IE Business Daily Business news for the Inland Empire.
Peggy Hosking, an outside general counsel (OGC), joins host John Tulac on Professionals of the Inland Empire podcast and shares her thoughts on the role of outside counsel in business.
Hosking views her role as outside general counsel as a strategic partnership for growing businesses. This involves proactive problem-solving, acting as a trusted team member to resolve issues or connect clients with specialists, and maintaining preventive law principles to address legal issues before they escalate.
Conflict waivers are crucial for ethical practice, safeguarding the client. Outside counsel can offer stronger protections for communications and work product (e.g., environmental phase one reports) than in-house counsel, reducing discovery exposure.
Real estate work, including buying, selling, leasing, and 1031 exchanges, is integrated with long-term business strategy and succession planning, often involving separate entities for property ownership to optimize tax benefits.
For mergers and acquisitions, a 3-to-5-year readiness horizon is recommended to clean up financials, assign roles, and align stakeholders for continuity. Due diligence is a thorough, fact-finding mission that reviews financials, contracts, and obligations to ensure stability post-transaction, supported by a coordinated team.
The ideal client values respect, open communication about risks, and timely payments, fostering mutual trust and collaborative problem-solving. This includes seriously considering counsel’s guidance, even if not always in full agreement.
Continuous learning and cross-office collaboration are essential to provide timely, accurate advice and support clients across complex regulatory areas, such as immigration. The outside general counsel role is fundamentally preventive, coordinating expertise to ensure compliance and resilience.
The PIE podcast aims to showcase Inland Empire professional talent, foster local economic development, and highlight the Provisors networking community. Catch the full show on YouTube @ProfessionalsofInlandEmpire.
