For the first session of the day, I was in Track One – the Business of Law: Recovery: Refocusing the Inside Counsel/Outside Counsel Partnership to Maximize Profitability. Presenting was Harris E. Berenson, Esq., the Assistant Vice President/Chief Counsel for Liberty Mutual and Senior Counsel for Liberty Mutual Insurance Company. His presentation focused on the idea that inside and outside counsel have a partnership, and he started by saying that a partnership, at its core, is nothing more than a relationship. However, although this is a simple concept, the challenge comes when trying to execute it. Relationships, both personal and professional, must be built on trust, support, consideration, respect, caring and the mutuality of responsibility. Inside counsel are looking for a long-term partnership – similar to what people are looking for in a relationship as they get older. They don’t want someone who just wants to be “on the list;” they want a true business partner who knows their business and understands industry issues. Because of this, they’ll often go with their gut instinct and recommendations from trusted friends and colleagues. Berenson said when looking for outside counsel, he checks with his counterparts, industry peers, and internal teams – when later asked, he emphasized that he does not look at directories and rankings lists for outside counsel and said “they don’t matter.”
Once the decision is made to work together though, how do both sides get the most out of the relationship? Berenson said there needs to be a “mutuality of expectations.” As an example, he said that if the client needs the firm to be available 24/7, the firm needs to be able to articulate how they will do that, not just that they can. He said there must be “mutual hand-holding,” similar to being in a romantic relationship, but he clarified that by “hand-holding,” he didn’t mean constantly taking people to lunch or asking for their business, but showing the client that you’re a valuable business partner. He also said that lawyers should show their clients that they can do what they said they could do, to suit up and show up, and to keep their promises. Berenson said that each side comes with their own baggage, and it’s up to each side to figure out what that is, and how they can learn from each other. Continue Reading LMA 2010 – Recovery: Refocusing the Inside Counsel/Outside Counsel Partnership to Maximize Profitability
