Perspective and Independence – The Value of Outside Counsel
July 15, 2009
In our practice, as corporate lawyers we, by and large, represent the corporate entity. The corporate lawyer recognizes that the corporation is our client. As corporate lawyers we are charged with the task of acting in the best interests of the corporation. The best law firms will emphasize this, and it is a key principle in these firms’ practices. This has always been the touchstone of corporate law, even though recently it has been the subject of renewed regulatory and legislative attention.
Independence from the client is one of the most valuable characteristics that an outside law firm brings to the relationship. Representing the client’s best interest and counseling them on their legal needs is only effective when both the attorney and the client know that the advice starts with an unvarnished view of the particular issues involved and then is based upon full and independent analysis. It is clear that this independence and openness, along with the outside law firm’s expertise and experience, is critical to proper communication and proper problem solving. It’s a key part of the value that a law firm of the highest caliber can deliver to its clients.
It’s also important that corporate lawyers and their law firm be true to their own values; that they do the right thing. One of the interpersonal challenges the corporate lawyer faces is delivering a difficult message that a strong-willed corporate executive does not want to hear. Even in the most trying circumstances, however, properly delivering a difficult message can facilitate rather than hinder open discussion. This, in turn, can lead to alternative solutions to effectively address the particular issues. On the other hand, if delivering the message is detrimental to the relationship, then it must be dealt with. After all is said and done, a corporate lawyer and his or her law firm will do best for their client if they present to the client the input they know to be necessary, holding true to the values that make that the right decision.
An outside law firm of the highest quality brings other strengths to the benefit of its clients. Because of the depth of the experience of such a firm’s corporate lawyers, both over time and from their work with many different clients in a wide variety of industries and circumstances, such a firm’s lawyers have a broad base and depth upon which they can draw. Therefore, they are in a position to give input and counsel that is of very significant value to the client. Further, through that experience the law firm and its corporate lawyers will have established relationships with other professionals and organizations, and often can make recommendations and introductions that can be of significant value to the client. Ultimately, these combined values are key to the success of the attorney’s relationship with the client.