A private equity firm and portfolio company recently acquired a debt collection corporation with multiple locations throughout the United States.
Major, Lindsey & Africa's (MLA) client, a private equity firm and portfolio company, recently acquired a debt collection corporation with multiple locations throughout the United States. Through the divestiture, the portfolio company was acquired without a General Counsel (GC); however, it still maintained a complex and decentralized legal department spread across the country. The company also employed one law firm with 75 attorneys as dedicated outside counsel. MLA's client needed interim assistance to navigate the current legal structure and functions of the legal department and to determine why there was such a significant amount of legal services provided by one dedicated law firm. In addition, the company had to consider the long-term plan to eventually move the legal functions to Denver, Colorado, which made it difficult to hire a full-time GC since a physical address had not yet been established.
MLA's Solutions Practice Group was able to quickly customize a target profile to screen for interim GC candidates possessing the necessary background with experience in legal department restructuring and working extensively with outside counsel. Our needs analysis process determined that the search would require an experienced generalist and extensive travel requirements. The client also did not have time to conduct a full-time GC search and needed a tenured individual to maintain the legal functions during the transition.
We utilized its national network to produce a variety of qualified candidates within 48 hours of the engagement. After a few rapid, yet in-depth interviews with the selected candidates, our client engaged in a consulting arrangement with a former GC who possessed the appropriate legal background, flexible schedule and aptitude to perform the core legal functions to ensure minimum risk exposure during the transition. This arrangement allowed our client to perform proper due diligence and uncover the core functions needed to conduct a full-time General Counsel search and reduce outside counsel spend.
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