Five Simple Reasons Your Business Needs Outside General Counsel
Depending on the size of your business, you may already have an attorney on staff. Nevertheless, your company could still benefit from outside counsel. For many different businesses, retaining outside counsel is not only cost-effective. It also makes for a flexible arrangement.
Clearly, you understand the definition of outside counsel. For some companies, it means keeping an experienced business attorney or law firm on retainer. For others, outside counsel may be hired on as a need basis.
So, what are the reasons your business could benefit from outside counsel?
Reason One: Limited Resources
Actually, the first reason your company might need outside counsel is fairly obvious. You could be a new start-up with limited resources. Consequently, it might sound expensive to add a staff attorney to your organization.
However, that’s not to say you don’t need to understand the law. At the very least, outside counsel can ensure you are set up as the right business entity. And, of course, help you understand the laws that affect your type of company.
Reason Two: Contract Review and Negotiation
Entering into any legal agreement has consequences. Seriously, some contracts can make or break your bank account. And, possibly expose you to financial ruin.
Outside counsel can assist with all types of agreements. In other words, draft language or negotiate contracts that work in your best interests. Additionally, outside counsel can make you know what you’re getting into. And, give you legal advice before you sign on the dotted line.
Reason Three: Time Constraints
So, you’re not a new business, and you have a staff attorney. Consequently, you might not see the need for outside counsel. Time may be of the essence. Your in-house attorney may be flooded with legal projects.
Does that mean you should add another lawyer to your law department? It depends. How often do you need extra help? More than likely, outside counsel can pick up the ebbs and flows of your legal needs.
Reason Four: Additional Knowledge and Expertise
Here’s a consideration. It could be that you have an attorney on staff for contract review and negotiation. Even so, you might have concerns about a pending lawsuit. Or, questions about securing copyrights or patents.
With outside counsel, you have the benefit of finding legal representation with the experience your company needs. Otherwise, you might consider hiring a whole legal team.
Reason Five: Relationships Matter
Outside counsel allows you to establish a relationship with an attorney or law firm. As a result, they know your business. It takes less time to get them up to speed on matters of importance.
Whether you have a firm on retainer or on specific projects, you feel more secure in the end result.