Managing partners across the country are clinking their champagne glasses based on the recent news:
"General counsel are most anxious about compliance matters, a worry that is surpassing their concern about outside counsel costs, according to a new study.
The study, released Oct. 23, shows that 86 percent of 169 companies surveyed in 2005 say their main concern is "keeping track of company activities that might have legal implications."
Compliance was the top concern in the 2004 survey as well, cited by 80 percent of respondents the same year the Sarbanes-Oxley Act was enacted. For the previous four years, the chief worry had been legal costs. But that fell to No. 2, cited by 68.7 percent in 2005 and 75.7 percent in 2004.
Because of growing concerns over compliance, the most recent survey included questions about reporting obligations."