General Counsel File: Tracy M. Preston, Neiman Marcus Group | Practical Law

General Counsel File: Tracy M. Preston, Neiman Marcus Group | Practical Law

A profile of Tracy M. Preston, Senior Vice President, General Counsel and Corporate Secretary of Neiman Marcus Group.

General Counsel File: Tracy M. Preston, Neiman Marcus Group

Practical Law Article w-006-5908 (Approx. 3 pages)

General Counsel File: Tracy M. Preston, Neiman Marcus Group

by Practical Law The Journal
Published on 01 Mar 2017USA (National/Federal)
A profile of Tracy M. Preston, Senior Vice President, General Counsel and Corporate Secretary of Neiman Marcus Group.
Education: 1991: J.D., University of Virginia School of Law; 1988: B.A., Georgetown University.
Career in Brief: 2013–present: Neiman Marcus Group, Senior Vice President, General Counsel and Corporate Secretary; 2002–2013: Levi Strauss & Co. (2012–2013: Chief Counsel, Global Supply Chain; 2006–2013: Chief Compliance Officer and Chief Counsel, Global HR & Litigation; 2002–2006: Associate General Counsel (Americas)); 1997–2001: Orrick, Herrington & Sutcliffe LLP (1999–2001: Partner; 1997–1999: Associate); 1996–1997: Latham & Watkins LLP, Associate; 1993–1996: Sedgwick, Detert, Moran & Arnold LLP, Associate; 1991–1993: Baker & McKenzie LLP, Associate.
Location of Company HQ: Dallas, Texas.
Primary Industry Sector: Retail.
Revenues in the Last Financial Year: $4.95 billion for fiscal year 2016.
Number of Employees Worldwide: 14,300 employees, excluding seasonal employees.
Number of Attorneys Worldwide: Five.
Law Department Location: Dallas, Texas.
How is the legal function structured? The legal department is responsible for managing all legal matters facing the company. We support all business divisions. Similar to a law firm structure, we are loosely organized by practice area.
Given our size, the legal team is comprised of members who can provide support in various legal areas. All team members work directly with our business partners.
How do you measure and improve productivity and success within the law department? We improve productivity and success by building good relationships, celebrating successes, focusing on our annual departmental goals, understanding our clients’ needs, and considering client feedback. As General Counsel, I regularly meet with all of the attorneys to review their projects, including those of their respective teams. We monitor progress and productivity by measuring outcomes, implementing feedback, and tracking success rates with weekly, quarterly, and annual reviews.
How does the law department avoid being perceived as the “office of no” while still ensuring it helps the client avoid liability? We build solid working relationships based on trust, through transparency and good communication. Understanding our clients’ goals and desired outcomes is key. This ensures that the legal department can be a vital partner to help the business chart a course for success. By working together with our business partners, the legal department’s expertise helps to improve outcomes and achieve goals by identifying areas that could potentially create liability. We also build solid working relationships with all other departments and help to illuminate the legal coordinates of risk and opportunity. When a legal department builds these relationships, clients come to view the legal department as a great resource and trustworthy partner for achieving success.
How do you align the incentives of external law firms with the objectives of the law department? The law firms we work with understand that they are an extension of our legal department and treat our company as if it were their own. From the beginning, we meet and communicate with the law firm, clearly setting our mutual expectations and making sure we each understand the other’s role. In essence, we are in a partnership where the external law firm has the minority interest. Our collective goal is to provide quality service and to do so in the most cost efficient manner.
What three things does a law firm need to do to impress you?
1. Know our business and our company.
2. Provide excellent customer service and be responsive.
3. Demonstrate expertise in the subject matter.
If not an attorney, what would you wish to be? I would wish to be an international tour guide for specialty trips that combine the culture, history, adventure, and beauty of the locale.
What is the best career advice you have ever received? My grandfather always said “Don’t outline,” meaning know and master your gifts, opportunities, and areas of contribution. He advised me to be open to new opportunities, respect different perspectives, and be flexible. Life does not always go as planned, and if you are too focused on the “right way” or specific steps, you will often miss opportunities to grow and develop.
What advice would you give to a prospective General Counsel? 
Mentors, mentors, mentors! Also, be true to yourself, have humility and a good sense of humor, and never lose the “in the trenches” perspective you gained as you advanced in your career. This perspective is key to building a great team, navigating challenges, and achieving new outcomes.