“... Every client should bear these twin axioms in mind: you don't know what you don't know; and, the question whether something is a legal questions is itself a legal question.”
~A wise mentor of mine
Are you one of these two types of businesses? The ideal client for Fractional General Counsel (Fractional GC) services is typically either a well-established business, or a young business that has found itself growing much faster than it expected to. Each has a very good reason to retain general counsel. Fractional GC services provide the parallel advantages of regular access to experienced business-law counsel, without the overhead costs of employing an in-house executive legal officer, or the ticking clock of billable hours. The Fractional GC relationship can add value in a measurable way.
What is a "General Counsel"?
The term refers to a business attorney who is a company's principal lawyer. Nearly all large companies, and many medium size companies, have "in-house" general counsel; that is, an actual employee. It is usually an executive officer position, having the official title "General Counsel" or "Chief Legal Officer." In that capacity, she or he is a member of the executive management team, with the generous salary, health care benefits, retirement package, and bonuses that executives expect. They also typically have executive-favorable employment contracts that provide them with an upside even if the employer has to terminate them.
What is a "Fractional" General Counsel?
Fractional GC (or "outside" general counsel, sometimes called "virtual general counsel") services are provided to a business organization or a non-profit organization by a corporate attorney who is not an employee. She or he is still the principal lawyer for a company, but, as outside corporate counsel, the Fractional GC operates her or his own practice and likely has other clients. Still, this cost-effective outsourcing of GC services gives the dedicated client a priority status commensurate with the specific arrangement.
3 Reasons to Hire Fractional GC
- Value and cost. Fractional GC services can provide many or all of the benefits of in-house counsel, but at a much more affordable price tag. You may actually benefit from in-house counsel; if I think you would, I will be the first to tell you. But, if cost is an issue and value is a goal, Fractional GC services may be right for you.
- Like it or not, America has long since become a "regulatory state." At federal and state levels, tomes of laws and regulations are published annually. Some impact all businesses. Others are industry-specific. The bigger your business, the more likely the long arm of the administrative state will reach you. Having the ear, on a ready basis, of an outsourced general counsel can be incalculably helpful.
- The larger a business becomes, the more it will do deals and enter contracts. Most business people are quite smart; many understand very complicated contracts. But, while they may follow what is there, they will not know if something is missing; they do not have the training or experience to spot legal implications of not only contract law, but other, interrelated areas of law. They do not keep up on frequent changes in law. An outside general counsel solves that problem.
I would love the chance to get to know you and your business, for you to consider me not just a professional resource, but a part of your team, to journey with you as you grow your business from one level to the next. Make an appointment now for a free consultation.