In these crazy economic times, companies of all shapes and sizes are exploring ways to minimize their operating expenses and overhead costs in order to avoid being the next Lehman Brothers. One of the first costs to be cut and/or minimized is outside legal fees. As a result, partners are rightfully concerned about their relationships with both existing clients as well as prospective clients and how to best solidify and foster those relationships. In my experience as a former in-house attorney at a well-respected private equity/investment management company, I have utilized the services of numerous law firms, some of which were very effective in their duties as outside counsel while others were, unfortunately, not as much. This article addresses several different, and relatively simple, ways in which outside counsel can demonstrate their worth to a client that can help them stand out from the crowd and solidify that relationship.
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