Lawyers frequently serve on the boards of both nonprofit and for-profit organizations, leveraging their expertise and experience to provide valuable insights. However, it is crucial to distinguish the role of a board member from that of legal counsel. This CLE is designed to elucidate the distinctions between these roles and guide lawyers on how to clearly define their position within an organization from the outset.
We will explore the ethical considerations unique to lawyers serving as board members, with a focus on identifying and managing potential conflicts of interest. The CLE will cover the legal structures of nonprofit and for-profit entities, highlighting key governance issues and fiduciary duties.
Additionally, the CLE will emphasize the importance of indemnification and insurance in protecting board members from liability. Attendees will learn how to conduct thorough compliance and due diligence assessments before accepting a board position.
This comprehensive program is invaluable for lawyers who have been invited to join a board or those contemplating such a role, providing them with the knowledge to understand potential risks and fulfill their duties effectively as both board members and legal professionals.
