Bell Nunnally is the sponsor of the 2021-2022 University of North Texas Dallas College of Law Business Law Forum. Guided by Bell Nunnally partner William A. “Trey” DeLoach, III and spanning the Fall 2021 and Spring 2022 semesters, Bell Nunnally attorneys are offering UNTD Law students insights into their respective business law practices, sharing experiences from throughout their time in the legal profession and addressing other related career concerns.
Bell Nunnally partners and presenters Peter J. Kosydar, III and Saba F. Syed sat down in conversation on some of the programs goals and takeaways. (Note: Since time of original interview, Kosydar joined ISN as assistant general counsel.)
The role of mentorship in business law, building generation-bridging relationships with clients rooted in trust
Syed: Trust is a cornerstone for every relationship, and especially for professional relationships. Critical components of trust include a person’s reliability, honesty, dependability and, most importantly, that another person is looking out for your best interest.
Trust is foundational for mentoring because you may have individuals who are 20 or 30 years into their careers helping a more junior person. The act of mentoring requires a level of selflessness by the more senior attorney. The senior attorneys are investing in junior attorneys and sharing knowledge and information that the junior attorneys may not be able to readily obtain on their own.
Kosydar: Effective mentorship is very important for junior attorneys, as well as the experienced attorneys that are mentoring them. As a more seasoned attorney, if you invest in training younger attorneys, it benefits you substantially in the long-term. When you take the time to ensure that a junior attorney understands the purpose behind what you are doing in a transaction, the junior attorney gains confidence and experience allowing them to take on larger roles in future transactions. As a junior attorney, you are really investing in yourself and your career by finding a mentor that you trust and respect. I have been fortunate to have a number of great mentors early in my career, and I try to incorporate things I have learned from each of them into the way I practice.
The interdisciplinary aspects of business law – from finance to tax to IP and legal – and how to help newly minted attorneys understand the fuller picture
Kosydar: In law school so much of what you are being taught is legal theory, without understanding what it is like to actually practice law. In looking back at my experience, I lumped together a number of different practice areas under a single umbrella of “business law,” whether it was corporate law, mergers and acquisitions, real estate or finance.
One of the driving goals of the Business Law Forum is to help the students distinguish between these different practice areas and illustrate how, although there is some overlap between them, each requires a unique set of skills. If we are able to provide insight into the day-to-day issues that attorneys encounter in each different practice area, students will hopefully have a better sense of how firms like ours operate and will be in a better position to make a more informed decision as to which practice area or areas they might be interested in pursuing.
Business law as a worthy competitor to the world of MBA managers – and how the law offers greater entrepreneurial opportunities and room for growth
Kosydar: As business lawyers we truly get a unique and multilayered perspective as we represent a wide range of clients across a diverse array of industries. A good business lawyer is really a business advisor, and what makes this dynamic so interesting is that every business is different. The individuals that are important to these businesses are unique. You have to really understand each business, and the goals of the key individuals involved in the business, to provide the best legal representation. This creates an entrepreneurial environment and offers nearly limitless growth opportunities. Hopefully, we are effectively conveying this sense of motivation to the attendees.
Syed: In a law firm setting, a lawyer is a business owner, particularly when attorneys advance to equity partnership. When viewed through this lens, the business that the attorney owns is their own practice area. Attorneys maintain client relationships, manage the accounts and receivables and cater legal services to the clients’ needs. Attorneys are not just advisors, they are entrepreneurs as they build their own business through new clients and help existing clients succeed in theirs – altogether an appealing rival to the sort of jobs an MBA unlocks.
Business law as an empowerment tool, for diverse attorneys and diverse businesses they serve
Syed: There has been an incredible shift in the legal practice in terms of recognizing diversity and the value that it plays in the practice of law and recognizing the importance of different perspectives. Diverse attorneys have a role in every practice area, including business law – one of the most influential ones given the number of companies in need of legal counsel. The business community really benefits when business lawyers are diverse because these individuals offer different perspectives and can help expand access to business communities that may not have been given appropriate attention previously.
The importance of firm senior leaders actively sharing wisdom and preaching the gospel of business law, and why some firms fail to do so.
Kosydar: It is incredibly important for the senior leaders to share their wisdom because the reality is every different transaction you work on is a new experience that you gain something from, and that sort of perspective does not come from a book. We have partners here that have been practicing for 30 to 40 years, and all of the different experiences that they have had, and the wide range of transactions that they have seen, form an incredible knowledge base for younger attorneys to tap.
Syed: I think it comes down to culture and communication. When senior attorneys feel like they have an up-and-coming group that is eager to learn and fully invested in the firm and its success, they are more inclined to share their wisdom and mentor young attorneys.
It takes a “we” versus “me” environment and approach for this free flow of information and questions to happen.
Saba F. Syed is a partner at Bell Nunnally in Dallas. She can be reached at ssyed@bellnunnally.com, or via the firm’s website – https://www.bellnunnally.com.