Selecting and Managing Outside Counsel

Outline

1. Selecting outside counsel
   1. Cost/benefit analysis
   2. Objective criteria
   3. Competitive bids
   4. Conflict waiver
   5. Effective engagement letters
   6. Negotiating fee arrangements that reward performance
2. Managing outside counsel
   1. Execute written agreement outlining expectations and fee arrangement
   2. Establish metrics to determine effectiveness and efficiency
   3. Establish efficient review processes
   4. Regularly evaluate work performance and identify areas needing improvement
   5. Require detailed budget and billings
   6. Monitor bills for non-approved charges and inefficiencies
   7. Monitor hourly rates and expenses for reasonableness
   8. Document and electronic data preservation
3. Resolving conflicts
   1. Disagreements over legal strategy
   2. Performance concerns
   3. Personality differences and/or communication issues

Benefits

The panel will review these and other key questions:

• How does the distressed economy impact the use and selection of outside counsel?
• What issues should the general counsel consider in evaluating whether to hire outside counsel and how to select the right outside firm for the work?
• What are the best practices for inhouse counsel in managing and working with outside counsel, particularly dealing with disagreements over strategy?