Now that you’ve launched your new business, you may be wondering if it’s time to hire in-house legal counsel.
Between handling finances, staff contracts, and potential acquisitions, an in-house lawyer could handle almost all of your business’s growing legal concerns. An in-house lawyer just doesn’t bring their expertise to the table but experience in handling corporate affairs.
They may even foresee issues that may bypass a private practice lawyer, thus protecting your company from potential problems that may arise ahead. This way, you’ll be proactive rather than reactive to challenging situations.
Here is a list of more benefits you can expect from hiring an in-house lawyer.
1. Comprehensive Legal Solutions
One concern most companies have with private attorneys is that their advice is usually centered around roadblocks. Simply put, reasons you cannot do something.
With in-house counsel, you get someone whose core job is to understand your business’s intricate details and relationships. An in-house lawyer’s mindset is solely focused on providing practical legal solutions while protecting the company from legal liabilities.
There’s also the convenience you have to consider. Other staff members can seek legal advice regarding their work and whether their decisions may put the company in a compromising situation.
2. You Get to Focus on the Core Functions of the Business
The reality is most successful entrepreneurs have had to manage the legal needs of their companies at some point as they grew their businesses.
Even if you may have a strong understanding of how legal processes work, the big question is, ‘with other demanding aspects of the business in more need of your attention, should you really be handling legal?’
The answer is no. At some point, you might find company productivity in specific areas lagging because you dedicate some of your time and attention to managing legal issues.
An in-house on-site legal lawyer will take complete control of your legal affairs so you can entirely focus on your core responsibilities as CEO.
3. They Can Handle External Corporate Interactions
As CEO, you’ll find it very beneficial to have someone help handle meaningful company interactions with significant parties such as the government or stakeholders.
An excellent in-house lawyer should be equipped with the diplomatic and conflict-resolution skills necessary for representing a company’s interests.
Working with a standard law firm is great. But as much as they are your business partner, they’re not part of your business. In-house on-site lawyers have a different mindset. They work as a team member when interacting with clients, business partners, as well as government agencies.
The Bottom Line
As CEO, you’ll sleep a lot better at night knowing you have a trusted legal advisor on your team to guide your company’s decisions and mitigate crises before they prove detrimental.
If you’re thinking about the cost, consider the priceless legal perspective an in-house on-site lawyer will add to crucial company decisions. Having an attorney dedicate 100% of their time and expertise to support your company’s growth is worth every penny.
Additionally, an in-house lawyer will handle legal issues that are undeserving of your attention so you can have that peace of mind that’s so elusive to many CEOs today.
(Visited 3 times, 3 visits today)