“Gatekeeper” and “general counsel,” though both start with the consonant “g,” are not synonymous, notes Keith Paul Bishop of Allen Matkins Leck Gamble Mallory & Natsis. He cites a recent paper that called GCs the “agents of shareholders,” which, he says, is absolutely wrong.
“Given the ethical responsibilities of a general counsel to her client, the corporation, I would expect that it would be a rare case indeed when a general counsel consents to act for, and subject to the control of, any particular shareholder,” he says. Bishop further notes that in some cases, representing both shareholders and a corporation would violate rules of professional conduct.
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