your Potential | Networking In Cyberspace | Networking Strategies For "Reserved" Executives | Stay Or Leave? | Summer Career Strategies | Personality Key to Career Success | Technology Transforming Branding || The Career Mother | The CEO Confidence Index | Timing Your Career Move :: Management Matters Article Series :: 1 In 4 Executives Flounder In Management | 10 Tips To Create Stronger Teams | Aiming for Success | Avoid Meeting Overload | Avoiding Age Discrimination While Hiring | Business Is Personal | Climbing the Management Ladder | Dealing with Discrimination | Delegating Tasks Is Essential | Effective Management Tools | Employee Critiques | Employee Morale Dictates Profits | Employee Turnover | Global Skill Sets | How to Build Company Morale | How to Make Effective Decisions | How to Manage a Project | Inspiration Equals Success | Interview Questions To Avoid | Managing Long Term Growth | Managing The Meeting | Minimize Wasted Time | New Management Checklist | Reducing Workers Compensation Costs | Sales Executive Must Knows | Strategic Planning Requires Planning | Teach Ethics from The Top Down | Training Sales Force In Business Etiquette | Whose Needs Matter More :: Industry Related Article Series :: 401k for Generation Y 1 In 5 Workers Job Hunting 2006 Job Trends Accounting Finance Careers Agricultural Loans Strong Financial Sector Attorney Client Privilege Automation Key To Pharmaceutical Growth Banker Association Warns Of Farm Credit System Biodiesel Demands Fuel Growth in Food Markets Biofuels Use Touted to United Nations Biotech Investment Boosted Biotech Pharmaceuticals Expanding Biotech Supports FDA On Cloning Biotechnology Executives Break Oil Dependency Biotechnology Fuel Costs Build Solid Relationships With Doctors Business Lunch Etiquette Call Revenues Continue To Fall Cancer Clinical Trials Awareness Carbon Emissions Tightened Carpal Tunnel May Be Genetic Condition Chamber of Commerce & Interpol Combat Counterfeiting Chamber: Tighten Aviation Control System Commercial Real Estate Market Growth Compliance Growing Concern Construction Industry Growth Continues Construction Materials Hit By High Inflation Constructions Starts Continue Slide Consumer Debt On The Rise CPG Remains Strong Despite Gas Prices Customer Centric Marketing Customer Retailer Relationship Customer Satisfaction Linked To Customer Loyalty Programs Develop Strong Marketing Strategies Disasters Hit Insurance Industry Doctors Bring Millions To Health Centers Employer Health Care Employer Initiative Aimed At Fighting Diabetes Family Leave Act Remains Complicated Issue Financial Firms Spread Food Firms Expect Food Retailing Changes Food Industry Changes Food Makers Look to Protect Profits Food Products Industry Sees Growth In Boston Food Products Trends Food Safety Action Plan Unveiled Gas Prices Don't Slow Spending GE Introduces Smart Appliances Looks to Save Consumers Money Global Executive Call Google and Viacom Test Online Video Model Grocery Manufacturers Call For Tighter Controls Grocery Retail Sales Growth Not Keeping Pace With Inflation Grocery Sales Won't Pace With Inflation Health Care Contractors Meeting Demands Health Care Cost Concerns Health Care Mandates Health Care Outlays Health Savings Accounts Higher Salaries 2006 Homebuilding Slowdown Human Resources Homebuilding Slowdown   Industrial Biotech Wave Information Technology Industry Survey Insurance Industry Concerns International Telecommunications Study Results Internet Protocol Television Investment Portfolios Pay Off IT Executive Compensation Upswing IT Professionals Explore Late Credit Card Payments Continue Fall Law Department Spending Legal Executive Demand Legal Technology Marketing Executive Salaries Jump Mature Market Wields Spending Power Marketing PR Maximize Company Visibility Medical Device Executive Demand Medical Record Access Growing Consumer Issue Medicare Payment Cut Concerns Mexican Truckers On U.S. Roads Questioned Networking on the Net New Era Telecommunications New Retail Model: Give To Charity Patients Health Literacy Low Personalized Medicine Pharmaceutical Sales Practices Inefficient Physician Performance Measures President's Insurance Agenda Impact Real Estate 2006 Real Estate Industry Technology Real Estate Market Ready For Investors Realtors Applaud FHA Reform Retail Industry Growth Retailers Into 2006 Retirees Planning To Purchase New Homes Retirement Pension Reform Sales Executive Roles Sandwiches Billion-Dollar Business Small Business Association: Review, Reform Regulations Small Business Big Player Small Business Lucrative For Financial Institutions Successful Skill Sets Stock Market Investment Strategies Tax Reform Tops Business Priorities Technology Integration Critical To Banking Industry Technology Trends Telecommunications Reaching Home The Motorist Choice Awards Top 10 Medical Innovations For 2007 U.S. Broadband Use Soars U.S. Chamber Rebuilds America U.S. Firms Losing Ground Leading Innovation U.S. Hotel Transactions Hot Market Vaccine Market Booming Weigh Options on Home Equity Loans Workers Critical Of Wage Disparity Workplace Health Plans Help Productivity