As a mid-level employee on the sell side, I have some discretion when selecting counsel for certain deals. I’ve been reflecting on whether it would be impactful to share my concerns with the partners I work with about trusting a law firm that doesn’t stand up to the Federal Government.
Many of my colleagues and I, working at a bulge bracket bank, have considerable leeway in choosing lenders’ counsel. Recent events have made me question whether this discretion is a lever we could or should utilize. While I understand that this might never become official corporate policy—given that banks tend to be more politically cautious than law firms—it’s worth noting that concerned VPs and Directors can still influence tens to hundreds of millions in billable work.
Is this topic being discussed internally in a way that has been communicated to the corporate client side?
One Response
It’s an interesting perspective you bring up, and it certainly raises some important questions about trust and the type of legal representation firms are willing to provide. Trust in a law firm, especially in the context of high-stakes deals, is paramount. If you feel that a firm isn’t willing to stand up for its clients, especially against powerful entities like the Federal Government, that could impact your confidence in their ability to advocate effectively on your behalf.
In terms of whether this sentiment is being discussed internally, it’s likely that there are varying opinions among your colleagues and firm leadership. While it may not be formalized into corporate policy, informal discussions about the reputations of outside counsel could certainly be happening. Your position does give you the ability to influence those discussions, especially if you communicate your concerns to the partners you work with regularly.
It might also be worth considering how your firm aligns itself with others in the industry regarding legal counsel. In a challenging political climate, having counsel that can navigate complex legal waters and stand firm can be seen as a competitive advantage. Bringing these issues to the forefront could potentially lead to a broader conversation within your firm about the values and qualities they prioritize in their legal partnerships.
Ultimately, it may be beneficial to voice your concerns in a constructive manner, highlighting how it aligns with the firm’s broader interests and goals, especially if it impacts significant billable work. Your perspective could spark important discussions about the firm’s approach to selecting legal counsel in the current environment.