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Executives at petrochemical processor TPC Group woke the morning of Nov. 27, 2019, to tragic news. Its refinery in Port Neches, Texas, had experienced a major explosion over night. Little did TPC Group General Counsel Marilyn Moore Basso or others know at the time that the explosion was the first in a series of unpredictable events — the Covid pandemic, an unforeseen economic recession, the plunge in commodity prices and a winter storm that brought anomalous subzero temperatures to Texas — that would push an otherwise healthy company into bankruptcy. Basso played a critical role in steering the company through a full Chapter 11 restructuring in just six months with the company reaching an agreement in the fall of 2022.
“There have been many great days [at TPC Group], but definitively the most impactful was the day we emerged from our restructuring with a strong balance sheet and a bright future to unleash the great potential for growth and value creation by our talented employees,” Basso said.
The Texas Lawbook visited with the 2023 Houston Corporate Counsel Awards finalist about her passion for mentorship, the best advice she has received from her own mentors and public service efforts important to her.
Click here for the full 2023 Houston Corporate Counsel Awards profile of Marilyn Moore Basso.
Texas Lawbook: You have been in-house counsel for 23 years at different companies. How has the role of the GC and in-house counsel changed during your career?
Marilyn Moore Basso: As I mentioned, I went in house to be part of the strategic team, which wasn’t always the role of the lawyer in those days. At that time, our clients accepted that we weighed in on aspects beyond the law — now they expect it, which we welcome. I have always viewed us as members of every team, shaping strategy, partnering with our clients in anticipating and avoiding issues, and proactively offering solutions that accomplish our clients’ goals and mitigate risk. And I have been fortunate in every in-house experience that our clients have shared this view. This now is more the rule rather than the exception it once was.
Lawbook: What are the factors you consider when deciding about hiring outside counsel?
Basso: We view outside counsel as an extension of our in-house team — they need to not only excel in their area of specialty but also understand our business and industry, as well as offer solutions. We help our clients understand the law in the context they experience it, and we look to our outside counsel to do the same: Can they explain the issues in simple, relatable terms and offer options to achieve the desired result, even if it’s not the path first envisioned by our clients? We also consider diversity of their team, as discussed below. We use a preferred counsel model, where our go to firms partner with us in achieving our budget, offering certainty on cost. And we typically bid out litigation and M&A matters to multiple preferred counsel, awarding the work based on overall value, strategy and composition of the team.
Lawbook: What does outside counsel need to know about you?
Basso: I am looking for a partnership — lawyers who see themselves as an extension of our in-house team, who not only meet the criteria we’re looking for in hiring outside counsel but also are proactive, extremely transparent in communications, have very deep legal and industry knowledge, are passionate about their clients and act as owners (as we do), give opportunities to a diverse team and share a desire to give back to the communities where we live and operate.
Lawbook: What role does diversity play in your decision for hiring outside counsel?
Basso: Diversity is very important in hiring outside counsel — diversity in all its forms — both to provide opportunity to underrepresented groups and to offer us as a client the richness of a broad range of perspectives and potential paths/solutions.
Lawbook: Are you working on any pro bono or public service matters that you want to highlight?
Basso: We are very committed to giving back to the community, and TPC Group has a long tradition of giving time and other resources through our Charity Golf Tournament, One Day volunteer event, holiday adopt-a-family event, Genesys Works and other internship programs, scholarship programs and United Way Campaign, as well as our TPC Group All For One Foundation, which we formed in the wake of Hurricane Harvey to assist employees facing hardship. The legal team participates actively in all of these activities — and our outside counsel participate actively in our Charity Golf Tournament. It is a special event, where the recipient charities are present to share with tournament participants the meaningful impact the charities — because of our sponsors/participants — are making in our community.
We also have been very active as a team with the University of Houston Law Center Pre-Law Pipeline Program since its inception, serving as mentors to participants, as well as sponsoring/ hosting Bridge Intern students. It is an outstanding program that makes a difference in the lives of both the students and the mentors/sponsors. I strongly believe in the power of mentoring, formal and informal, and am committed to helping others develop to bring out the best in themselves.
In addition, I serve on the Board of WILEF (Women in Law Empowerment Forum), which sponsors programs to advance the careers of women lawyers. And my husband and I are very active with Methodist Hospital and MFAH.
Lawbook: Any questions that I have not asked that I should be asking?
Basso: Given my passion for, and commitment to, mentoring, one thing you may want to ask is:“Did you have a mentor and/or a sponsor that impacted your career?”
I have had the great good fortune to have many amazing mentors over the course of my career, which has been extremely significant to my success. I have learned from them while working for them and continue to do so today. A few went on to be CEOs in a variety of industries — all are business savvy and great leaders. When I became general counsel of TPC Group, I reached out to many of them to thank them and ask for any insights they might have for me.
My former GCs had great advice:
- Your role as leader of the legal department is important, but your key role is corporate leader driving strategy and success.
- Build your staff quickly.
- Tour the key locations — let them get to know you and that you’re there to help — they don’t have to figure out things on their own (I was at the TPC Group Houston site twice my first week and took a walking tour on my first visit; I had visited all three sites within my first month).
- Listen!
And a great mentor and dear friend who went from partner at an international law firm to CEO and chairman of a Fortune 500 company talked through his more detailed suggestions with me but was kind enough to crystallize for me his guiding principles, and this is what he said:
- Focus your efforts on the operating people and not the CFO and corporate staff and SEC filings. The operating people make the money for the company.
- Determine what is important to the company. For us, safety drives everything at our company. Determine how the legal department can drive change in whatever is important.
- Don’t talk too much, but don’t seem indecisive.
- Keep the CEO informed about what is important but don’t bother him/her with all the company’s legal affairs. If it is not material, don’t discuss with the CEO.
- Always decide what you think is best for the legal matters and make affirmative recommendations but seek appropriate approvals. Don’t pass the buck to the CEO to decide.
- You will never be a part of the senior management team because of title. You will only be accepted if you can prove you are a senior manager. This is very important. You will not be accepted by your peers because of title.
- As GC you must be the champion of ethical behavior. There are simply no compromises or exceptions to ethical behavior. Set an exceptionally high standard and never compromise regardless of the economic or political consequences.
- When you screw up, which you will, immediately inform the CEO.
- You work for the company, not the CEO.
- Repeat number 1 above.