Many small to mid-sized companies erroneously assume that a general counsel is an expensive luxury, only appropriate for large companies that keep an in-house general counsel busy full-time. Unfortunately, this assumption is not the best way for a smaller company to approach its legal needs, especially when a viable alternative to in-house counsel is available.
Issues arise for all companies from big to very small. What companies do not realize is that those legal issues can become a bigger burden and business disruption for smaller companies, which do not have the extra time and often the experience to deal with them. This is where an outside general counsel can be a huge benefit to a smaller company. Such an outside general counsel would:
- Be someone who will get to know you and your company’s goals and strategies, and be available to give consistent advice on the legal aspects of your business.
- Be your trusted advisor, available when you need them, but not a day-to-day headcount budgetary expense.
- Be able to help handle issues that arise with minimal burden to your existing staff.
- Be able to help you manage your business risks with appropriate contracts and compliance programs.
- Be a member of your management team on an as-needed basis.