Information for Prospective Outside Counsel
Outside counsel (including law firms and solo practitioners) interested in representing the FDIC can obtain application materials by contacting the Legal Division or accessing the FDIC’s Internet Home Page as shown on the Contact List on the inside back cover of this brochure.
The Legal Division requires an applicant to provide information about itself including: the areas of expertise for which the firm is offering its services, together with a description of work recently performed and a list of client references; an extensive disclosure of conflicts of interest or potential conflicts of interest; an identification of the firm’s malpractice carrier and description of the coverage; a statement that the firm will absorb the cost of developing an understanding of the FDIC’s specialty areas of the law.
The application includes a standard form Legal Services Agreement that both outside counsel and the FDIC must sign in order for the firm to receive referrals. Outside counsel must identify on the fee schedule attached to the Legal Services Agreement the following information as to each attorney or paraprofessional in the firm who may provide services to the FDIC: state licenses; years in practice; status within the firm as partner, associate, or paraprofessional; billable rate under the firm’s usual rate structure; proposed hourly rate to the Legal Division; and the percentage of discount the firm is offering to the FDIC from its usual rates.
Each office of a multiple office law firm that wishes to be considered for retention must provide the required information. For multiple office firms, even an office that does not wish to be considered for FDIC work must comply with the requirement to provide conflict of interest information. The FDIC may request additional information concerning the firm.
Outside counsel is responsible for updating or correcting information submitted in the application materials.