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It seems as if the accounting rules that just a few years seemed to be set in stone and generally accepted by almost all companies which are now more questions such as bookkeeping, for the ongoing challenge, discussion and debate. It also appears that the rules for the once sacrosanct relationship between corporate counsel and senior-level companies are also now on the ongoing discussions.
These new provisions under the Sarbanes-Oxley Act of 2002 and the Securities and Exchange Commission that require both in-house and outside lawyers see evidence of a "material" "wrong-doing in the company to report the corporate ladder. This rule is too much of a stir in the executive branch, in which all firms in connection with discussions between executives and corporate counsel in the past under the protection of the attorney-client privilege.
Senior-level executives who were once comfortable discussing sensitive legal issues and tough business decisions with corporate counsel, are not quite as conversation partners more. This is now closely lips corporate executives believe that open and honest conversations with their corporate counsel may not be in their interest, and at some point could be against them in court. The fear before the court, or worse, pulled in front of the Board of Directors, has many of them, a vow of silence.
The Securities and Exchange Commission, meanwhile, that there's no need for concern about issues of privilege attorney-client relationship between leaders and business advice, because the privilege had never existed. The SEC position is that corporate counsel working for the company and the shareholders, not the senior executives.
Former SEC Chairman Harvey L. Pitt had no doubt where companies have to their lawyers loyalty. "Lawyers for public companies represent the company as a whole and its shareholder-owners, not the managers who are hiring and firing. "These tidbits of information comes as breaking news to many executives who for years have openly discussing sensitive matters, under the assumption that the privilege of attorney-client relationship.
I am sure that most companies would not be lawyers against the idea of protecting the interests of shareholders. It is only that lawyers, by you in the role of corporate whistleblowers, the SEC has a negative relationship between business consultancy and senior managers they hired to represent and advise.
In addition to the waves in the boardroom companies, these new rules of attorney-client relationship behavior also seem to directly challenge the state rights to conduct attorney-client relationship. Some argue that Sarbanes-Oxley Act and the SEC exceeded its limits have, in an overzealous attempt to regulate business conduct and in the regulatory process of firms and their corporate counsel of the states and they turned to the federal government.
This question is still open to debate, and will be for some time. But what is known, however, is that in the new Sarbanes-Oxley world, rules and regulations may change at any time and should be seen as the ongoing work in progress.
You can use the new and revised rules, which appear every month or so in the federal, state and local level, and while the SEC seems ready to consider some minor amendments to existing regulations, which may be the rules, Scaling back the smaller businesses, do not expect any changes.
And with the new rules are added and existing rules revised expect both legal for the costs and accounting continue to fly for many years to come.
Richard A. Hall is founder and president / CEO of LexTech, Inc., a legal information consulting company. Mr. Hall has a unique breadth of experience that enabled him to meld technology and sophisticated statistical analysis, a technology driven analytical model of the practice of law. As the process employed civilian lawyer, he was responsible for designing and implementing a LAN-based process database and fully automated document production for a medium-sized enterprises civil. He developed a task billing model based on extensive statistical analysis of hundreds of litigated civil matters. In 1994, Mr. Hall invented linguistic modeling software which automatically reads, applies budget codes, budget codes and analyzes legal bill content. He also served as California Director and lecturer for a nationwide bar review. Mr. Hall continues to practice law and perform pro bono services for several Northern California judicial districts.
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