ALX 2021: Panel 3 - Building better relationships with peers in private capital
On Thursday 29 April 2021, Apperio held its first virtual legal conference for private fund leaders - ALX.
Private capital organisations favour a distributed authority model that allows deal teams to quickly pursue investment opportunities. However, this also decentralises legal spend and so the organisations struggle to get a consolidated view of spending and understand the budget status.
At the same time, legal cost overruns create cascading friction inside and outside the organisation. The finance team is unhappy with the deal team, the deal team is unhappy with the legal team, and the legal team is unhappy with the law firm.
The third and final panel session focused on how legal teams in private capital can build programmes and processes that strengthen both internal relationships with peers, and external relationships with their law firm partners including:
- Improving legal operations maturity in private capital
- Communicating with deal and finance teams about budget
- Roles and responsibilities in forecasting, managing and approving legal budgets
- Effects of cost overruns inside and outside the organisation
- The top factors in selecting outside counsel
- Law firm panels and choosing which firm gets what work
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ALX 2021: Panel 1 - Key legal trends in private funds