Maximising Legal Support: The Power of In-House Counsel for Business Growth
As your company continues to grow, you may start wondering whether it's time to hire in-house counsel. Between acquisitions, contracts, personnel and finances, an in-house attorney could handle nearly all of your business's growing legal matters, and may even foresee problems a private practice attorney could miss.But how can you be sure you're selecting counsel that's best suited for your business?
The right in-house attorney doesn't just bring experience to the table. Once they're part of your staff, it's important that he or she is compatible with your team and understands how to best support the long-term vision of your company. Below, five legal experts and executives from Forbes Legal Council discuss the benefits of hiring in-house counsel and the top things to look for once you do.
1. They Support Your Growth
In-house counsel provides businesses, both small and large, with expeditious advisement. A company with in-house counsel increases their likelihood of opportunities for growth and development. Most importantly, in-house counsel will spot legal issues for you so that you are not reacting to a problem after the fact, but avoiding the problem to begin with. In terms of what to look for, find someone who will get along with your fellow employees, and most importantly, has experience in a wide variety of legal fields. This way, he or she can provide advice and spot issues in any legal area that may come into play. - Perry Liss, The Law Offices of Perry Liss, LLC2. They Communicate With Outside Counsel
Depending on the size of your business and legal needs, it can be advantageous to have in-house counsel deal with outside law firms for specific matters. An on-staff attorney can help select the best outside firms for specific case types and can serve as a "watchdog" on those cases, ensuring that you are not being over-billed and that matters are being handled properly. You should also find an in-house counsel with experience and knowledge to handle your core business matters. Your lawyer should be able to work well with outside counsel on matters that are handled externally. - Lawrence Buckfire, Buckfire & Buckfire, P.C.3. They Give You Peace Of Mind
If it makes financial sense for your organisation, one pro of hiring in-house counsel is peace of mind. Having immediate access to a licensed attorney who is 100 percent focused on your business is truly unbeatable. It can also be the difference between success and failure on a given deal. - Matthew Rossetti, Sentient Law, Ltd.4. Their Knowledge Is Priceless
By definition, outside counsel doesn't understand the nuanced details and relationships of your business anywhere near the same level as in-house counsel would. Having a lawyer dedicate 100 percent of his or her time and skill set to your business is worth every penny. Identify what your company's biggest liability is and hire an expert in that area. My employer is heavily regulated by federal and state consumer finance protection laws. When we hire, we look to experts in the consumer finance field to reduce our company's largest liability. - Matthew Digesti, Bristlecone Holdings5. They're Emotionally Intelligent
An effective in-house counsel must have emotional intelligence (EQ). Yes, lawyers have emotions too. The ability to interact with different stakeholders, understand what they need to achieve their goals, and apply the law to guide legally compliant solutions is an invaluable skill. - Tracy Gray, Holland & Hart LLPThe information provided here is not legal advice and does not purport to be a substitute for advice of counsel on any specific matter. For legal advice, you should consult with an attorney concerning your specific situation.
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