New Managing Director Derrick Smith Talks Strategy at Mitchell Williams

Derrick Smith, Managing Director of Mitchell Williams Selig Gates & Woodyard of Little Rock (Photo provided)

On Jan. 1, Smith was selected as the firm’s managing director.

What is the key to being an effective lobbyist?

Being an effective lobbyist is much like being an effective attorney. It requires a deep understanding of an issue and a solid grasp of the legislative or regulatory processes involved. You must understand both your position and the other side of an issue. Clear and persuasive communication is crucial, but perhaps most important is building a reputation for credibility and integrity, which are qualities earned through honest interactions with legislators, regulators and other lobbyists. An effective lobbyist should have a genuine interest in policy. It is hard to stay in the mix if you don’t care about the ways government impacts the lives of people and industry or if you don’t like the process.

You’ve been involved in a number of mergers and acquisitions in the insurance industry. What makes for a successful deal? And what can derail a deal?

As an insurance regulatory attorney, my involvement in M&A transactions typically revolves around identifying and securing any required regulatory approvals. At Mitchell Williams, we have an extraordinary team of M&A lawyers who represent buyers and sellers of all sizes, including both privately held entities and public companies, in deals across a multitude of industries. Our clients and I rely upon them to identify value, detect potential issues, and negotiate fair and favorable deal terms. In my role, I view most transactions with the benefit of hindsight. The transactions where I have seen satisfied buyers and sellers have all involved a thorough and comprehensive due diligence process. 

Your practice focuses on the insurance industry. The industry seems to be consolidating. Is that the case? And if so, what is behind the trend?

In recent years, single-state and regional carriers have sought to diversify their geographic risk profiles. The ability to spread administrative and regulatory compliance costs across a larger customer base has always been a benefit of scale. Additionally, sufficient scale gives carriers and other industry participants the capital necessary to develop competitive products and invest in improvements to the stakeholder experience. 

How is Mitchell Williams using artificial intelligence?

Carefully. AI in general and generative AI in particular offer attractive opportunities to streamline work functions and increase our efficiency both for our clients and for our internal operations. Ultimately these improvements should lead to even better client outcomes. As we investigate and deploy any of the available tools, however, we want to be sure that we continue to protect the confidences of our clients and otherwise comply with ethics rules. 

What can aspiring law students do to prepare for a law career?

Aspiring law students can prepare for a legal career by focusing on academic excellence, seeking out mentorship opportunities and gaining exposure to the legal profession through internships or job shadowing. Building strong research, writing and analytical skills is crucial, as is staying informed about current events and developments in the legal field. Additionally, developing relationships with attorneys and other legal professionals can provide valuable insights and guidance as you pursue your career.

What inspired you to become an attorney?

The national mentoring organization 100 Black Men of America and its local chapter 100 Black Men of Greater Little Rock have the motto “What They See Is What They’ll Be.” There was not a chapter in my hometown of Marianna, but I was fortunate to see and get to know a number of local attorneys who were also involved in public service. When I was in high school, Roy C. “Bill” Lewellen was first elected to the state Senate. Soon after, Olly Neal, for whom I would have the honor of clerking while he was judge on the Arkansas Court of Appeals, was appointed as the local prosecuting attorney. I was also fortunate to spend some time with our local municipal judge, Dan Felton III, when he offered me a ride to a Hugh O’Brian Youth Leadership conference in Little Rock that his son Jim and I were attending. Finally, like all Marianna natives, I followed the career of former Transportation Secretary Rodney Slater. These were all people who were well respected, were contributing to the community in different but positive ways, and all happened to be lawyers. 

What’s on your to-do list as managing director of the firm?

Through my service on the firm’s board of directors over the last six years, I have a good sense of where we are in our efforts to be a firm that is recognized for providing innovative, high-quality legal counsel that is grounded in our knowledge and deep understanding of each client’s business and industry and our efforts to be a place where legal professionals come to pursue their professional and personal goals. We remain committed to developing our young talent and expanding the platform that led to our recognition last year as one of just 29 Highly Recommended Midsize Law Firms nationwide by BTI Consulting. We were the only Arkansas-based firm to receive this honor.