Have You Considered Fractional General Counsel?

Entrepreneurs find they need qualified legal counsel more often than they assumed when beginning their business. It is common to consult a business law attorney when forming a business to ensure crucial decisions related to a business entity, structure, compliance, and tax matters, employee-employer issues, and liability protection are addressed correctly.

Many entrepreneurs discover that they need a competent general counsel at various stages in the business cycle. They need legal services to address matters related to intellectual property, employment matters, contract negotiation, contract review, litigation, and other legal issues. Few small-to-mid-size business owners have the budget to hire outside counsel a full-time, in-house counsel. Retaining a DC fractional general counsel for your company might give you the best of both options.

What is Fractional General Counsel?

An attorney serving as fractional general counsel for a company provides many of the same services that an in-house attorney would provide. However, a fractional general counsel is not an employee of the company. The attorney is a part-time contractor hired by the company to provide on-going legal services. The attorney has other clients who receive fractional legal services from the attorney.

As law firms continue to charge higher hourly fees for legal services and in-house attorneys demand higher salaries and comprehensive benefits packages, more companies are turning to fractional general counsel law firms and attorneys to control costs while receiving the legal services they need continually.

Twelve Benefits of Using Fractional General Counsel for Your Company

An attorney, whether in-house or outside counsel, provides advice and guidance to avoid legal problems while handling emergencies and urgent matters. However, there are some benefits of hiring a fractional general counsel for your company.

1.     More control over the cost of legal services. Fractional legal counsel provides legal services for a set fee. A set fee allows you to budget your overhead more effectively. Set fees allow many small companies the ability to have immediate access to legal counsel when they cannot afford in-house lawyers.

2.     Fractional general counsel avoids expensive legal fees for emergencies. A fractional general counsel can often handle urgent matters within the terms of the contract for a set fee.

3.     Legal services tailored to the needs of your company at an affordable rate. Because the attorney is a part-time contractor, you control how much money you spend for on-going legal services and what legal services are included in the contract.

4.     Ensures that you have an attorney to monitor compliance issues and review contracts and other matters timely.

5.     You need not search for a law firm and pay high hourly rates whenever you need an attorney to handle a business legal matter. Searching for an attorney each time you need legal advice can be time-consuming and frustrating.

6.     Negotiate a discounted rate for legal services outside the bounds of the fractional general counsel contract.

7.     Answers to legal questions when you need answers instead of when outside counsel has time to devote to your legal matter. Your fractional legal counsel is available to address your legal needs when you need a lawyer, not when a law firm can return your call. If you require a higher level of legal services, you contract with your fractional legal counsel for a higher number of hours or additional legal services.

8.     Save money by hiring a part-time attorney instead of a full-time attorney with a flat-rate fee.

9.     Freedom to focus on day-to-day business operations instead of worrying about whether legal matters are being addressed and handled.

10.  Fractional general counsels often have experience in several legal areas, which make them valuable to companies who need legal services in multiple areas instead of a specialized matter.

11.  Taking a proactive approach to risk management by having an attorney to prevent or mitigate future legal liability and problems instead of reacting to issues as they arise.

12.  Adding a fractional legal counsel to your team means you and your management team can develop a relationship with your counsel through regular meetings. The fractional legal counsel learns about your business, your goals, and your team to help you grow your company and develop legal strategies that work for your company.

The traditional model of hiring an outside law firm or in-house counsel does not work for many new entrepreneurs. Small business owners discover that neither option is cost-effective. Some larger companies realize that their outside counsel or in-house counsel needs additional support, but they do not want to retain another full-time attorney or pay expensive hourly rates for additional services by outside counsel. A fractional legal counsel can be the answer to the problem.

Instead of ignoring the need for on-going legal counsel or attempting a DIY approach to legal matters, business owners can have the best benefits of in-house attorneys without the high cost of hiring a full-time employee.

Contact a DC Fractional General Counsel for Additional Information

If you are interested in learning more about fractional general counsel and the services you can receive by hiring a part-time in-house lawyer for your company, contact Steve Thienel today. Together, you can customize a plan for your company that meets your needs while staying within your budget for legal services.