Ward and Pohl Talk About Life As Transactional Lawyers
The Washburn Business Law Society hosted L. Dale Ward and J. Scott Pohl, both Class of 1990, on Thursday, March 9, 2006. The partners from the Hinkle Elkouri Law Firm L.L.C. in Wichita, Kansas entertained questions from those in attendance and provided a "real world" view of the practice of law as transactional lawyers.
Prior to taking questions, Mr. Ward explained that he is the managing partner at the firm and practices in both the corporate transactions and real estate fields. Mr. Pohl stated he is one of two recruiting partners at the firm and practices mainly in commercial real estate and bankruptcy. The two then fielded questions from students.
When asked about the amount of time spent as a managing partner as opposed to a partner who focuses on practicing law, Mr. Ward stated that it really depends on what is happening at the firm. He said that, while a law firm provides a service rather than a product, it is still a business and needs to make money. Mr. Ward told the group that there are a large number of committees who deal with various management issues.
When the two speakers were asked what a "typical" day was like for them, they both said there really is no such thing. Days are normally very hectic, and rarely does anything that is planned for the day get done before something else pops up. Mr. Pohl stated that the speed with which transactions must get done usually dictates how his day goes. Both speakers made it clear that having good assistants, and using other attorneys in the office, can help to reach the ultimate goal of keeping the client happy.
Finally, when asked what the best way to become a transactional lawyer is, and what the benefits of being a transactional lawyer are, both speakers had the same general ideas. First, students need to take as many tax classes as possible. In every business transaction, you must be able to explain the tax consequences to your client. Second, doing some litigation, or "getting your hands a little bit messy" as Mr. Ward explained, will be beneficial to your transaction practice. Through litigation, attorneys can learn what risks are involved in different types of transactions and can better prepare documents with those risks in mind. Both speakers said that the best part of being a transactional attorney is the long-term relationships you can create with your clients.
(Contributed by Jeremiah Platt)
