Law firm appointed General Counsel by Foster Wheeler

I resurrected a press release from Nov. 2003 by Foster Wheeler Ltd. It announced the appointment of the law firm Heller Ehrman White & McAuliffe to serve as the company’s General Counsel. A senior partner of Heller would resign from the Foster Wheeler Board to “lead the Company’s legal team.”

I thought the days of having a law firm serve as the general counsel, for a company of any size, had slipped into the twilight of the 20th century. This retro decision shackles the company, in my humble opinion. How can one law firm meet all the needs of a major company? How can conflicts of interest stay quiescent? How can the cost be competitive?