The ERISA lawyer is the most important service provider to an employer when it comes to the critical fiduciary decision of which vendors to retain for the plan at what cost. This is because the ERISA lawyer has:
1. Training in fiduciary risk management
2. Training in governance decision-making
3. Complete independence
4. The highest duty of care
5. Industry knowledge
6. ERISA technical competence
7. Authority and credibility with the board
8. Ability to manage the contracting process
And, of course, the ERISA lawyer is the only professional who has the ability to protect the process with attorney/client privilege.