What is a 'Chief Legal Officer - CLO'

A chief Legal Officer (CLO) is a publicly traded company's most powerful legal executive. The Chief Legal Officer (CLO) is an expert and leader who helps the company minimize its legal risks by advising the company's other officers and board members on any major legal and regulatory issues the company confronts, such as litigation risks. The CLO may also be a member of the company's operating committee and is overseen by the CEO. The CLO oversees the company's in-house attorneys.

BREAKING DOWN 'Chief Legal Officer - CLO'

When a large, publicly traded company hires a new CLO, it will make the news, just as the hiring of a new COO or CFO would. A CLO typically has more than a decade of legal experience; positions a CLO might hold prior to becoming an executive include Head of Legal, First General Counsel and firm partner.

RELATED TERMS
  1. Collateralized Loan Obligation ...

    A security backed by a pool of debt, often low-rated corporate ...
  2. Legal Rate Of Interest

    The highest rate of interest that can be legally charged on any ...
  3. Adverse Domination

    A legal doctrine that allows regulators to bring litigation against ...
  4. Power Of Attorney

    A legal document giving one person (called an "agent" or "attorney-in-fact") ...
  5. Chief Risk Officer - CRO

    The executive responsible for identifying, analyzing and mitigating ...
  6. Legal Separation

    For all practical purposes, a circumstantial divorce without ...
Related Articles
  1. Investing

    What is a Collateralized Loan Obligation?

    A collateralized loan obligation (CLO) is a security consisting of a pool of loans organized by maturity and risk.
  2. Insights

    How 4 Companies Are Changing the Legal Industry

    An overview of four companies transforming the way consumers and businesses interact with lawyers.
  3. Insurance

    Is Personal Legal Insurance A Good Deal?

    Some employers offer personal legal insurance as an opt-in benefit. Would it make sense for you?
  4. Small Business

    Early Innings of a Multiyear Investment Opportunity?

    We provide our outlook for both traditional distressed and more niche credit strategies, and assess the opportunities managers may seek to exploit in the current environment.
  5. Small Business

    What Does the Back Office Do?

    A financial services company’s back office provides administrative and personnel support.
  6. Small Business

    What does C-Suite Mean?

    C-Suite is a slang term used to describe the highest level senior executives of a corporation. This is the decision-making, power center of a company. These individuals are usually paid well, ...
  7. Retirement

    Make It Legal When You Retire

    If you haven’t done your estate planning, named a power of attorney and considered your legacy, you still have some pre-retirement tasks to address.
  8. Small Business

    What Does a Chief Operating Officer (COO) Do?

    The Chief Operating Officer (COO) is usually considered the second-in-command at most corporations.
  9. Investing

    The 5 Biggest Canadian Law Firms

    Obtain company information about some of the largest major legal firms that are headquartered and have principal operations in Canada.
  10. Small Business

    Don't Get Sued: 5 Tips To Protect Your Small Business

    Find out what you can do to limit risk and keep your business running smoothly.
RELATED FAQS
  1. Does a company have to notify its investors when it faces legal proceedings?

    Not necessarily. The SEC guidelines do not require businesses to publicize legal proceedings if these proceedings are a part ... Read Answer >>
  2. Are there any legal monopolies in America or Europe?

    Legal monopolies continue to exist in the United States and Europe despite the current trend against their recognition and ... Read Answer >>
  3. What is the difference between a president and a chief executive officer? Can there ...

    In general, the chief executive officer (CEO) is thought of as the highest ranking officer in a company while the president ... Read Answer >>
  4. Why is it less than ideal for a CEO of a company to also hold the position of COO?

    Learn the difference between a company's CEO and COO, and understand the division of labor that should be present between ... Read Answer >>
  5. How are C-suite officers measured on performance?

    Find out how C-suite officers are evaluated. Learn about the evaluation process, what makes traits a CEO should exhibit and ... Read Answer >>
  6. What is the difference between legal liability and public liability?

    Discover the differences between a general legal liability, a specific public liability and a professional indemnity in the ... Read Answer >>
Hot Definitions
  1. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  2. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  3. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  4. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  5. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  6. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
Trading Center