The benchmarking survey of legal risk and compliance, prepared in early 2009 and published by the Practical Law Company, gathers responses from 69 companies.
The report offers several suggestions for how to maximize the effectiveness of legal risk management processes, but at page 3 its three “key ways” in addition to those suggestions are fatuous.
“Develop and maintain close relationships with external legal advisers”;
“Keep aware of key developments in the regulatory environment”; and
“Make sure the legal function is well-placed within the business to respond to difficulties at an early stage.”
What does it add to tell a general counsel, “Hire law firms frequently, monitor new regulations, and maintain a strong law department – who knows what “well-placed within the business” means? And, if you are aware and well positioned, why do you need a law firm?