The Law Society's Law Gazette news service revealed last week that new guidelines have been formulated to assist in-house lawyers in meeting increasingly stringent corporate governance requirements.
The guidelines, developed by the Society's Commerce and Industry Group in conjunction with Birmingham-based law firm, Wragge & Co, are designed to resolve the uncertainty felt by many corporate counsel over their responsibilities.
In addition to looking at the duty of the firm to meet corporate governance standards, the adequacy of the in-house legal function, and the role of the in-house lawyer, the guidelines address the delivery of advice and potential considerations for the in-house lawyer as an employee.
Speaking to the Law Gazette last Thursday, joint chair of the Commerce and Industry Group, Ann Page explained that:
"In-house lawyers have a unique role with many hats - it's important to know which hat you are wearing. We recognise that one size does not fit all; the guidelines need to be applied flexibly."
She concluded by observing that:
"It's a living document and feedback is critical."
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