With employee handbooks – as is the case with all legal documents – content matters. Each adviser must ensure that its handbook not only includes the correct policies but also avoids language that can expose the manager to potential liability or limit the manager’s flexibility when making employment-related decisions. This article, the third in our three-part series, discusses how advisers can avoid ten common mistakes when adopting or updating their employee handbooks. The first article outlined the key benefits to fund managers of adopting employee handbooks, the laws that frequently inform the policies included in handbooks and the administration of employee handbooks. The second article reviewed ten policies that advisers should consider including in their handbooks, including a statement on at-will employment, as well as policies prohibiting discrimination and harassment in the workplace. For more on employment-related issues, see “Best Practices for Fund Managers to Mitigate Litigation and Regulatory Risk Before Terminating Employees” (Feb. 9, 2017).