Corporate Lawyers Jettisoning Board Seats
- Posted by Geoffrey G. Gussis on February 5th, 2006
- Filed in Corporate/M&A
Public companies may be losing their ability to pull directors from a highly-qualified talent pool:
"In his WSJ.com The FLaw column, Ashby Jones details the trend of law firms discouraging their lawyers from serving on public company boards of directors, due to the risk of shareholder suits or SEC investigations.
Larry Sonsini, the head of Palo Alto’s Wilson Sonsini Goodrich Rosati and perhaps the country’s best-known tech lawyer, tells us he’s “giving in” and that, by year end, he’ll be off nearly all the boards upon which he currently serves. Akin, Gump, Strauss, Hauer & Feld — home of boardroom veterans Robert Strauss and Vernon Jordan — has decided to “strongly discourage” its lawyers from sitting on corporate boards."
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