The highly publicized scandals at Enron, WorldCom, and others have everyone—including bar leaders—thinking about their own finances and how to prevent mishandling of funds. Here’s a look at bar associations’ auditing practices and at how they communicate to board members regarding the fiduciary responsibility that comes with bar leadership
The Sarbanes-Oxley Act of 2002 set new guidelines for fiduciary oversight within public corporations. There’s been some talk that the act may eventually be expanded to cover nonprofits. Some say, too, that certain provisions of Sarbanes-Oxley make good business sense for associations—regardless of whether the act is expanded. Paula Cozzi Goedert, a partner at Chicago-based Jenner & Block LLC, and chair of her firm’s association practice, helps us make sense of Sarbanes-Oxley and outlines which aspects are most relevant for association leaders now.
Section 307 of the Sarbanes-Oxley Act of 2002 instructs the Security and Exchange Commission to develop new federal rules governing an attorney’s response if he or she knows of breaches of fiduciary duty within a corporation. How will this affect attorney/client confidentiality, as well as the regulatory responsibility now held by the states’ highest courts? This article looks at some of the big issues involved, and at recent ABA Model Rule amendments that address an attorney’s responsibility in such a situation.
It’s no secret that everyone—including lawyers—is busier than ever these days. How can you ensure that your members make time for the bar? Valerie Brown, legislative counsel for the New Jersey State Bar Association offers some practical tips for keeping volunteers engaged and motivated. Good communication regarding goals, outcomes, and your appreciation of volunteers’ efforts is critical, she says.