Lexpert Magazine

66 LEXPERT MAGAZINE | SEPTEMBER / OCTOBER 2018 Leila Rafi is a partner in the Capital Markets and M&A Group at McMillan LLP. CHANGE IS UPON US. We are living in the age of information. is means that the ability to find data from a variety of sources is infinite — which has af- fected professional advisors and the services they offer. e challenge for lawyers and law firms is to define what provid- ing value to a client means in this age of free information. No lawyer likes to provide free advice or have to defend the cost of services; yet lawyers justify their work right down to the six-minute increments in which they oen bill. In recent years the billable hours concept has been under attack, and there has been a push for illusory "value- added" services. Some law firms have attempted to embrace the changes in the industry by broadening their services to offer alternative kinds of ad- vice, including crisis communications, and/or by partnering with legal outsourcing providers. At McMillan LLP, we offer PreFix, which enables competitive pricing for basic tasks in- cluding due diligence and contract review. We have also established an affiliate public affairs firm, McMillan Vantage, to provide stra- tegic advice. Most of the advisors at McMillan Vantage are neither employees of the law firm nor lawyers; in a way, this is an admission that professionals other than lawyers can be effectively used to cover all areas of client exposure. Providing seamless professional advice is a loy goal. In my own career, I have co-managed files that have grappled with a large number of legal, business, community and political issues. One file I worked on for several years required the constant advice of not only lawyers, but ac- countants, management consultants, risk mitigation experts and government advisors. I will never forget the time a senior legal executive at one of the big Canadian banks told me that he hates it when his external counsel act as if they understand the bank's business. "Lawyers should do what they are paid for: provide legal advice," he said. Is that true? Well, not completely. More and more, general counsel of large companies are looking for guidance to help them navi- gate sensitive situations by understanding the legal, business, marketing and political impact of a particular challenge or decision. ough lawyers typically understand a large set of issues, the most successful ones are those who know how to engage other professional advisors to provide comprehensive advice. Relationships between the various professionals can create effi- ciencies on files; in other words, playing nice in the sandbox produc- es better results. And dynamics of a group can be influenced by the sex of participants; for example, Professor Aaron Dhir of Osgoode Hall Law School has researched the effects of quotas for female di- rectors on public company boards in Norway. His findings on the effect of such quotas on group dynamics include: – Enhanced dialogue and a more informed collective view; – Better decision-making, including recognizing the value of dis- sent in reaching decisions; and – More effective risk mitigation. Having women in leadership roles is not a guarantee that all of the above will occur. However, a 2009 Forbes article suggests that women, who network and communicate using different styles than men, typically build more lasting relationships. Also, as outlined in a 2015 article in Psychology Today, gender research has shown that females have a stronger capacity for empathy than men. In building relationships, this propensity for empathy can be handy. Wouldn't it be great if lawyers became known for their ability to efficiently manage all professional advisors and deliver seamless advice? And dare I suggest that law firms utilize the skills of their fe- male practitioners in leading the charge on this? en again, I don't want to get too far ahead of myself … ILLUSTRATION: CLARE MALLISON Adding value in the information age The most successful lawyers are those who know how to engage other professional advisors > MORE AND MORE, GENERAL COUNSEL ARE LOKING FOR GUIDANCE TO HELP THEM NAVIGATE SENSITIVE SITUATIONS. | COLUMNS | BY LEILA RAFI CHANGE AGENT

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