A VIEW FROM INSIDE OUT:
TEN BEST PRACTICES FOR
OUTSIDE COUNSEL
American College of Real Estate Lawyers
Annual Meeting
Friday, October 6, 2006
Grand Hyatt Seattle
Seattle, Washington
Presented to the American College of Real Estate Lawyers by:
Joan U. Allgood, EVP-Corporate Transactions and Governance
Developers Diversified Realty Corporation
Rodney J. Dillman, General Counsel
Babson Capital Management LLC
Ronald L. Gern, General Counsel
General Growth Properties
Patricia Habicht, Associate General Counsel
JPMorgan Chase & Co.
Ann Peldo Cargile, Moderator
Member, Boult, Cummings, Conners & Berry, PLC
1.
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Experience/Quality/Reputation/
Demonstrated Expertise
Experience
Quality
Reputation
Demonstrated Expertise
Direct Exposure
2.
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Responsiveness and Timely
Completion of Assignments
Timing is Paramount
Establish Realistic Timeline
Adequate Staffing
Advise of Changes to Timing
Prompt Communication
3.
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Fees/Cost Effectiveness
Appropriate Legal Costs For Type of Matter
Flexible Pricing of Legal Services
Staff Thinly and Appropriately
Budget Constraints
Review Bills and Show Fee Write-offs
Agree on Scope of Work
4.
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Exercise Good Judgment.
Be Practical.
Prioritize Issues
Suggest Practical Solutions
Consider Client’s Customer Relations
Use Good Judgment
5.
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Communication
Frequent Communication
Avoid Surprises
Deliver Bad News Immediately
Accessibility Is Important
24/7 Availability
6.
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Understanding the Client’s Business
and Its Internal Dynamics
Understand Client’s Business
Understand Needs of Internal Counsel
Understand Regulatory and Compliance Issues
Flexibility to Deal with Internal Matters
7.
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Identify Legal and Reputation Risk
Issues
Understand Reputation Risk and Regulatory
Compliance Constraints
Identify and Escalate Issues
Serve the Real Client
8.
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Creativity
Dealmakers Rather Than Dealbreakers
Provide Alternative Solutions
9.
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Collegiality
Personal Contact
Establish a Relationship
Open Communication
Responsible Partner Availability
10.
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Select Intangibles
First Meeting Solutions
Contacts and Business Opportunities
Industry Conflicts
Conflict Waivers