5 Benefits of Having an In-House Legal Counsel
As your business grows, so do the complexities of acquisitions, contracts, personnel, and finances. These matters often consume the time of CEO’s and CFO’s; time that could be more valuable focusing on other matters within the business. Yet, making the move from relying on the advice of private attorneys to forming your own in-house legal counsel can be a big decision. Below, we’ve compiled a list of the top 5 benefits of having an in-house legal counsel.
1. Gain a more streamlined focus
When running a business, it’s easy to get pulled into everyday matters where colleagues would value your help or opinion; particularly with something as important as legal issues. You may even be managing relations with a private attorney yourself, which can take up significant time and requires you to be ‘in the know’ on all business legal matters.
However, as a CEO or CFO, your time could be better used elsewhere, rather than trying to manage the legal needs of your company as it grows. At some point, personal and business productivity could be impacted by managing too many day-to-day legal challenges.
An in-house legal counsel can effectively manage business legal matters and determine which should be passed to an outside legal expert while handling such communications. The in-house counsel can also effectively manage legal expenditure, returning valuable time to business leaders.
2. Your best interests at heart
Now we’re not suggesting a private attorney doesn’t have your best interests at heart. An outside lawyer is just as qualified, but they lack the insights and fine details around how your business operates. You will also be sharing the time and resources of your attorney with several other clients.
An in-house legal counsel can dedicate 100% of their time and interests to your business, acting in a proactive manner to identify potential legal challenges before they arise.
You can also shape your legal counsel around the legal challenges most relevant to your business and industry, reducing your largest liabilities. Identifying individuals with the most relevant experience and skillset will equip your business for the future.
3. Peace of mind
Having an in-house legal counsel who can focus on your business 100% of the time reduces the stress of anticipating or encountering future challenges. Should an issue arise, your business will have immediate access to a fully focused, licensed attorney who understands the ins and outs of your business.
What’s more, the in-house legal counsel will also be proactively looking out for the best interests of the business, reducing the risk of any legal issues arising in the first place.
4. Add strategic value
when adding an in-house legal counsel to your team, you make a strategic decision to grow and develop your business. An in-house attorney can aid in strategic business development decisions that steer your organisation away from unnecessary risk or liability issues.
Your in-house counsel’s unique combination of legal expertise and insider knowledge of your business means they’re best placed to help you drive success.
5. You get solutions
One common challenge businesses have when using an outside attorney is that they’re given reasons as to why something can’t be done, rather than solutions. Being given constant roadblocks can discourage staff from seeking the advice of an attorney, creating more risk for the business.
An in-house legal counsel operates with more of a business mindset. This means they’re more likely to help colleagues seek solutions, rather than shut a project down with reasons why it cannot go ahead. As a result, staff are more likely to involve the in-house legal counsel in decision making, reducing the risk of liability.
Ready to start thinking about investing in an in-house legal counsel? Leonid’s Corporate Governance division specialises in helping global organisations to build their in-house legal teams. With a significant amount of knowledge and experience in this sector, we’ve built up a trusted network of legal specialists across the globe.