They speak with an attorney on the line so the conversation is privileged and cant be subpoenaed.
... that doesn't give the conversation attorney-client privilege, and I think it just tends to make the judge angry when you try to claim in court that it does--it's not an effective technique in practice.
It's a phone conversation on an unrecorded line so the presence of the attorney isn't really relevant in that sense.
To synchronise schedules and blacklists. Not to discuss valuations.