When a business starts booming, the company’s leaders may start to become frustrated with the high costs of frequently using outside legal counsel. This might lead them to think about hiring in-house counsel to reduce these costs, but doing so also provides more benefits than just lower costs, such as:

• Competitive Advantage

Having someone in-house can help companies stay out of trouble and ahead of the competition.

• On-Site Advice

Being an insider, in-house counsel can provide timely advice that is tailored to the company’s appetite for risk.

• Proactive vs. Reactive

In-house counsel have the advantage of anticipating potential problems and diffusing them before they turn critical.

When deciding if it’s time to hire in-house counsel, assess the following areas:

1. The Business’s Needs

Some in-house lawyers have experience in a wide range of legal matters, while others specialize in a specific subject area. Hiring a generalist or a specialist depends on the needs of the company. Evaluate their legal experience in comparison to the company’s range of needs. InnovaCounsel’s attorneys have experience in many aspects of business law and can work with a wide range of businesses. Learn about their areas of legal expertise by visiting the InnovaCounsel website.

1. In-House Counsel’s Role

Once the company’s needs have been determined, the business will need to define the role of the in-house counsel. This can range from contributing to the management and growth strategy of the company to something more specialized. InnovaCounsel can help evaluate the company needs and what roles in-house counsel can play.

1. Cost

Often newer or smaller companies can’t afford the benefits of having a full-time in-house lawyer. InnovaCounsel solves this problem by offering part-time on-site counsel to fit the budget. The company will have the same advantage they would receive from a full-time employee.

Not sure if in-house counsel is right for your company just yet? Talk to the team at InnovaCounsel for a complementary, no-obligation consultation.