Scott Wiegand, the ex-GC of PurchasePro.com Inc., can finally put the accusations of fraud, loss of his job, indictment on criminal charges and ensuing trial behind him. In December he was acquitted on all counts, making him only the second general counsel to beat a high-profile fraud prosecution in recent years. Now Wiegand wants to get on with his life by finding a new in-house post.
He also has a piece of advice for other lawyers: Carefully evaluate the risks of any in-house opening before taking it. “I was a senior associate at my law firm,” Wiegand recalls, “and I wanted to move in-house. Here was a fast-paced dot-com with a challenging environment. I jumped.” Now he wishes he had looked harder before he leaped. Wiegand says that anyone considering a GC opportunity should “analyze very carefully the quality of the board [of directors] and the risk profile of the company.”
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