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Ricky Torlincasi has been on the job at Blackbeard Operating since October 2019. But he’s seen a lot. The events of 2020 would have challenged anyone, much less someone who had been general counsel barely six months when the pandemic began to surge.
Mark Curriden, founder of The Texas Lawbook had a chance to talk with Torlincasi at length about the lessons he took from those early trials, what he looks for in outside counsel and some of his pet peeves in dealing with them.
Texas Lawbook: What have been the biggest differences in transitioning from a law firm to being in-house?
Ricky Torlincasi: Outside of the cliché responses of “no longer tracking time,” “more work life balance,” etc., I would say the biggest difference is the change in perspective from a purely legal viewpoint to a more business-focused mindset. How transactions take place and how they are documented take on a completely different meaning when you are involved in each step of the process.
For Mark Curriden’s full profile of Ricky Torlincasi Click Here.
Texas Lawbook: How did you choose outside counsel for those deals? What were the biggest factors?
Torlincasi: Several factors went into the decision to hire the firms we did, including recent experience, cost and prior experience with and/or relationship with the lawyer/firm. Given my experience with energy transactions, I have developed relationships with counterparty lawyers/firms and knowledge of which lawyers/firms I believe are best suited to fulfill Blackbeard’s needs for that particular transaction.
Texas Lawbook: What is the highest hourly rate you will pay and do you seek discounts?
Torlincasi: I don’t like discounts because I think it encourages overbilling. I think the highest I’ve paid is $1,100. You can call it the “Kirkland effect.” A lot of the higher rates is a result of private equity firms paying the national rates in Texas. It will not be long before we see $2,000 an hour rates.
Texas Lawbook: What is your pet peeve in dealing with outside counsel?
Torlincasi: It is amazing how little some outside counsel actually know about the inner workings and the gritty details of the oil and gas business.
Texas Lawbook: You also have overseen a handful of litigation matters. How different is overseeing litigation from dealmaking?
Torlincasi: Litigation is a different animal for sure. The process is more drawn out and involves situations that often occurred more than two years ago – more akin to a marathon than the sprint to close you see with deal making. Luckily, I had prior experience serving as outside general counsel for several energy companies that often included managing their litigation dockets.
Texas Lawbook: How important is diversity in your selection of outside counsel?
Torlincasi: The most important factor in hiring outside counsel is their experience. As GC, a large part of the job is picking winning racehorses – those lawyers who are most qualified to complete the task, regardless of what the horse or jockey look like or where they are from. But diversity is important to me, and I’d be lying if I told you that the legal profession was 100% reflective of the general population. I think it is incumbent upon law schools and law firms to make diversity a priority and insure that individuals from diverse backgrounds achieve success in the profession and/or their firm.