By the end of 2006 at least 15 senior corporate counsel in the US had lost their jobs in the wake of share option backdating investigations. Last month, William Sorin, general counsel at Comverse Technology, became the first general counsel to plead guilty to criminal charges relating to backdating. He was fined $3m (£1.5m) and could face up to five years in jail.
In recent years there has been an ongoing debate among general counsel on both sides of the Atlantic over how to gain that proverbial seat at the boardroom table. The assumption is that this is a goal every self-respecting general counsel should aim for, not just because of the prestige and accompanying pay rise but also because of the increased influence such a position is assumed to hold.
