It was an annus horribilis for the in-house bar.
At least seven general counsel resigned or were fired in 2006 for their involvement in corporate misdeeds–most notably misdeeds involving backdated stock options. That scandal seemed to blindside many GCs. Fueled by a media frenzy, shareholders demanded that heads roll, and companies rushed to oblige. Some GCs were shown the door because they knew about the practice, but did nothing to stop it. Others left because they didn’t know it was going on, but should have. And a few were fired because they profited from it. William Sorin was among that special breed.
