Eighteen months ago I met the general counsel (GC) of a FTSE 250 company to listen to his plans to parcel up parts of his deals, based on complexity, and hand each chunk to a different panel adviser based on skillset, capability and cost.
Until very recently, this level of micro-management – and the prospect that law firms would no longer be handed a deal lock, stock and barrel – was not going down well. Not long after meeting this GC, I sat between two well-known managing partners at a dinner and listened to them assert matter-of-factly that this sort of tinkering round the edges would never become mainstream.
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