When dealing with a legal situation, an in-house lawyer or counsel, also known as Chief Legal Officer (CLO) or Advisor (CLA) will always be useful to relieve you of the penalties imposed for breaking the rules while running your small business.
In the corporate world, having a primary source of legal advice is critical for any business startup. Running a business of any size, be it small or big, will necessitate the use of legal services, which have become an essential component of the business environment.
Any startup will face roadblocks or problems as it grows. This is why small business owners hire in-house counsel to provide value-added solutions and legal counsel to help their company succeed.
Well-performing small businesses have considered hiring highly skilled In House lawyers to manage their businesses.
There is no specific right time to consider hiring an in-house lawyer, anytime is the right time to hire one. However, depending on what stage your startup is at, there are criteria you can use to make that decision.
Here are some compelling reasons why you need to solidify your in-house lawyer today:
1. They support growth
In-house legal counsels are well known for providing timely advice to businesses of all sizes. This accelerates the rate of growth. The primary benefit of having an in-house legal team is that legal issues are dealt with in a proactive, rather than reactive, manner.
2. They liaise with external counsels
In-house legal counsels can act as responsible liaisons when dealing with external law firms because they are well-versed in industry trends and have a strong network of legal connections. As your trusted advisor, an in-house lawyer has interests that are more aligned with the goals of your organization. This also saves you time and money if you were considering hiring an outside legal advisor.
3. Business development and knowledge
By having a nuanced understanding of the business, in-house lawyers provide commercially astute advice and contribute to the development of the business’s strategic direction within the relevant legal frameworks.
4. They are emotionally intelligent
In-house legal counsels demonstrate high levels of emotional intelligence because they are used to interacting and dealing with a variety of stakeholders from various backgrounds and levels of seniority (EQ).
5. Cost-cutting measures
Corporations with in-house legal counsels typically generate internal legal services at a lower cost per unit of time than external law firms’ hourly rates. Cost savings are also realized through increased business certainty, increased business flexibility, and increased freedom for top business executives.
Hiring your first in-house lawyer can be challenging, particularly if your micro-business is new. When you’ve decided it’s time to hire, evaluate your company’s immediate and long-term legal needs, as well as the role of your first in-house lawyer.
Embroker, an Addy and Mark affiliate, has some tips and guidelines on how to hire an in-house lawyer.
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