Questions involving the hire of legal representation are rarely straightforward. Just as the law is unnervingly complex, business-related legal concerns tend to be complex as well. When you seek legal counsel, it is not generally a good idea for companies to simply “hire a lawyer” out of hand without first considering what they need from their legal representation and whether it is preferable to outsource that representation or make an in-house legal hire.
Thinking About In-House legal Counsel
Your business’s legal representation needs depend on the nature of your business. In-house legal counsel can be uniquely beneficial for medium or large businesses and those businesses that may benefit from having a dynamic legal perspective present in everyday meetings, contract negotiations, intellectual property discussions, regulatory compliance checks and international transactions. When a member of your in-house legal team is tasked with protecting the legal needs of the company, this individual’s experience and knowledge can be easily accessed and may influence the company’s business model in dynamic ways.
Having in-house legal counsel at your disposal can help to ensure that your company’s vision is realized most effectively and with the right amount of legal protection at every turn. In addition, some businesses that are particularly complex or require specialized legal knowledge periodically benefit from consulting outside legal counsel. At these times, your in-house legal counsel can serve as a natural link between your company and outside counsel.
There are unquestionable benefits in trusting your in-house legal counsel to tackle the legal realities of the business without delay. Specifically, this trust can help to free you and the rest of your team up to do other important work involved in running your business efficiently and effectively. For this reason alone, investing in in-house legal counsel may end up resulting in your company’s practical and financial advantage. With that said, not every business has need of an in-house legal counsel.
Thinking About Outside Legal Counsel
If your business model is relatively straightforward and does not require daily oversight from an individual with specialized legal knowledge, you may be able to forgo hiring in-house legal counsel. You may instead opt to consult with outside counsel as needed and/or legal outsourcing services to a specialized firm like LawTrades.
In-house legal counsel tends to be an expensive asset. If your company does not need the presence of an attorney in the office on a daily basis, it may be economically advantageous to opt for an outside solution or solutions to your company’s legal concerns as they arise.
Making Your Decision
There is no one “right” way to build your company’s legal team. It is also important to note that your needs may evolve over time. In addition, it is often beneficial to have inside counsel at your disposal, seek outside representation for specialized matters and outsource overflow legal work. At LawTrades, we are eager to help you navigate your company’s legal needs. Whether your business is a startup, it has recently undergone significant changes or you are simply looking to more effectively meet your company’s legal needs, LawTrades can help you manage your current legal situation and plan for your company’s legal future.