LeadingInHouse, a blog for in-house counsel, not surprisingly says it might have made a positive difference in 2002 when child sex abuse allegations about retired assistant coach Jerry Sandusky were brought to the attention of Penn State leadership had Penn State had an embedded general counsel. The university did not hire a general counsel until 2010, for reasons described in this excerpt from its press release:
The University's decision to create an in-house legal counsel is based on a recommendation from an external peer review conducted last year. The conventional model used now by peer institutions is to have in-house counsel oversee legal work and to perform core activities such as reviewing contracts and policies, establishing procedures, and advising the Board of Trustees and senior management.
If that's not enough second-guessing for you, you might also try Slate's "Could Women Have Prevented the Penn State Scandal?"