Legal concerns are always a concern, and business owners must decide whether or not to hire an in-house attorney or hire outside business counsel. This is a difficult decision to make since many businesses may not be aware of the legal complexities regarding specific legal matters, or who can handle them. Hiring an outside business counsel may benefit a company in a variety of ways, ranging from providing valuable advice, assisting with day-to-day legal issues to complicated regulatory compliance. Contact The Law Offices of Jonathan Fleisher, Esq. at 732.360.6409 for more information on how we can provide help with your legal concerns.
Why You Should Consider Hiring Outside Business Counsel
Many legal concerns may arise in a business, and in some cases these business matters must be addressed properly by skilled business counsel. Hiring an outside business counsel might be a wise move for a company. Understanding how an outside business counsel can be invaluable to a business owner may be beneficial when making this important decision.
1. A Cost-Effective Solution
Hiring an outside business counsel can reduce expenses while allowing the management team to focus on operating and expanding the company rather than on legal concerns. Since an outside legal counsel is not an employee, but rather an independent adviser for the company, it is a cost-effective alternative. Employee benefits, interest in the company, overhead, and other liabilities associated with employees are not present with hiring ouside legal counsel, as they would be if an in-house legal team model were used. A performance-based remuneration or fixed-fee model is commonly used to help the company allocate money, assure better results, and enhance financial predictability. These competitive rates are offered to make the lives of business owners simpler and stress-free.
2. Independent Contractor and Team Member
The advantages of hiring independent business counsel are substantial. Hiring an independent contractor rather than an employee saves money while also ensuring that the company has no long-term obligations. Companies can hire outside business counsel for as long as they want as long as they are satisfied with the results.
In contrast to an in-house counsel arrangement, where the employee becomes an essential part of the business, such choices are not as flexible. The best thing about employing an independent attorney is that the company can potentially receive the best of both worlds. The business counsel is a crucial team member and also contributes by providing strategic legal guidance for the company. Security, longevity, and trust can also be present when engaging an outside business counsel that develops into a long-lasting business relationship.
3. A Great Third-Party Perspective
An independent business counsel may provide a valuable third-party viewpoint on any significant legal issue that affects the company. This impartial and unbiased viewpoint will aid a business owner in making more financially and legally appropriate decisions. When serious matters are present for a company, the emotional and psychological involvement is significant, and having outside counsel is one way that the business can obtain an impartial and experienced perspective. A distinctive and honest response regarding legal matters is something that every business owner will appreciate.
The United States National Library of Medicine research indicates that groupthink produces poor decisions due to two key reasons. The first is that people in a group, and in our instance, the workforce, may have similar approaches. Second, via continuous social engagement, this group or people of the firm adapt to each other’s cognitive styles. An outside experienced business counsel can fill this void of independence. For innovative and reliable business legal counsel, contact our attorneys at The Law Offices of Jonathan Fleisher, Esq. to learn more about your legal options for your specific circumstance.
4. Adopting the Diversity Approach for Better Results
The American Bar Association discusses how engaging diverse outside business counsel improves decision-making, innovation, and brings prosperity. This means that all options are considered, and better anticipation leads to better planning. Due to the obvious introduction of virtual forums to communicate, hiring outside business counsel allows a company to also cultivate diversity. Companies can also leverage purchasing power to advance the goal of diversity resulting in increased efficiency and faster decisions for the company.
This increased diversity can accomplish the following:
- Enhances business outcomes
- Promotes thought leadership through various alliances and initiatives
- Addresses the company’s needs across jurisdictions
- Creates a cycle of outstanding talent, with more and more law firms adopting a diverse approach, resulting in a more global perspective.
5. Set Your Company Up For Growth
While an outside counsel will start from scratch, they will ultimately lay strong legal foundations that will pave the path for the company’s growth. There is a critical foundational choice that a company must make to ensure that the business succeeds. Businesses frequently seek legal advice when they are involved in a dispute, but if the firm starts on a proper legal footing, this growth can be established with accurate and solid legal foundations. Early legaly guidance is usually beneficial in the long term, and this preparation can save costs in the future.
6. Strategic and Specific Business-Related Legal Advice
Hiring outside legal counsel allows a strategy that includes a focus on specialized legal advice, as the attorney can provide ongoing strategic and business-focused guidance. Making the decision to hire outside business counsel allows a business to receive exactly the advice they need, exactly when they need it. Many businesses will not need to hire an in-house legal counsel, as they will not have ongoing legal matters. Hiring an outside business counsel affords businesses the opportunity to ensure they receive the legal advice they need exactly when andh ow they need it.
Contact an Experienced Outside Business Counsel Attorney Today
An outside attorney is a valuable asset to any company since all legal matters can be handled, including start-up documents, compliance, commercial litigation, and all other legal matters. When a business owner makes the decision to hire outside business counsel, they can ultimately build a strong attorney-client relationship as the company’s specific needs continue to be handled by an attorney familiar with their company and their specific business needs. Consider visiting with our experienced business attorneys at the Law Offices of Jonathan Fleisher, Esq. to learn how we can help your business. Call our legal team at 732.360.6409 for a free consultation.