The Iberian Lawyer magazine reports that at a recent conference more than 40 in-house lawyers bemoaned how their companies were prioritising cost management to the detriment of greater emphasis on compliance.

Criminal liability

The lawyers – from companies such as Goldman Sachs, Michelín, Siemens, and Virgin Active – said cost-sensitivity should not be applied to compliance issues, as the cost of not taking due care can be high.
José María Fernández-Daza, head of the commercial law department at magic circle firm Clifford Chance, told conference delegates: ‘Companies are increasingly looking for their external lawyers to advise them on measures to mitigate this new criminal liability as the law itself is not very clear.’
Reyes Cerezo Rodríguez-Cedano, general counsel at call-centre business Atento, added: ‘Compliance is not easy. It’s not just something you do on paper, you need to imbed it into the culture of the company and ensure that your protocols actually work in practice.’