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Hiring Uutside Counsel
- 1. Hiring Outside Counsel ABA New Partners and In-House Counsel Conference March 2, 2012 Steven H. Shapiro Pircher, Nichols & Meeks sshapiro@pircher.com
- 2. Background of Steven H. Shapiro • In-House – Deputy General Counsel - FMC / FMC Technologies – General Counsel of: • First Midwest Bancorp • eLoyalty Corporation • Cole Taylor Bank • Private practice – Pircher, Nichols & Meeks (currently) – Before being in-house, 12 years of private practice in Chicago
- 3. WHY YOU HIRE OUTSIDE COUNSEL • Expertise you need – Special cases - bet the company & white collar matters • Extra manpower • Industry / Broader expertise • Provide “Backstop” • Other considerations – Diversity
- 4. WHY OTHERS MAY HIRE OUTSIDE COUNSEL • Relationships with executives or Board members • Long-term relationship with company – Legal – Business • Others to backstop you
- 5. Value versus Cost • Which do you care about? – Think of personal purchases • Price combined with effectiveness – Lowest price better? – How evaluate effectiveness? • Pricing (and acting) to get value
- 6. What Should Companies Do To Manage Costs? • Get organized – Involve lawyers earlier – Decide what care about • Reduce points of contact • Avoid over-insurance • Eliminate company silos
- 7. Calculating Savings • Why do it? – Personal justification in a business world – Recurring cycle of in-house hiring • How do it? – Knowledgeable consumer – Lower on rates – What you do that need not be farmed out – Speed (less time) – Responsiveness
- 8. Hourly Rates versus AFA: How Big of a Deal? • Is how you are charged that important? • What’s really going on? • How well do the alternatives work? – Methodology? • Is the hourly rate really “dead”?
- 9. Engagement Letters • What client gets out of it? • Frequent terms – Scope – Fees / Rates / Costs – Staffing / Equipment – Termination of Services / Files – Conflicts – Independent Counsel – Arbitration Provisions
- 10. Billing Guidelines • What contain? – Rates / Expenses – Engagement of – Budgets Third Parties – Confidentiality – Third Party – Communications Technology – Form of Bills – Research – Staffing – Non-Billing Items • Enforcement
- 11. Conflict Issues • Why companies should care? – Representing your interest – Relationship management • Why law firms care? – Liability issues • Waivers – Who reviews and signs? – What it should say and not say
- 12. QUESTIONS?