The legal compliance officer ensures that the company is conducting its business in full compliance with all national and international laws and regulations that pertain to its particular industry, as well as professional standards, accepted business practices, and internal standards.
Protection of Intellectual Property
Protecting your intellectual property is crucial to the success of your business. Intellectual Property (IP) refers to creations of the intellect for which a exclusive ownership is assigned to designated owners by law. Intellectual property rights (IPRs) are the protections granted to the creators of IP, and include trademarks, copyright, patents, industrial design rights, and in some jurisdictions trade secrets.
A contract is a written or expressed agreement between two parties to provide a product or service. A contract arises when the parties agree that there is an agreement. Formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Parties to a contract may be individuals, partnerships, corporations, or even governments. There may be more than two persons to a contract.
Managing Outside Counsel
Outside counsel play a significant role for the legal department. They provide additional resources, reach, expertise and capacity. Formal processes are necessary to efficiently manage outside counsel, to enforce outside counsel guidelines, and to manage budget compliance. To be effective, these processes should routinely check billing against budgets and also against the guidelines for staffing and time logs.