Best Practices and Ethical Considerations When Negotiating, Drafting, and Enforcing Engagement Agreements
This ethics program will explore how in-house counsel can successfully master the Engagement Agreement process when hiring counsel, experts, consultants, and vendors for litigation or transactions.
Our panel will guide attendees through the entire process – the necessary preparation (including the Request for Proposal (“RFP”) process); the drafting process (including incorporation of both hourly rates/fees plus any potential expenses to be incurred); and general best corporate/firm practices to maximize the benefits of what in today’s legal market is the most useful first step to address and prepare for an upcoming litigation or transaction.
The program will particularly focus on the following topics:
The fundamental underpinnings of the negotiation/drafting process, Rules of Professional Conduct 1.2, 1.4, 1.5, Rule 5, and the client’s obligation and responsibility to select the scope of work and the terms/conditions of payment
How the Rules of Professional Conduct apply to the Engagement Agreement Process
Best practices in determining the content of your Engagement Agreement (assessment of the matter, evaluating risks/stakes, determination of type of counsel, experts, vendors, and consultants to hire, size/location of firm, roles for multiple counsel, etc.)
Structuring the Engagement Agreement (format and substance)
Incorporating various stages of litigation/transaction into your Engagement Agreement
Incorporating language to maximize information received on budgeting and anticipated costs for your litigation/transaction
Miscellaneous clauses/provisions to enhance the value and effectiveness of your Engagement Agreement
Incorporation of and adherence to Outside Counsel Billing Guidelines
Lessons learned and surprises encountered during the negotiation/finalization process.
Through their widely diverse range of experience on these issues (from in-house, private practice, and fee expert perspectives), our speakers will provide insights on a topic that affects everyone in today’s legal and business market.