RFQ for Fiduciary Outside Legal Counsel

The Teacher Retirement System of Texas (TRS) is soliciting qualified outside Fiduciary Legal Counsel under solicitation TRS000722 to provide specialized legal advice regarding fiduciary responsibilities and ethics to the TRS Board of Trustees. The scope of work includes providing legal opinions, reviewing investment policies and procedures, developing educational training materials, and attending Board or committee meetings in Austin. The initial contract term is two years, with one optional two-year renewal term. Lead attorney services are estimated at ten to thirty hours per quarter, though special projects may increase this demand. Selection is non-exclusive and based on a risk-based scoring system evaluating subject matter expertise, representative experience, commitment to TRS processes, service delivery capabilities, and professional ethics. Qualified firms must maintain professional liability insurance of at least 1,000,000 dollars and comply with strict standards, including the OAG's Outside Counsel AI Policy, the TRS Employee Ethics Policy, and Texas cybersecurity training requirements. Billing is structured with specific hourly rates, such as 525 dollars for partners and 225 dollars for paralegals, with time billed in one-tenth hour increments. All invoices are subject to review and approval by the Office of the Attorney General of Texas. Proposals must be submitted in PDF format to LegalRFQ@trs.texas.gov by December 15, 2026, at 5:00 p.m. Central time.