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Independent Corporate Investigations

By Marjorie J. Peerce and Peggy M. Cross

In this age of regulatory and prosecutorial focus on corporate compliance, companies increasingly are relying on special outside counsel to conduct internal investigations into potential wrong-doing. Sometimes, these investigations are prophylactic: A company may want to understand the consequences of its current hiring prac-tices so it can develop standard operating procedures to better ensure compliance with anti-discrimination laws. Because this sort of pro-active, self-reflective investigation generally proceeds in the absence of outside scrutiny, counsel has the time and space to conduct a deliberate investigation.

Other times, outside counsel are retained to investigate suspicions or allegations of wrongdoing by or within the company. These investigations may proceed under a growing threat of ' or pursuant to ' government inquiry and rising investor and employee fear and confusion. One of the company's primary goals in retaining investigatory counsel is to conduct a fair, thorough and complete investigation so it can assure investors, regulators and employees that it has discovered the extent of any problems that exist and has a plan not only to correct them but to prevent their recurrence.

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