Legal Requirements for Corporate Management

The role played by lawyers in business has, in the course of the last 15 to 20 years, changed perceptively. This development has coincided with, and indeed has been a reflection of, the changing nature of Australian business, especially as the mining industry established its predominance in the Australian economy. The nature and extent of governmental regulation of business, too, has changed markedly. As a consequence, there has been a qualitative'change in the nature of commercial law practice. For the needs of business to be met, lawyers have had to develop specialist skills in new areas. Furthermore, there has been the emergence of the "in-house" lawyer, who increasingly plays a primary rather than a subordinate role in corporate law practice. There is no evidence to suggest that this trend, which is by now so well established, will prove to be ephemeral. Instead, with all indications pointing towards even greater governmental regulation of business activities, the intimate role of the lawyer in business seems entrenched.