Independent Banker - May 2023 - 18

PORTFOLIO
FOCUS LEGAL SERVICES
Finding the right
general counsel
strategy
Having general counsel is critical for community banks, but
what's the right balance between in-house and external counsel?
Community bankers and legal experts weigh in on how to create
the right strategy for your bank. By Cheryl Winokur Munk
eneral counsel is a musthave
for any business, and
community banks are no exception.
But some community banks
downplay the need, which can be a
tactical and costly mistake.
To be sure, larger community
banks may derive additional benefit
from having in-house counsel, but
it's something all community banks
should also consider, according
to bankers and attorneys who
work within or alongside these
institutions. This is especially
true for community banks in
growth mode or those that are
trying to expand into new service
lines, states or markets, as well
as for those that have identified
regulatory or compliance gaps.
" It's something I would consider
and carefully evaluate. I think it
makes more sense than sometimes
people appreciate, " says Robert
Messer, chief financial officer and
chief risk officer of $5.5 billionasset
American National Bank
of Texas in Terrell, Texas, which
has had an inside general counsel
for decades.
Here are four considerations for
community banks when weighing
these matters.
1. Analyze the potential cost
benefits of in-house
general counsel
Community banks could spend
hundreds of thousands of dollars
per year on legal fees for outside
counsel, depending on the services
they need and the attorneys they
work with.
In addition to carefully
tracking their overall legal spend,
community banks should delve into
what they are spending their legal
dollars on, said Shelli Clarkston,
an associate attorney at law firm
Lathrop GPM in Kansas City, Mo.
G
18 // ICBA Independent Banker // May 2023
Photo by Amnaj/Adobe

Independent Banker - May 2023

Table of Contents for the Digital Edition of Independent Banker - May 2023

Content
Independent Banker - May 2023 - Cover1
Independent Banker - May 2023 - Cover2
Independent Banker - May 2023 - Content
Independent Banker - May 2023 - 2
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