Ethics & Compliance
Following yesterday’s story that data security is the number one Law Department issue comes the news that it is ethics and compliance that tops the General Counsel’s list! The 2013 report by the Association of Corporate Counsel (ACC) tells us that 87% put ethics and compliance as their biggest concern, followed by regulatory and government change. Data and information security was also high on the list.
Senior legal staff find themselves expected to give increasing amounts of business and strategic advice – probably no surprise if the issues listed above are considered so important. Executives need help in navigating through the morass of regulatory and reputational risks that surround business today.
The good news for the law department is that most are gaining an increased budget,which is being spent on both more internal resource and greater use of external counsel. This finding reflects similar discoveries from a recent IACCM study of both legal and contract management groups. However, this increased focus does not always lead to greater job satisfaction – there has been a drop of 11% in those who enjoy their work. It is often demanding to find ways to reconcile the needs for improved ethics and compliance with the demands of a business that is still challenged by harsh business conditions and facing a struggle for growth.