Shoot in RAW
This will make your life MUCH easier when it comes to editing photos. The reason is because you have much more information in a raw file, meaning you can fix overexposed and underexposed photos much more easily and accurately.
Make 3 copies of the photo in Lightroom and adjust one for the highlights, one for the shadows, and one for the midtones. You can then open these as layers in photoshop, and simply mask in the areas that are over or underexposed. You can check your layer masks by clicking Alt and the mask to make sure they are done accurately, and you can also make selections to paint in the areas with a hard edge.
Before and After
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