My friends and family know that I'm a corporate lawyer, but I wonder sometimes what exactly that means to them. If asked what I do, they might say "he does deals" or "drafts contracts" or "keeps clients out of trouble." And they wouldn't be wrong. If you look at my web bio it mentions things like mergers and acquisitions, cross-border transactions, financings and corporate governance.

In other words, my friends have done a pretty good job summing things up. They just said it more succinctly than I did. But my own answer to this simple question ("What do you do?") is a little different. Over the course of my career as outside corporate counsel to a number of small and mid-sized companies, I've developed a sense of how I can provide value to my clients in addition to all the traditional functions that a corporate lawyer performs.

Buried in my 18 years of legal experience, I realize there is a larger role that corporate counsel can play in the lives of their clients – trusted advisor. The not so new, but important, idea that I'm expressing is that in addition to legal acumen, executives are looking for someone who can play the role of trusted advisor and provide them with solid business advice, based on years of doing business in Silicon Valley.

What does it mean to be a trusted advisor? From the client's point of view, I believe they're looking for some of the following traits:

  • someone who is a problem solver and outlines options to clients, including the benefits and burdens;
  • someone who is a facilitator of a transaction and not a "DEAL KILLER;"
  • someone who listens, who plays well with the entire management team, as well as with the company's business partners;
  • someone who is familiar with the company's strategic plan, has a firm grasp of both short-term and long-term goals, stays up to speed on the client's industry, and actively assists the CEO and management team;
  • someone who understands the big picture and realizes that the "legal part" is one, but not the entire part, of the picture; and
  • someone who can provide additional connections to other service providers to help accelerate the business development of clients.

Some of the greatest client success stories were those clients who understood the risks outlined by me, but proceeded forward with the deal, or those clients who received a funding connection from me which helped advance their business. In summary, the best corporate lawyers are not just "legal technicians" but a strategic partner who operates as a trusted advisor.

I'm sure that many of you have your own ideas about the "trusted advisor" role . . . drop me an email if you'd like to share thoughts.

That's it for July. Enjoy the last month of summer. Back at you next month.

Best, Steve

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