There are so many things that are involved in establishing and running a business that go beyond the services or the products that the entity offers. Even for successful businesses, there is always room for growth and the chance to explore more possibilities ahead.
One of the most important parts of running a business is planning the budget, including any legal expenses that may arise. With regard to legal spend, business owners who have a high volume of transactional work should consider investing in hiring an in-house attorney who can handle the company’s legal affairs.
There are many benefits to hiring a qualified lawyer to serve as your company’s in-house counsel. Perhaps the most important is that the right counsel has the opportunity to see all aspects of the business and its functionality from a relatively close perspective, allowing them to respond to potential issues quickly and effectively.
If you are not sure whether you are ready to invest in hiring in-house counsel for your business, you should consider the factors listed below.
- Does the government regulate your company or the industry in which it operates? Are there any unique laws by which you must abide?
- Does your company have more than 100 employees?
- Does the company have shareholders or investors, such as venture capitalists, that come with various financial stakes?
- Does your business produce intellectual property that needs to be protected?
- Can the company benefit from the assistance of a legal professional who can bolster the company’s growth?
- Do you have a regularly recurring income?
If your answer to most of these questions is “yes,” then it may be time for you to hire in-house counsel to take care of your company’s legal needs. If you are still on the fence, it may be helpful for you to know the benefits of hiring a New York intellectual property attorney:
- In-house counsel can bolster corporate growth
In-house legal counsel can provide the company with expeditious advice that accelerates its growth. The main advantage of having an in-house team is that it can predict legal anomalies at their nascent stages, and the company can quickly prepare to deal with them.
- In-house counsel can bridge the gap with outside counsel
In-house legal professionals are well-versed in business law and often have a vast network of connections, positioning them well to liaise with outside law firms on your company’s behalf.
- An in-house lawyer can advise the company using strong legal acumen
An in-house team that has a nuanced understanding of the company and its operations can benefit the business in a number of ways, including providing commercially astute advice that helps it develop a strategic framework.
- A lawyer’s intelligence can pay off
Because lawyers are often skilled at interacting and dealing with stakeholders from varied backgrounds, as well as highly intelligent, they can add new value to your team.
- Your company can nip legal issues in the bud before they cause trouble
Every company has the potential to face legal issues, but not every legal problem will have a similar solution. Your in-house counsel’s job is to evaluate each situation and pinpoint the cause, including troubleshooting and remediation. Moreover, the responsibilities of the in-house team can include matters relating to privacy law and preparation for litigation.
What to look for while hiring?
However, if you are considering making an investment in an in-house legal professional for your company, you should ensure that the person is responsible and capable of handling the following duties:
- Reviewing and advising on legal documents, contracts, and agreements that both directly and indirectly relate to the company
- Helping the company prepare to face any potential legal challenges
- Investigating and identifying legal issues before they cause a problem for the business
- Designing a legal strategy that fits well with the company ethos
In addition to standard legal knowledge, any in-house counsel should have management and leadership skills. Be sure you understand your company and its needs, because this can help you know what you should seek from the person you hire.
It is a good idea to create a basic plan to ensure that anyone you hire can correctly address any legal issues that come up for the business. A few of the items you can list in the basic plan include:
- Business formation and registration
- Business succession planning
- Business litigation and dispute resolution
There are so many things for a business owner to deal with and manage while running a company. Not all spheres can be manageable by the owner alone, especially those relating to the law. This is why it is essential to hire the right person for the job.
If you are considering an investment in your business by hiring in-house counsel, you can look for a New York business attorney who can help you make the right choices with regard to your company.