In this Q&A with The Texas Lawbook, Adam Shulman discusses the traits he seeks in outside counsel, what outside counsel need to know when working with him and more.
Texas Lawbook: How did you select A&O Shearman for the deal and tell us a little about the work of the firm?
Adam Shulman: We have a long-standing relationship with a number of key attorneys at A&O Shearman — from both sides of the pre-merger firms. We did numerous deals with Romain Dambre when he was at his previous firm, and in his current role he has built up a bit of a specialty in chemicals which I cannot overstate the importance of. There are so many unique aspects to these industrial deals and having attorneys who have experience with the issues that arise is critical. Further, we have previously worked with A&O Shearman’s highly regarded antitrust and tax department, both of which have folks who we have continued to use as specialists even when we use a different firm for the broader M&A work. A&O Shearman has developed a great reputation within Celanese for covering the grimy work of separation — entity movements, TSAs, employment offers — which doesn’t take away from their larger M&A expertise, but it is a differentiating factor in a crowded marketplace.
Lawbook: What do you look for in hiring outside counsel?
Shulman: I always say, along with most other in-house lawyers I know, that I hire lawyers, not law firms. We look for lawyers who share a couple qualities with Celanese in-house lawyers: a culture of action, a curiosity about the business, a generally collegial approach towards negotiations and an ability to calibrate risk based on the matter at hand.
I have seen so many situations where lawyers on the other side of transactions have no sense of which issues to fight and which to let go and it never goes well. I try to hire creative lawyers who can find solutions that satisfy everyone rather than pounding the table.
Many law firms have allegedly created chemicals specialties, but you can always sniff out when it’s a marketing shibboleth cooked up by their business-development departments. Certain firms — such as A&O Shearman — back it up with real expertise from life in the trenches.
Lawbook: What does outside counsel need to know about working with you?
Shulman: I prize attorneys I can imagine enjoying being stuck in a conference room for 20 hours at a stretch. A cheerful mood at 4 a.m. is worth more to me than all the redlines in the world.
Lawbook: What are one or two pro bono matters that you feel have been most successful or had the biggest impact?
Shulman: I was especially moved by an asylum application I helped process for a Cameroonian folk singer who had been jailed and beaten for writing protest songs. I later accompanied him to numerous folk shows in the city where he took the stage, and it was profoundly moving to see him being able to practice his art in a free country. He has since become a U.S. citizen and is a program director at a college — still writing songs. And I am on the advisory board of Broadway Dallas advocating for the transformative impact of art.
Lawbook: What question am I not asking that I should be asking?
Shulman: You could ask what the key is to thriving in a role that combines finance, law and the relentless pace of deal-making. I would say having advisors willing to learn the nuts and bolts of precious metal leasing before they start drafting, a team willing to work around the clock while forgiving my occasional struggles with pivot tables, and executive leadership willing to nurture people with diverse skill sets in company-critical roles. Curiosity, humility, and knowing when to steer the ship and when to shovel coal.
Click here to read the Lawbook profile of Adam Shulman.