A spotter’s guide to the men and women of finance.
A derogatory term amongst inhouse counsel, for a law firm, or legal eagle in private practice — those who know the charge-out rate for everything, but the value of nothing. An outside counsel who has extra-special magical powers and can analyse her way through brick walls, walk on water, and reach parts ordinary Outside Counsel is called a “Queen’s Counsel”.
There is a venerable, if not honourable, tradition amongst inhouse counsel of referring urgent, difficult, novel, unexpected or stressful questions at times to outside counsel.
Now you might wonder how an individual with little institutional knowledge can have a better view about these subtleties that a 20 year institutional veteran.