If you’re a business owner, it makes sense to ensure your company is protected in legal, compliance, and regulatory matters, but it doesn’t always make financial sense to act on it. Hiring an in-house counsel to represent your company isn’t always an option for small business owners or startups, but luckily there’s an alternative that can work for most of these companies’ budgets.
Outside general counsel is an arrangement between your company and an attorney – either someone working out of a firm or operating their own practice. By paying a monthly retainer to this attorney, you can secure his or her representation and gain assistance in a variety of ways that protect your company.
Here are some of the things that outside general counsel can help you with:
- Draft, review, and negotiate contracts
- Regulatory compliance
- Employment law compliance
- Corporate governance compliance
- Business expansion ideas
- Guidance in making business decisions
Outside General Counsel Is Cheaper
Compared to hiring in-house legal counsel, hiring outside general counsel is the more affordable option. How? For one, you won’t have to worry about the cost of recruiting and offering a competitive salary so you can hire the best possible talent. For another, you won’t need to offer or pay for employment benefits, equipment, or any of the overhead required when you take on a new employee. Instead, you can save on these costs for positions that may be more directly tied to your revenue stream. More importantly, you can have an attorney to advise and guide you as you grow your business and they are only a speed-dial away.
Outside General Counsel Doesn’t Require a Long-Term Commitment
Much like an independent contractor, outside counsel is there as long as you need them or are satisfied with their services. Most work on a monthly retainer, which means that as long as you pay, you have access to their advice and services. Unlike hiring someone in-house, it’s easier to sever this relationship if you are unhappy with the quality of service you’re receiving or if there simply isn’t enough right now that requires an attorney’s attention.
Your Counsel Can Help You Establish & Maintain Your Company
Although you aren’t obligated to maintain a long-term relationship with your outside counsel, there are benefits to doing so. Having an attorney during your company’s formation is crucial, and many startups seek outside general counsel services to protect their interests. By continuing this relationship, you can benefit from cost-effective legal advice from an attorney who understands your business’s needs best of all because they were there from the beginning. Once you reach past your company’s formation, your in-house counsel from A. Singer & Associates can advise you on all facets of your business because, we are experienced in all phases of business from start-up to long term. to keep your legal situation Avoid the pitfalls that so many new business owners fall into because they lack the experience or knowledge to not only keep their business healthy but to guide it to grow into the long term.
Outside Counsel Offers Perspective
Having outside general counsel means you have someone on the outside of your company looking in. Their view can offer you a unique perspective you might not otherwise get from your business partners and employees. Because your outside counsel isn’t an employee, they may readily offer more objective and honest feedback on matters that others may be too emotionally involved with to clearly see.
Are You Thinking about Getting Help?
For most businesses, it doesn’t make sense to hire an in-house legal team. Hiring outside general counsel, however, can offer many of the same benefits as a cost-effective alternative.
Get in touch with A. Singer & Associates, Inc. today and ask about how we can help. Call (805) 919-8589 or contact us online to learn more.