Friday, February 13, 2009

Those darn attorneys....

For clarification purposes, I did in fact graduate from law school last year. However, I currently work as a business consultant, not as an attorney.

Anyway, now for my story... I have participated on a few client calls lately, where our client corporation has had their outside counsel sit in on the call as well. And the most frustrating part of dealing with outside counsel has been their lack of understanding regarding the business side of transactions. They seem to know the law inside and out, but cannot grasp the business and even corporate governance rationale behind some of the provisions we add to plan documents. And instead of admitting that they do not fully understand these concepts, these attorneys recommend certain courses of action to our client corporations that are not good business or corporate governance practices. I cannot believe some of the bad business advice these attorneys have been doling out to our clients. Everyone on my team at work is not only trained in accounting and tax, but is also an attorney. We get the law side and the business side of transactions. I think it is inexcusable for some of the attorneys we interact with to try to provide advice that they have no basis for providing... I know this rant is vague, but I don't dare disclose the actual details of the story. Suffice it to say, that the recommendations from outside counsel would result in horrible business consequences to our clients. It's crazy to me....

2 comments:

gudnuff said...

Are other members of your team of the same opinion as you? Do you guys hang up from the conference calls and totally trash outside counsel? Just wondering. That is pretty much what we do when we finish conference calls. We're all like, "They have no clue."

Dagny said...

Yes, the other members of my team get as frustrated as I do. I am new to the field and will admit that I am just learning how bad some of the advice is for our clients. Lawyers need to stick to giving legal advice, not to trying to tell our clients what they think market trends are! Anyway, we don't necessarily trash these guys, but there is a lot of eye rolling that goes on! :)