Computer associates backdating contracts
ONCE upon a time, in-house corporate lawyers were dismissed as plodders. Only someone who couldn't hack it as a legal brain-for-hire would seek the dull security of a salaried job, people assumed.But the power of in-house lawyers has grown hugely in the past ten years.
America's mighty prosecutors can indict a corporation, thus destroying it before any accusation is aired in court.
Still others lost millions through feeder funds without ever investing with Madoff directly.
Prosecutors, however, lacked any rules to hear and resolve victims competing claims to Madoffs estate.
The chief legal officer (CLO) is now one of the mightiest figures in the C-suite.
The main reason is that the legal thicket has grown thicker.