Agreeing mandates with external providers
Agreeing mandates with external providers

The following In-House Advisor guidance note provides comprehensive and up to date legal information covering:

  • Agreeing mandates with external providers
  • Scope—the starting point
  • Effort to be deployed
  • Communication and reporting
  • Remuneration
  • Adding value

Having selected a law firm to undertake a piece of work, the next step is to agree the terms. Failure to ensure that expectations are clear may lead to serious misunderstanding. The relevant business people should be fully aware of the terms of the mandate.

Scope—the starting point

  1. what are you seeking to achieve by engaging the firm?

    1. outlining options and charting a way forward

    2. supporting the negotiation and conclusion of a deal

    3. assessing exposure or rights of recourse

    4. resolving a dispute

  2. what do you expect the firm to deliver?

    1. a clear steer for business people

    2. a sustainable deal documented in a business friendly way

    3. an analysis (with recommendations if appropriate)]

    4. a realistic prediction of likely outcome and effort

  3. do they understand the context in which they are being mobilised?

    1. wha

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