For some general counsel, their time goes to cultivating relations with regulators

Industries vary in the degree to which they face regulation (See my post of Dec. 14, 2005 on McKinsey’s rough cut at regulatory intensity.)

For companies operating in a highly-regulated industry, some sizeable chunk of their general counsel’s time must go to developing relationships with regulators, staying abreast of regulatory requirements, and pushing forward-thinking activities that assuage regulators. (top of mind, Vol. 4, at 10). (See my post of Dec. 19, 2005 on the unusual demands of GCs for foreign-based owners.)