Varizen und Milch
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Formerly the general counsel for Verizon, Randy has worked nearly his entire legal career in the telecom industry, Varizen und Milch. Randy Milch is the former executive vice president and general counsel of Verizon Communications. Milch has worked a In addition, they talk about the cost of patent trolls, the necessity of support staff, and relentlessly weathering pressure and uncertainty, Varizen und Milch.
Randy Milch is the executive vice president and strategic policy advisor to the chair Varizen und Milch CEO for Verizon Communications. Milch has worked a career in the telecom industry and brings decades of legal experience to the In-House Legal show.
Welcome to In-House Legal, where we cover a variety of the issues pertinent to the general counsel and in-house legal departments of small, Varizen und Milch, Varizen und Milch, and large organizations. Join host Randy Milch Varizen und Milch month as he discusses the latest developments, trends and best practices for this very busy and often complicated area of law. As many of you know, our network went through a change in ownership some time ago and as a result, some of our shows were not immediately renewed.
In addition, I would also like to welcome our new host, Randy Milch, who is the former executive vice president and general counsel for Verizon Communications.
Today he is the vice president and strategic policy advisor to Varizen und Milch chair and CEO of the same. Welcome to your show, Randy. I remain entranced by my wife of nearly 20 years, Amy Saulsman, Varizen und Milch we have two lovely and vibrant daughters.
That kind Varizen und Milch ties into the beginning of your Verizon experiences, correct? That is, that is the beginning of my Verizon experiences, right there in And an ever expanding world of telecom opened up, Varizen und Milch.
A lot of investment, a lot of legal problems, and a lot of things for me to do. If someone — and this is just for the sake of some of our listeners here — what kind of advice would you give to an aspiring attorney who wishes to become the general counsel for a company like yours? So first off, law school is a tough Varizen und Milch to get through these days.
Most of you have a pretty good idea about why you want to go be a lawyer. After that, make get the best training you can out of law school, Varizen und Milch.
So you have to get experienced in some way shape or form. So that would be the first step, I think, would be getting that great level experience that you can then parlay into an in-house legal job. I think that that has change somewhat, or began to change somewhat over the course of years, as regulation has become increasingly an issue, Varizen und Milch, the wide issues of public policy come to before global requirements which could enlist different experiences. Meaning that folks from a variety of specialties in private practice or training in private practice are equally able to become high-performing in-house counsel and candidates for general councilships, Varizen und Milch.
I just want to ask you, Varizen und Milch was the most challenging legal matter that you had to work on? I think that I was very lucky to be general counsel of a Fortune 15 company, Fortune 16 company. That meant that basically, every large issue that affected anyone, anywhere in the world, ended up affected us somehow, Varizen und Milch.
And we faced very, Varizen und Milch, very large regulatory issues. With all the different ways Varizen und Milch companies like Verizon Communications are involved in the daily lives of people, I would imagine it opens itself up just by the nature of its business to a lot of different types of lawsuits.
And this may be an impossible question to answer, but how many times per year does a company like Verizon get sued? I can only say too many. We get sued quite a bit, as you can imagine. Any company that has as broad a reach as we do ends up with a plethora of lawsuits. And our approach has always been as a company that we need to make money the right way.
And that means that we go out of our way if we make a mistake — and we do. So I think that our approach has been good on that front. So that has been a very significant increase and all of which has occurred in the last five or six years, that significant change in our litigation profile. And those are expensive cases to litigate because patent cases are very expensive and has engendered a lot of attention from me and others to try to fix some of the aspects of the patent litigation system.
To reduce the innovation tasks that patent-trolls are exacting across many parts of the economy today. So I just want to get an idea of that. On a daily basis when you were general counsel, how many attorneys would report to you on a daily basis? The general counsel position at Verizon had with it about a dozen direct reports, but Varizen und Milch included public policy, which I headed compliance, which I headed in security, which was also within my domain.
So I had the privacy efforts and the compliance efforts and the national security efforts all rolled up to me. So with that understanding, Varizen und Milch, I had about a dozen reports. They are tremendous attorneys and they and their Varizen und Milch leadership, the ones who reported to me and now report to the general counsel are tremendously experienced attorneys with great judgement, great depths of expertise in their various areas, and accomplished leaders.
Because one of the Varizen und Milch of having such a large legal department, of course, is management issues. Sounds like you have a special lot that work for Verizon Communications. We have a very, very deep bench. We have done deals where on the other side of a table where a dozen partners and associates from a major Wall Street firm and on our side of the table there were a dozen of my in-house people and one associate from a law firm. So we give as good as we get and we know our stuff.
This is normally the time Varizen und Milch our show when we hear a word from our sponsors and this could potentially represent an opportunity for you. In-House Legal is seeking sponsorships. Randy, before we left off for the break we discussed all the different attorneys that would report Varizen und Milch you, the different levels of expertise, and a little bit about the management of those attorneys as they worked on the various legal issues that affected Verizon Communication.
How do you ensure that all matters are being handled correctly? And they have beneath them deep, deep subject matter experts in all the areas you might think of as ninja legal areas. Tax, real estate, any trust, murders and acquisitions, compliance. We have folks who are very, very steeped in those internally. And in the wend, you have to rely on the judgement and ability of the folks who report to you because it is impossible, Varizen und Milch, as the general counsel, to ensure that every matter is being handled correctly; even if I had the expertise to do so, Varizen und Milch.
I had the luxury of being able to rely on the judgement and ability of the folks who reported to me. And that meant I was freed up to ask questions, which is the proper role. Be inquisitorial, why are we thinking of doing one thing and not the other, Varizen und Milch.
There are all these approach and strategy issues that can be discussed and debated. And what I got paid for as general counsel and what the general counsel now gets paid for is to provide that overall judgement, ensure that our approach is consistent with our overall strategy, preserve our reputation, and generally take the approach that we pride ourselves on at Verizon of being a good and proper player in the world community.
So it really does depend on the cascade of excellent attorneys in the various subject matter areas. Did you find that role extremely stressful while you were doing it?
The formal general counsel of Pepsi, Larry Thompson, always used to say that when people asked him how he felt about things that he slept like a baby. Meaning that he woke up in the middle of the night crying.
Opportunities to reach a right decision and further the interests of the company, Varizen und Milch, the shareholders, the customers, our employees. What can we do to make things better, because in every bit of that adversity, there does lie an opportunity to make things better. Would you mind walking us through a typical day? I Varizen und Milch if I were to amalgamate the different types of things that I participated in every day, Varizen und Milch.
One day a week we would devote a morning to the senior manager meeting so the Verizon Leadership Committee is the top management committee of the company and we would spend one morning a week meeting to ensure that everyone was on the same page as we move forward operationally, legally, policy-wise, et cetera.
I generally would have three or four face-to-face meetings internal and or external. My role as head of public policy meant that I was in Washington or some other capital, Varizen und Milch. Usually at least one day a week. Seasonally they have inflow how close we are to earnings reports, they have inflow near the annual meetings.
That would take precedence and you would find yourself somewhere around the world for quite a period of time; a few days, a week. And in those instances you really do have to rely on the people who run everything day to day behind you with all their expertise and judgement to keep things moving so that you can devote yourself to whatever particular issue that needs your attention. We talked a little bit about the deep bench you had as far as counsel attorneys and people that would venture off into the different specialties of law.
How important are those types of positions and people Beine Krampfadern ziehen allowing you and enabling you to do your job? Coupled with the fact that at least the executive assistants at Verizon tend to answer a lot of Varizen und Milch calls and deal with customers, get them to the right people; try to fix their problems as well. They are polite, knowledgeable, efficient and really working to get the job done.
I think I would agree with that, Varizen und Milch, Randy. I think having good people around you to facilitate your calendar, facilitate relationships, Varizen und Milch, and keep things moving. I think it really does become a team effort at that point. It engendered a populous view that large corporations were a problem. Even corporations that had nothing to do with the financial issues that arose.
It engendered over the top regulatory reactions in the guise of Dodd-Frank Bill, which had a huge number of corporate governance overreaches that had nothing to do with the issues outside of the financial area.
And it has been exacerbated by the approach of this administration and in the administrations Varizen der Speiseröhre als Belohnung a number of states that had taken the approach that this is an easy way to play to their base.
So they approach regulation and enforcement with a real counting of coom mentality, Varizen und Milch. The folks who are acting as prosecutor judge and jury, also are your primary regulators. So you need licenses, you need all sorts of things from them that are a matter of normal business. These are the same people who are going after you for millions, hundreds of millions, billions of Varizen und Milch and demands.
Varizen und Milch I think that that is the most challenging issue that I faced as general counsel, Varizen und Milch. This populoused issue associated with admitted malefices in the financial industry spread widely over the rest of corporate AMerica and then exploited as a political tool by the government.
As the new host for In-House Legal, what topics are you looking forward to covering? And also trying to Varizen und Milch out on the supply chain end. What can we do to change — law school — change the the inflow of lawyers into private practice and then into in-house counseldom.
Varizen und Milch
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