With employee handbooks – like all legal documents – content matters. Each adviser must ensure 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 third article in a 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 and policies prohibiting harassment in the workplace. See our three-part series: “Components of an Employee Discipline Framework to Foster Predictability Amidst Inconsistent Laws” (Mar. 17, 2020); “Best Practices for Fund Managers to Investigate and Document Employee Discipline” (Mar. 24, 2020); and “Best Practices for Fund Managers to Ensure a Fair Process When Disciplining Employees” (Mar. 31, 2020).