Almost every element of running a small business involves legal knowledge, from obtaining an EIN to everyday business negotiations. Your company needs general legal counsel. Even minor business errors can have disastrous consequences for companies, yet some small companies cannot afford a Corporate Counsel.
Instead, many business owners seek low-cost legal services and self-help resources tailored to their specific legal needs. Investing in general legal counsel (GC) can save you money in the long run. It’s less expensive than you may expect.
Advantages of Working with a General Legal Counsel
The main benefits of hiring a GC include:
- Finance. Many companies believe that they cannot afford to hire a General Counsel. However, it is much cheaper than you think.
On top of that, it is the primary source of legal assistance in the company, which would be much more expensive to obtain if you went to a law firm.
- Stable relationships. A significant business mistake is that companies often go to a lawyer after a problem has arisen. It leads to the fact that a person who knows absolutely nothing about the company has to develop a relationship with it quickly, understand the nuances of its activities and develop a strategy to protect its interests. It’s also an added burden on the company owner, which takes the necessary time to get the company up and running.
Instead, a GC always has his finger on the pulse and navigates all the legal aspects of the company. His assistance is not only practical but also prompt.
- A wide range of services. Your lawyer, as General Counsel, may be able to help you with:
- – Contract drafting, negotiation, and review
- – Lawsuit defense and rights enforcement
- – Business maintenance plans
- – Compliance assessments
- – Due diligence assistance
- – Intellectual property protection
- – Financial regulation compliance
- – Mergers and acquisitions
- – Bankruptcy
- – Registered agent services
- – Safeguarding personal and financial data
- – Labor and wage compliance
- – Employee mediation and dispute resolution services,
and much more. If your issue is outside of the General Legal Counsel’s area of expertise, you may be able to contact a law firm for Legal Counsel with the appropriate specialization.
It may be too late.
Looking for a lawyer while you are already in litigation is not a good idea. Your best investment now is a General Legal Counsel who will continually make sure you comply with local, state, and federal laws while doing business. It will prevent violations and save you the time and money of seeking outside counsel when a problem arises.
His main job is to mitigate any possible legal risks associated with your business. He is part of the team and is as interested in success as you are. Thus, GC is the best investment you can make in your business right now.
Choosing a General Counsel should carefully assess their specialization, experience, and communication style.