Organizations need legal aid for smoothly running their business without compromising on any legal requirement. From the incorporation of the company to taking care of the day to day activities to addressing any specific legal issue services of a lawyer is always required by companies.
Whether to have in-house legal services or to outsource the services depends on the quantum of legal work and the affordability of the company as in-house general counsel doesn’t come cheap.
New and smaller companies generally do not have the finances or the amount of work to justify the appointment of full-time counsel, so they tend to defer the decision to as late as possible. However, as the business evolves, the legal needs also increase, and companies start to deliberate on the idea of hiring full-time counsel. Though in-house counsel and an outsourced general counsel both have their own advantages, in this article we will limit our discussion to the benefits of in-house lawyers.
You can focus on your Core Responsibilities
As a business owner, your chief responsibility is to focus on business operations. Whether you are competent enough to handle the legal matters of the company as it grows is immaterial. The moot question is whether you should take the extra burden of the legal responsibilities and get distracted from your main responsibility of growing the business. At some point in time, you would realize that you, as well as your company’s productivity, gets negatively affected by your involvement in the day to day legal matters. A lot of your time is consumed in your interactions with the outside counsel.
In-house counsel takes this burden off your shoulders, which allows you to focus on your business. The in-house counsel is adept at handling the routine legal work and, also, can determine what issues need outside legal help. They are better qualified and networked to select the right outside council. Also, they can monitor and manage legal spending.
When you are absolved of this added burden you can give more time and attention to your core responsibility of growing your business.
Your Business gets a Partner that adds Strategic Value
Your outside counsel might be a great advisor, but is not a part of your team, you are just a client. In-house counsel is different in the sense that they have a sense of belonging to the organization and works as a part of the team. Their objective is the same as yours, and they interact and work with peers and partners to achieve the company’s goals by effectively executing the strategies.
In-house lawyers assist you in strategic planning that aids smooth growth and development. Business owners realize the fact that by bringing in a legal professional who also has business experience can improve strategic planning and execution, and at the same time avoid unwanted risks.
You Get Complete and Proactive Legal Advice
By having in-house legal services you get comprehensive legal advice. They understand the complexities and nuances of your business. By working full-time handling the day to day legal functions of your business, and regularly interacting with your team, they get enough insight on your business that they not just give advice on specific legal issues but on all aspects of law that concern your business.
In-house counsel has a range of business and legal experience which helps them in identifying legal issues in advance. They are proactive in their approach which means that you don’t have to react to any legal problem that might arise. They devise ways and take steps to avoid the problem in the first place.
You Get Solutions
A common complaint of business owners about lawyers is that they, more often than not, give reasons for why something cannot or should not be done. Whenever business people attempt to do something, attorneys put up roadblocks saying it might not be legally feasible. A good in-house counsel and company secretarial services have the mindset of a business person that focuses on finding a solution and safeguarding the company from all possible legal risks. This attitude of the attorney encourages other members to seek regular legal advice on business matters to avoid any complication in the future. It is far more cost-effective than seeking advice from outside law firms.
You Get Help in Managing Different Stakeholders
There are large numbers of stakeholders and other constituents that make up a business organization. They might all have different views on a particular matter, and it sometimes becomes difficult to bring them on the same page and come to an agreement. In-house counsel often takes up this role of controlling the emotions of different stakeholders with their diplomatic and conflict resolution skills. These skills, along with team-building abilities, have a unifying presence that represents the company’s interests.
Apart from the above-mentioned benefits of in-house legal counsel, another major benefit of having in-house legal services is that it gives you peace of mind. With a trusted legal advisor on your side, you can leave all your worries aside and focus on your business with an uncluttered mind.