With the advent of online social media, the days of companies controlling their image with multimillion-dollar ad campaigns are over. Now companies have to find new ways of managing their reputations in the constantly changing online world.

That was just one of many topics discussed at the “Social Media Risks and Rewards Conference” at the Harvard Club of New York City on Monday. And panelists in a session titled “Protecting Your Company’s Identity in a Virtual World,” had plenty of advice for in-house and outside attorneys.