• Strategic Partnering: Establish a mutual understanding.
  • October 27, 2003 | Author: R. Bruce McLean
  • Law Firm: Akin Gump Strauss Hauer & Feld LLP - Washington Office
  • What is the best way for corporate legal departments to optimize relationships with strategic partners and avoid future disputes?

    A thriving strategic relationship requires commitment from both parties in pursuit of a common goal: to establish a relationship in which outside counsel is an effective "trusted advisor."

    Corporate counsel must commit to sharing information and investing in the relationship. Outside counsel must commit to an investment as well: expending time and effort -- at no charge -- to become completely familiar with the client's business strategy, culture, style and approach to legal problems. The rewards of a mutual investment are reliable and efficient services that combine the strengths of corporate counsel and outside counsel to serve the client.