In 2004, “Carey’s board, a sharp group of investors and outside board members as well as insiders, decided they were dealing with too many outside law firms. They took the list of firms they were working with and selected a top group.”
Astonishing. The quote, from an interview of Carey’s general counsel, Gary Kessler, and a partner at one of the nine top firms (Metropolitan Corporate Counsel, Sept. 2005 at 8), astounds me. Imagine this level of involvement, or micro-management, by the board of directors!
If the board indeed took this step regarding outside counsel usage, was it not a slap in face for the general counsel? Did it not completely undermine his authority and at least on his previous decisions about outside counsel and their costs judge him critically?