Consider Adding Outsourced General Counsel to Your Company in 2021

Large corporations generally have at least one attorney, if not an entire legal team, working full-time to provide a wide range of legal services, including legal advice on issues such as contracts, asset protection, and liability. Such lawyers also provide immediate and trusted representation in any necessary legal proceedings.

The vast majority of small businesses—and even most medium-sized companies—do not have the resources to hire an in-house attorney to offer guidance on everyday matters. However, businesses of all sizes still must deal with a variety of legal concerns, and if these concerns are not handled properly, they could jeopardize the company’s stability and sustainability. If you are a small business owner, adding outsourced general counsel might be a good option for you in 2021.

What is Outsourced General Counsel?

Most private individuals only hire a lawyer when a particular need arises. While a person or family might use the same law firm on a regular basis, there is not usually a standing agreement or retainer. By comparison, business owners generally face more complex legal considerations much more often. Such considerations may include hiring or firing employees, signing lease agreements, and more. As a business owner, you should not have to waste time or energy explaining your company’s situation to a new attorney every time you need help.

Outsourced general counsel, to put it simply, is a standing arrangement that you and your company can set up with a law firm that offers general counsel services. As a result of this arrangement, your lawyer will be able to get to know you as both a person and a business owner. You and your attorney can build a solid working relationship founded on trust and open communication, which will allow your lawyer to fully understand your goals, motivations, and plans for the future. This insight will help your outsourced general counsel to provide advice, direction, and representation to facilitate your company’s long-term success.

By setting up an outsourced general counsel arrangement, you can ensure that you always have access to help with:

• Business planning, business formation, and tax strategies
• Contract considerations, including negotiation of terms and due diligence
• Mergers and acquisitions
• Intellectual property rights
• Employment concerns, including recruitment and hiring issues, non-compete agreements, and contractor agreements
• Business succession planning
• Liability and risk management
• Representing your interests in litigation if you or your company is named in a lawsuit
• Any other legal issues that may arise in your business

Your outsourced general counsel can also help you in meeting your corporate obligations such as minute books, shareholder notices, and required disclosures. In short, having outsourced general counsel can allow you to focus on the practical side of managing your company knowing that your legal concerns are being taken care of.

Call Us to Learn More

If you would like to know more about the general counsel services offered by the Gierach Law Firm, contact one of our experienced Naperville business law attorneys. Call 630-756-1160 and schedule a confidential consultation to discuss your company’s needs and how we can help you address them over the long term.

Sources:

Forbes

Investopedia