Separate and Continuing Counsel for Independent Directors: An Idea Whose Time Has Not Come as a General Practice

In the wake of Enron, WorldCom, Sarbanes-Oxley SEC Rules, NYSE/NASDAQ Listing Requirements, and evolving expectations of directors under state law, there is much angst in corporate boardrooms about the new responsibilities and potential liability of corporate directors. There is, at the very least, cause for more intense focus on process than ever before by the directors on their job of directing the management of the business and affairs of the corporation.