A long time ago, when I was a young associate in New York, a partner remarked that a good inside counsel needed only two things: a desk phone and the directory for Cravath, Swaine & Moore.

Since then, the technological references have become dated, and the professional alternatives have expanded. As a result, these days any in-house counsel armed with little more than a smart phone ought to be able to obtain optimal advice for any combination of lead time, price point and venue.

Except that's not enough either. If the option backdating tempest taught us anything, it's that the standard isn't, “What's the best answer you can find?” but instead, “What's the best answer for this company?”