Its better to be updated with the regulations to secure a job
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published June 23, 2008
Stony Olsen
What do they have in common? Someone, somewhere, probably failed to keep up with the new regulations that always come up, passed by various governmental organizations. And especially if someone before you just got the company in trouble, that company will want an in-house counsel who knows how to stay in compliance with the regulations.
If you are properly prepared and know how to find and apply the myriad of regulations that a company is subject to, you'll have a leg up on that prosecutor who is also applying for the position.
After all, part of what being a general counsel is all about is making sure that your company or area of responsibility keeps in compliance with the rules and regulations passed by various governmental or governing entities. It's not just contract review and keeping the accounting department honest.
But how do you keep up with regulations? If the company is busted because you as the general counsel didn't notice that new OSHA regulation, well, guess who's next on the firing line? That's right, you.
So keeping up with the regulations and rules passed by the appropriate entities is crucial. If you already know where to look and have the proper research patterns in place, that gives you an advantage when it comes time to interview.
Know Your Regulatory Agencies
There are lots of regulations and agencies that potentially might impact your company. Of course, there are Sarbanes-Oxley and the SEC, which have numerous rules and regulations. The IRS as well frequently issues advisories that could impact your company.
But there's more than the obvious business agencies to worry about: there are also the school board of governors, state agencies, workers' compensation, and the whole host of governmental regulatory agencies. Not just the feds either — state regulations or local ones if you are in a large city. Local ordinances can really impact the company as well.
The point is there is more than just SEC rules to worry about. The same is true of most areas of compliance: you have to watch out for more than just the obvious agencies. Many differing regulatory bodies could have an impact, and it is important to think of each one and check it out. Don't forget state, local, and federal levels of agencies.
Know Where to Find the Rules
Any in-house counsel in the United States should be intimately familiar with the Code of Federal Regulations as well as the Federal Register. The Code of Federal Regulations, or CFR, is the bible of regulations. Once a year, all the new regulations or amendments are revised into the corresponding sets of volumes of the CFR. So the volume containing the regulations of the agency you are interested in reading is perhaps up to one year out of date. That's what the Federal Register is for — it's a weekly update of proposed regulations, plus an index of which issues contain the text of enacted regulations.
Keep up with both of these. State agencies have similar systems. Read the CFR first, then the Federal Register, to get the complete picture. Agency websites are also useful.
I highly recommend having a subscription to the Federal Register if you are in-house, especially if you are in charge of compliance. If you are searching for a job in-house, being able to identify the relevant regulations and rules for the company you are applying to will be enormously helpful.
Best of luck!
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