What is Legal Counsel?
Legal counsel refers to law professionals who work within an organisation, either individually or as part of a team, to provide that organisation with legal guidance during the course of its operations.
The role of any effective in-house legal team is not just to react to, and manage, the various legal risks an organisation faces; they partner with the management team to influence the direction of the business and provide legal advice based on a comprehensive understanding of the business’s commercial interests.
In the labyrinthine modern legal landscape, it is important that businesses have access to legal support that has an in-depth understanding of the business’s goals and the legal and commercial environment it operates in. This can only be provided by in-house legal support.
Who Needs Legal Counsel?
Access to legal counsel support is critical to all types of businesses, from multinational corporations, down to small and medium enterprises. While it may be obvious that companies with global operations would maintain large legal departments to navigate transactions with complex legal elements like corporate acquisitions, legal support services are important for smaller business enterprises as well.
A small tech startup, for example, would have a variety of legal considerations to deal with. Drafting appropriate contracts, analysing the risk/reward profile of various funding options and taking steps to protect the company’s intellectual property are just some components of the business’s operations that require effective legal oversight. Without essential legal processes in place, a business opens itself up to potential litigation.
Outsourced Legal Counsel
A new model of legal counsel is here. Small to medium sized business are finding more efficiencies in having a flexible outsourced legal counsel, rather than starting their own in house legal team. Likewise for larger companies with a legal team in place, there are times when a company’s legal counsel requires additional, more flexible resources to service the company’s needs. An outsourced lawyer is an excellent way to fill shortages a legal team may have. Having an outsourced legal team affords businesses the ability to engage experienced lawyers on a flexible basis, while remaining agile and efficient in operations and resources.
Hosting an outsourced lawyer can be extremely beneficial to businesses of all sizes. A multinational corporation may be undertaking a significant project, such as acquiring another business, that cannot be effectively managed by their legal counsel. Taking on an extra lawyer increases their legal team’s capacity for the necessary period without the overheads associated with recruiting a new full-time team member.
A smaller business with restricted resources may want to utilise a lawyer’s services for a limited amount of time per month on an ongoing basis to assist with meeting their legal obligations. Collaborating with an organisation like Clearpoint Legal to arrange legal support tailored to the specific needs of the client is an ideal solution.
Ensuring proper legal counsel support is in place is a crucial element of running a business of any size. Fortunately, in the age of NewLaw, accessing the legal expertise you need is easier than ever.
Want to find out how Clearpoint Legal can reduce your legal headache? Contact us today for an obligation free legal chat.