In Brad Lerman’s
Submarine
Fannie Mae’s general counsel
has one rule for his legal ship—
work together or perish together
BY BILL GLOSE
PHOTOGRAPHY BY STEPHEN VOSS
“AN OUTSIDE COUNSEL SOMETIMES BELIEVES THAT
the lawyers are the most important thing handling the
most important things to any company’s success,” says
Brad Lerman, who, since October 2012, has served as the
executive vice president, general counsel and corporate
secretary of Federal National Mortgage Association, or, as
it’s better known, Fannie Mae. “The in-house lawyer gets a
different perspective. The ability to marshal resources and
get the right decision-makers and understand the risks
and the ramifications of options and then make the right
strategic choice—that’s the skill of the in-house lawyer.”
In a typical workday, Lerman, 57, spends most of his time
in meetings. Thin, athletic and clean-shaven, his manner
is affable and his responses unhurried and well-reasoned.
When you’re speaking with him, he gives the impression
that you are the most important person in the world. Not
prone to rash judgments, he often sits with his fingers
steepled as he considers what to say next.
