Lawyers as Gatekeepers

Company Lawyers Independent by Design: An ECLA White Paper, Philippe Coen and Christophe Roquilly (eds), Paris, Lexis-Nexis, 2014

8 Pages Posted: 1 Mar 2014

See all articles by Stephane Rousseau

Stephane Rousseau

Université de Montréal - Faculty of Law

Julie Biron

University of Montreal - Faculty of Law

Ejan Mackaay

Université de Montréal - Faculty of Law; Center for Interuniversity Research and Analysis on Organization (CIRANO)

Date Written: February 27, 2014

Abstract

Good corporate governance is an enabling factor for the growth, development and success of corporations in this era of globalization and international competition. The corporate scandals of the early 2000s have reinforced the importance of corporate governance; they have stimulated research and experimentation with new modes of corporate governance.

Following the reforms introduced in North America in the last decade, lawyers have been formally integrated into the corporate governance regulatory framework. Canadian and U.S. regulation now clearly assigns a gatekeeping role to corporate lawyers. The legal qualification of corporate lawyers as gatekeepers has significant theoretical support in the literature. Yet criticism of this position raises doubts, or at least sensitive issues, regarding this qualification. We conclude that further empirical studies would be apposite to gain a finer grained understanding of the practice and contributions of corporate lawyers as gatekeepers and a better appreciation of the appropriateness of such role.

Keywords: corporate governance, gatekeepers, legal profession

JEL Classification: K22

Suggested Citation

Rousseau, Stephane and Biron, Julie and Mackaay, Ejan, Lawyers as Gatekeepers (February 27, 2014). Company Lawyers Independent by Design: An ECLA White Paper, Philippe Coen and Christophe Roquilly (eds), Paris, Lexis-Nexis, 2014. Available at SSRN: https://ssrn.com/abstract=2402317

Stephane Rousseau (Contact Author)

Université de Montréal - Faculty of Law ( email )

C.P. 6128 succ. centre-ville
Montreal, Quebec H3C 3J7
Canada

HOME PAGE: http://www.droitdesaffaires.ca

Julie Biron

University of Montreal - Faculty of Law ( email )

C.P. 6128 succ. centre-ville
Montreal, Quebec H3T 1B9
Canada

Ejan Mackaay

Université de Montréal - Faculty of Law ( email )

cp 6128, succ. Centre-Ville
Montreal, Quebec H3C 3J7
Canada
+1-514-343-7852 (Phone)
+1-514-343-2199 (Fax)

Center for Interuniversity Research and Analysis on Organization (CIRANO) ( email )

1130, Sherbrooke West # 1400
Montreal, Quebec H3A 2M8
Canada
+1 (514) 985-4000 (Phone)
+1 (514) 985-4035 (Fax)

HOME PAGE: http://www.cirano.qc.ca

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