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In this Q&A with McAfee CLO Sarah Decker, she dishes on what she seeks in hiring outside counsel, $2,000 hourly rates, the role of GCs in promoting diversity at law firms and advice to young lawyers seeking to get work from McAfee.
Texas Lawbook: What do you look for when considering outside counsel for transactions such as the take-private sale or the IPO?
Sarah Decker: With any transaction of magnitude, I’m going to want proven expertise in high-stakes, nuanced deals. In my experience, private equity sponsors will also have views as to the choice of counsel for major transactions such as take-private sales, IPOs or major acquisitions or carve-out transactions, so that is also an important consideration.
Lawbook: According to recently filed bankruptcy documents in SDTX, we are about to see the first Texas-based lawyers charging near or at $2,000 an hour. Does that surprise you? Are lawyers really worth that money?
Decker: Without a doubt, that is a high rate. The reality of a rate structure that approaches or exceeds $2,000/hour is that it will require a significant matter to justify that engagement, and the day-to-day work will inevitably go to a firm that can be more cost-effective. At the end of the day, it’s important to have relationships with counsel at more than one firm and preferably with many firms that have diversified rate structures.
Lawbook: What is the role of the corporate GC in pushing law firms to become more diverse in their lawyer hiring, retention and promotion? Every year, The Lawbook does diversity surveys and the results can be depressing. Is there a solution out there?
Decker: McAfee has long been a market leader in diversity and inclusion initiatives, and I’m pleased to say that my team is one of the most diverse within the entire organization, with 75 percent diversity. We expect our law firms to provide us with the best advice and service, and we also expect them to similarly champion diversity initiatives. We want it all! Unfortunately, this problem in our profession is not a problem that can be fully solutioned and remedied within a year or two, but today’s GCs can play an important role by pushing for progression with pace.
Lawbook: Finally, what advice do you give to a young private practice lawyer out there who would like to get your attention or do work for McAfee? How can they best show you their expertise and get your attention?
Decker: Work your craft every day, develop an expertise, and nurture a strong desire to continuously learn more. Speak up and show your value. And, perhaps most importantly, maintain a sense of humor.
For Mark Curriden’s full profile of Sarah Decker please click here.