What to Know About In-House Experience and Corporate Law
Not long ago, companies were outsourcing limited business functions, such as public relations, internal audits, and human resources. But times have changed, and a renewed pressure on profit margins in a fluid market coupled with an increased scrutiny of corporate governance issues have prompted companies to rely on outsourced general counsel when achieving specific objectives and managing ongoing legal risks to the business.
Structuring an outsourced general counsel relationship that is custom suited to your organization’s particular business needs can satisfy operational and economic goals. In addition to serving as an effective and efficient solution to strengthen a company’s legal operations, this type of arrangement can provide stability, reduce potential legal risk, and help achieve strategic business objectives.
Benefits of Outsourced General Counsel
Outsourced general counsel can handle various types of matters and provide a full range of services to include drafting and negotiating contracts, customer and vendor agreements, labor and employment issues, policies and procedures, issues related to corporate governance, among others. By partnering with outsourced general counsel, businesses and their leaders can leverage counsel’s strategic advice and specialized legal insight to achieve desired outcomes, such as:
- Guidance & Counsel. Experienced outsourced counsel is an invaluable legal partner who can offer advice, and direction on how to run day-to-day operations more efficiently and advance their business interests. In addition to having a strong legal background, outsourced general counsel can draw on their industry and company experience to apply their legal decision-making with added context and business practicality.
- Growth Strategies. Outsourced general counsel is a valuable partner for expansion and company success with the ability to add third-party insight for strategic growth that internal business leaders might not be aware of. It’s like having an outside opinion – an objective third party with your business needs and best interest in mind. Having a general counsel outside your own business allows your firm to have insight into things you don’t know.
- Protection of Your Business. The use of outsourced general counsel provides an extra layer of security. Companies often don’t have a general counsel or in-house counsel because they lack sufficient resources, especially during a start-up phase. Businesses are constantly changing. Corporations are being restructured. In a downsizing or reduction in force, there are fewer people doing the same amount of work. It is important that that work continues to get done, and this allows the opportunity to hire specialized counsel with inhouse experience to help strategically protect your business.
- Different Perspective. Outsourced general counsel provides a new set of eyes that can contribute a different point of view. Not all companies have the same specializations or the same resources. In-house counsel may lack sufficient bandwidth or the broad background required to handle unique legal challenges and complex transactions, especially when they have been in the same position and consumed with a daily routine of ongoing business operations. Outsourced general counsel can complement the work of in-house counsel and provide customized solutions and specialized legal services.
- Mitigating Risk and Vulnerabilities. Businesses frequently use outsourced general counsel to identify, manage, and mitigate risk. Evaluation coupled with industry insight, allows for additional information on how to address what risks are acceptable and what risks could jeopardize the business.
Selecting Your Outsourced General Counsel
Finding the right outsourced counsel may seem like a challenge, but the benefits of selecting a partner who understands your business needs and is willing to listen and go the extra mile – that is well worth the effort. As the right attorney will not only know your business and your industry, but also advocate for you, your firm and your goals and objectives. When selecting outsourced general counsel, it is prudent to consider the following:
- The ability to seamlessly interact with the Board of Directors and senior management. Capable outsourced general counsel should possess the requisite knowledge and communication skills to successfully interact and discuss relevant matters with leadership and management at all levels throughout the organization.
- General counsel or in-house counsel experience. A range of substantial in-house experience at companies ranging from start-ups to established, complex entities is ideal.
- A business-friendly mindset. Qualified attorneys with a proven track record of providing practical business solutions while mitigating legal risk.
- A collaborative, team-focused approach. Effective outsourced general counsel must be able to work closely with internal team members, stakeholders, suppliers, and clients, effectively and with ease.
- A relentless resourcefulness when it comes to adding business value. Attorneys who can detect and solve problems in a cost-effective way consistent with business goals – maximum benefit at an affordable cost.
Trusted Team, Business Partners
Do not let concerns about how to effectively and efficiently handle your legal needs keep you from achieving your desired business growth. Contact our JLG team today at (619) 298-2880 or visit us online at www.jackolg.com to schedule a consultation and learn how we can work together as an extension of your team to provide the support and tools needed to take positive steps toward meeting your end objectives and goals for your business.