Does Your Company Need a Full-Time, In-House Lawyer?
THE SHORT ANSWER: IT DEPENDS. Unless you are in a very controversial business with considerable legal risks, the answer is probably “No.” The right fit is likely to be outsourcing.
Outsourcing General Counsel has Three Main Advantages for Your Business.
1 Outsourcing General Counsel is Cost-Effective.
Depending on your corporate situation, the volume of legal work may not be enough to justify hiring someone for a full-time position. This is especially true for small to mid-sized companies. Additionally, new businesses may not have a high enough volume of legal work to justify the hire straight away.
By sharing the cost of an experienced, diversified attorney, your company saves considerable legal costs without compromising any quality.
Additionally, if you chose the right firm, you can have not just one person but a team made up of CPA / attorneys, who bring a business person’s perspective to legal risks. BILTgroup is one of those firms.
2 Outsourced General Counsel Will Become an Extension of Your Team.
You do not need to outsource institutional knowledge. A good firm will meet with you regularly and stay up to date on your business, its growth, its challenges and its aspirations. Your legal team becomes an extension of your C-Suite.
We expect lawyers to be able to read the law, but the quality of a business lawyer is the result of their ability to understand your business model, its “secret sauce,” so to speak, and the goals of the owner(s) and management.
Of course, the outsourced lawyer may not have the knowledge and expertise to handle every legal issue that your company may confront, but (at the very least) you want them to be competent in business law, tax law, mergers and acquisitions, and employment law. When specialized issues arise, a firm like BILTgroup will have an extensive network of external lawyers to deal with those specific issues. An excellent outsourced general counsel will have already developed relationships with outside counsel in assorted niche areas. This saves you time finding and vetting a respected professional in the relevant niche legal area.
Having an established relationship with an outsourced general counsel also enables your outside general counsel to proactively identify and solve problems instead of only responding after issues arise. This is the legal equivalent of choosing to visit your doctor for regular check-ups and preventative care rather than waiting for an emergency and going to the Emergency Room instead.
3 Outsourcing General Counsel Lowers the Burden Placed on Management.
You do not need an attorney who tells you, “No, you cannot do that,” when the correct answer is “There is a solution to that problem.” All problems have a solution; some are just more difficult than others.
In the absence of general counsel or a law firm to handle such matters, management is given the additional burden of addressing and managing legal issues. The result? Less time for management to focus on core business functions and the risk you get it wrong. You may think that you are saving money by having management handle legal matters, but all that does is overburden and distract management from the real focus of their jobs. It is simply more efficient to have a lawyer handle government compliance, contracts, human resource management, and other general legal matters. An entrepreneurial spirit may lead to sleepless nights, but don’t let those sleepless nights be over legal issues!
BILTgroup is Here to Help with Your Outsourced General Counsel Needs.
The bonus with BILTgroup: We are a firm of lawyers and accountants! We recognize that successful, growing companies need first-rate legal advice and to control the costs associated with obtaining legal support and guidance. Our attorneys work with businesses on independent projects and as outside general counsel to provide pragmatic solutions business leaders need. Because our attorneys have served in leadership roles in multinational corporations and global accounting firms, they know how to balance legal and tax considerations with the business demands you face. If you are interested in outsourcing your general counsel services, BILTgroup is here to help. If interested, reach out to Sarah Skinner at email@example.com to schedule a consultation.