Lawyer-Directors: An Endangered Species

Approximately 30% of the 250 largest industrial companies in the U.S. include on their boards of directors a lawyer, most of whom are partners in a law firm which represents the corporation.  From the lawyer’s standpoint, this practice helps strengthen the relationship between the client and the law firm, thus assuring continuation of lucrative fees.  From the company’s standpoint, this practice may enhance the credibility of the lawyer’s advice and permits the lawyer to function better as an effective watchdog for potential legal problems.

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