If your company is prospering, then it’s only a matter of time before you’ll notice the rising cost and frequency of legal fees and consider hiring an in-house attorney. You should start by determining what legal experience you need. Attorneys are well educated and most are extremely hard working, knowledgeable, and efficient employees. They can offer sound advice and can help executives navigate a decision-making process, when advice and counsel is needed. Additionally, the best attorneys will not only point out risks, but they should also facilitate your processes and procedures that help you generate revenue.
Exploring the Benefits
From helping support the growth of your firm to providing overall peace of mind, there are numerous benefits to hiring in-house counsel. An experienced attorney should be protective, engaged, and wholly vested in the success of your company. If you decide that you would like to hire an in-house attorney, some additional advantages include:
- They are competent and trustworthy business advisors.
- They reduce your legal fees while facilitating revenue generation.
- They help reduce your legal exposure while providing sound advice.
- They provide unique perspectives and strong critical thinking skills to help you navigate complex legal issues.
A company that has in-house counsel can also gain an advantage over its competition when it comes to negotiating deals. They’ll work to achieve the most favorable contracts with suppliers, and manage relationships with outside counsel to secure advantageous rates. Another significant benefit of hiring an in-house attorney is that they can provide aggressive representation when it comes to protecting your company’s intellectual property (IP).
Determining the Right Time
The following questions should help you determine if you are ready to hire an in-house attorney.
- Did your company have over $250,000 in legal fees, over the course of the last year?
- Do you have over 200 employees in your company?
- Is your industry highly regulated or are there upcoming changes in your industry’s oversight?
- Do you have consistent legal challenges?
- Do you deal with a high volume of contracts that consume your team’s time when they could be focused on more revenue generating activities?
- Do you find yourself calling your attorney on a regular basis to get business advice?
If you answered yes to any of the questions above, adding an attorney would save your company money and likely increase your company’s productivity, efficiency, and profitability. The value provided by sufficient in-house counsel is the provision of proactive legal services, as opposed to reactive legal services. You essentially have in-house business partners helping the company succeed. In-house attorneys can guide you through the legal ramifications of potential decisions so you can prevent legal challenges instead of just reacting to them.
Take the time to consider the possibilities and then help the decision-makers in your company understand the benefit that additional in-house legal resources could provide.
Are you looking for talented legal professionals?
At Quaero Group we have made it our mission to find exceptional legal talent for our clients. Contact us today so we can find the legal experts your organization needs in this highly competitive market.