Ways to Approach the Process of – and Key Criteria to Consider When – Selecting Outside Legal Counsel (Part Two of Three)

Just as fund managers compete to woo prospective investors to their respective funds, law firms naturally do the same when pursuing potential clients. Given the array of qualified attorneys in the industry, it can be daunting for GCs of fund managers to manage the selection process and discern meaningful differences among the candidates. Because of the stakes at play in the decision, however, it is imperative that particular care and attention be paid when selecting those relationships. The Private Equity Law Report interviewed several legal-expense consultants and GCs of fund managers on ways to optimize this process. This second article in a three-part series prescribes tips and criteria to assist PE sponsors when selecting outside counsel for themselves and their portfolio companies. The first article focused on how to reduce legal costs and negotiate outside counsel fees. The third article will recommend ways to allocate tasks efficiently among various legal experts. See “How Fund Managers Can Use Technology to Transform and Streamline Complex Legal Operations: One Manager’s Example” (Nov. 5, 2019).

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