As a business owner, legal issues are likely to arise from time to time. While some may be minor, others can have a significant impact on your company’s operations and bottom line. Having a trusted legal advisor who understands your business and its needs is crucial in such situations. That’s where General Counsel Services come in.
In this blog post, we’ll discuss what General Counsel Services are, their benefits, and why you should consider hiring an outside general counsel for your business.
What are General Counsel Services?
General Counsel Services are legal services provided by a lawyer or a team of lawyers to a business or organization. Unlike traditional legal services, where the lawyer is hired on a case-by-case basis, General Counsel Services involve an ongoing relationship between the lawyer and the business.
The role of a general counsel is to advise the business on all legal matters, including but not limited to contracts, compliance, litigation, and intellectual property. They are responsible for ensuring that the company operates within the confines of the law and minimizing the legal risks associated with its operations.
Benefits of General Counsel Services
Hiring a general counsel for your business can bring numerous benefits, some of which are discussed below:
- Cost savings: Hiring a general counsel on an ongoing basis can be more cost-effective than hiring a lawyer on a case-by-case basis. The general counsel can offer a package of services tailored to your business’s needs, which can be more cost-effective in the long run.
- Strategic planning: A general counsel can provide legal advice on strategic business decisions, such as mergers and acquisitions or entering into new markets. This can help the business make informed decisions and minimize legal risks.
- Familiarity with your business: A general counsel who works closely with your business will have a deep understanding of its operations, culture, and values. This can help them provide more effective legal advice tailored to your business’s needs.
- Risk management: A general counsel can help your business identify and manage legal risks associated with its operations. This can help prevent legal issues from arising in the first place, saving your business time and money.
Why hire an Outside General Counsel?
If you’re considering General Counsel Services, you may be wondering whether to hire an outside general counsel or an in-house general counsel. Both options have their pros and cons, but in this section, we’ll discuss why you should consider hiring an outside general counsel.
- Cost savings: Hiring an outside general counsel can be more cost-effective than hiring an in-house general counsel, especially for small businesses. An outside general counsel services can offer a package of services tailored to your business’s needs, which can be more cost-effective than paying a full-time salary, benefits, and other expenses associated with hiring an in-house general counsel.
- Flexibility: An outside general counsel services can provide legal services on an as-needed basis, which can be more flexible than an in-house general counsel who may be tied up with other responsibilities.
- Specialized expertise: An outside general counsel may have specialized expertise in a particular area of law that your business needs, which an in-house general counsel may not have. This can be particularly beneficial for businesses that have unique legal needs.
- Objectivity: An outside general counsel can provide an objective perspective on legal matters, without being influenced by internal politics or biases that may be present in an in-house general counsel.
Types of General Counsel Services
There are different types of General Counsel Services available, depending on the size and needs of your business. Let’s take a look at some of the most common types of General Counsel Services:
- Part-time General Counsel: This is an arrangement where a lawyer provides General Counsel Services to a business on a part-time basis. This can be a cost-effective way for small businesses to get the legal advice they need without having to hire a full-time in-house general counsel.
- Virtual General Counsel: With advances in technology, it is now possible to provide General Counsel Services remotely. Virtual General Counsel is a popular option for businesses that operate across multiple locations or have a geographically dispersed workforce.
- Project-based General Counsel: This is an arrangement where a lawyer provides General Counsel Services to a business on a project-by-project basis. This can be a good option for businesses that have specific legal needs, such as contract drafting or litigation, but don’t require ongoing General Counsel Services.
- On-demand General Counsel: This is a pay-as-you-go arrangement where a lawyer provides General Counsel Services to a business on an as-needed basis. This can be a flexible option for businesses that require legal advice on an irregular basis.
How to Choose an Outside General Counsel
Choosing an outside general counsel is an important decision that requires careful consideration. Here are some factors to consider when selecting an outside general counsel for your business:
- Expertise: Look for an outside general counsel with expertise in the areas of law that are relevant to your business. For example, if your business deals with intellectual property, look for an outside general counsel with experience in that area.
- Availability: Ensure that the outside general counsel you choose has the availability to provide the level of support you need. Make sure they have the capacity to handle your business’s legal needs.
- Communication: Good communication is key to a successful General Counsel Services relationship. Look for an outside general counsel who communicates clearly and regularly, and who is responsive to your business’s needs.
- Cost: Cost is an important factor to consider when choosing an outside general counsel. Look for a provider who offers transparent pricing and value for money.
General Counsel Services can provide numerous benefits to businesses of all sizes. Hiring an outside general counsel can be a cost-effective way to get the legal advice and support your business needs, without the overhead costs associated with hiring an in-house general counsel. If you’re interested in General Counsel Services, it’s important to find a trusted legal advisor who understands your business.