@tommclain

June 11th, 2009

business_20contracts Thomas L. McLain

Corporate, M&A and International Attorney

Secretary and Executive Committee member of the Board of Directors of the World Chamber of Commerce

Today we’re pleased to be tweeting with Atlanta-based international corporate / M&A lawyer @tommclain

@tommclain Thank you for joining us today on Twitter. Tell us: who is @tommclain?
Recovering litigator now focused on helping businesses succeed. In August, I will complete my 25th year of practice.
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Congratulations. Tell us about your law practice.
Basically 3 overlapping areas – corporate/M&A/international. In better times, I’d have at least 1 M&A deal going always.
My international is mostly “inbound” and is deals + corporate. As for corporate, I essentially act as a general counsel.
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What type of clients do you represent?
Typically, businesses and business owners from startups to middle market. I’ve also done work for Fortune 500 companies.
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What is the single most important legal issue affecting those clients?
“Show me the money.” Ok not a legal issue, but tight credit drives all sorts of decisions which evolve into legal issues.
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That makes sense. What do you tell every new client before you start working for them?
Besides that I actually expect to get paid for my work??
I’m”all-in.” I often dream up ideas for your business. The more successful you are, the more you can afford to pay me ;)
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That too makes a lot of sense. Tell us about one of the more significant client representations you’ve had.
Picking 1 is hard. Most would point to a Fortune 500 client or their largest deal but to me significance=problem complexity.
A JV between a Canadian and Mexican company that took about 12 months to negotiate or combining 5 smaller business into 1.
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Why do your clients hire you?
Dashing good looks? I think they discover I will invest time to understand their business & combine legal&legal common sense
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How has the economic crisis affected your clients’ ability to do business?
Startups can’t find $. Established businesses can’t find growth capital. Customers and suppliers failing. How depressing!
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Are you seeing a greater demand for alternative billing arrangements as the crisis continues?
Not really. But we froze our ‘09 hourly rates at ‘08 levels. + when I joined my firm a year ago, I trimmed my rates by 10%.
Still, most clients want a budget amount which more or less becomes a flat fee. Proper communication is quite critical.
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What’s the international M&A scene going to look like over the coming 12 months?
I Keep predicting the same thing & eventually will be right. More acquisitions of US business by foreign business/investors.
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So we’ll see an increasing number of foreign companies buying US assets, like the Chinese group that is buying Hummer?
Exactly (China now wants Volvo). But I think lots of things will be attractive. Real estate, manufacturing, you name it.
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How do you market your practice?
Traditional ways 1st:Face2face contact,Community work (World Chamber of Commerce Executive Committee).Then Internet “stuff.”
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Why did you decide to join Twitter? Has it proven to be a valuable effort?
I just kept reading/hearing “you have to.” I haven’t been here 2 months yet, so its too early to tell, but i think it will.
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Perhaps you can come back in a few months and update us. Beyond Twitter, what other Web 2.0 tools do you use? Why?
Sure. I’m invested in LinkedIn & run a corporate lawyer group there, thanks to @barrettdavid. Nothing else has traction.
I tend to lump all Internet “stuff” together So blogging, SEO for our website. Avvo Lawyers.com LawLink.com RSS as resource
The point of it all is to let people learn about your skills, experience and personality.
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Have your Web 2.0 activities had any affect on referrals or client engagements?
LinkedIn is beginning to get traction. Its hard to track: I’ve seen convergence between Web 2.0 and traditional efforts.
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Indeed. How much time do you spend each day developing / enhancing your brand?
My goal is meal with a client or referral source every day, but its probably 3 a week + other direct personal interactions.
Throw in my work at the World Chamber Commerce and the “Internet stuff” and its at least 10-15 hrs a week.
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With client work makes for busy a week…. What is the most significant issue currently facing the legal profession?
Communicating why lawyers are valuable at whatever billing basis is used. How do you value the lawsuit not filed?
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What will the legal landscape look like in 10 years?
You’re kidding! A continuing tension between commoditizing legal services & recognizing a personal touch is often required.
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What would you do if you weren’t a lawyer?
I’d love to be an entrepreneur, but I know too much about risk and am way to risk adverse. Maybe a cowboy!
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I ask everyone this question, but know that for you it has a particular relevance: how do you want to be remembered?
I admit thinking about this lately due to recent events. A great husband/father/friend. A guy who visibly lived his faith.
I guess I should explain the “particular relevance”. On 5/28 I found I have a brain tumor. Had a biopsy last Thursday.
Anybody know any good jokes about lawyers with holes in their head?
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See you’re keeping sense of humor…know many tweeps have you in their thoughts. What do you do when you’re not working?
Keeping up with 3 daughters (21,19&16) & 1 wife. Living, laughing & loving. Working in yard, being in the woods, praying.
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That brings us to our last question for you: what advice do you have for people going to law school today?
DON’T DO IT!! Just kidding.
Don’t succumb to the pressure – it’s a great time to learn how to balance normal life with the demands of law practice.