A couple of years ago, I had lunch with a prominent big-company general counsel and his litigation chief. I’ll keep his name out of it, because it was off the record. Besides, my companions were getting into the experience of being in a masculine steakhouse a few yards from the New York Stock Exchange, and were sometimes a little less discreet than they otherwise would be. Maybe it was the influence of the neighboring table, where a couple of old-time stockbrokers were enjoying a pitcher of martinis. (What happens on Wall Street should stay on Wall Street.)
We had a wide-ranging conversation, everything from outside firm gossip to alternative fees. This was at the start of the Great Recession, when Lehman Brothers had just collapsed and no one knew what would happen—so fees and spending were a big deal. So was the changing relationship between legal departments and law firms. This GC’s day had finally come.
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