Association of Corporate Counsel (ACC) Announces Winner of Carl Liggio Memorial Paper Competition

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Winning Research Explores How Boards Can Build the Expertise Needed to Navigate 21st-Century Challenges

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Washington DC, April 24, 2025 (GLOBE NEWSWIRE) — The Association of Corporate Counsel (ACC) today announced the winner of the Carl Liggio Memorial Paper Competition. The selected paper offers a timely and insightful analysis of how corporate and governing boards can equip themselves to address emerging challenges — such as cybersecurity, artificial intelligence, and geopolitical risk by balancing internal expertise with external advisory support. 

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The paper, titled “Governance Gambits and Business Judgment in In/Out-Sourcing Tactics,” was authored by Maria Lucia Passador, an Assistant Professor of corporate law at Bocconi University in Milan, Italy, who specializes in corporate governance. The paper will also be published in the American Business Law Journal. 

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“ACC congratulates Professor Passador as the winner of the 2025 Carl Liggio Memorial Paper Competition,” said Veta T. Richardson, ACC president & CEO. “Professor Passador provides in-house counsel with an insightful and invaluable resource as they engage in the formation and governance of corporate boards. We hope this recognition encourages more much-needed scholarly analysis of the many ways today’s general counsel help ensure their organizations uphold strong corporate governance.” 

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“The role of in-house counsel — and particularly general counsel — has evolved into a complex balancing act, requiring both legal acumen and strategic oversight,” Richardson said. “By leveraging the enduring expertise of internal directors and strategically integrating the nimble insights of external consultants, in-house counsel can help mitigate legal exposure and enhance overall accountability within their organizations.” 

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The competition, named in honor of Carl Liggio who was a co-founder of ACC and served as its second board chair, offers a $20,000 prize to encourage academic research of how management reporting structures impact the well-being of organizations, particularly management structures involving the role of the chief legal officer.   

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Professor Passador will present the winning paper at the 2025 ACC Chief Legal Officer Global Summit, taking place May 21 – 23, 2025, in Barcelona, Spain. The CLO Summit features roundtables, interactive plenaries, and ample networking opportunities. The summit is open exclusively to the highest-ranking legal officer of an organization. 

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“Over the years, we have witnessed firsthand how the dynamics of corporate boards have shifted, particularly with the rising demand for directors who bring specific expertise, such as finance, risk management, or technology, to the table,” Professor Passador said. “However, this integration of specialized knowledge also highlighted the delicate balance between internal and external perspectives. These evolving dynamics are what prompted me to explore this critical issue further.