Last Updated on: 22nd November 2023, 12:53 pm
If you have a business that needs legal help, it can feel like an uphill battle to find affordable advice. After all, many law firms usually serve corporations with large budgets. An alternative to these traditional firms is working with an outside general counsel who will create and manage contracts and agreements on your behalf at rates more suitable for a small- or medium-sized business. They can offer some significant benefits.
Higher efficiency
It is important to remember that legal issues may arise at the most inopportune times. It is wise to have outside counsel at your beck and call, whether or not your company has in-house counsel. Many small and medium-size companies don’t hire an in-house team for budget issues, though. In that case, it’s more advantageous to have a law firm that has broad knowledge in several areas of law so they can help resolve any legal issues you face quickly and efficiently. If you don’t know, someone like InPrime Legal can be helpful in these matters. It can save time and money while providing peace of mind when securing critical deals.
Risk alleviation
Business and risks work like faithful partners, even though no one wants it; some challenges are hard to predict. But you cannot leave yourself to the whims of fate, though. A sudden lawsuit or error in a deal could devastate your business. Hence, it’s essential to understand you can protect against them by getting the correct type of help through an outside firm specializing in all sorts of legal problems, both big and small. By hiring an outside firm to handle general legal affairs, you can rest assured that the unexpected in the past got tackled due to their experience, and they are well-equipped to handle any legal emergencies that may still occur.
Cost-efficient services
Earlier, companies used to overpay for general counsel services. And the model was relevant for most in-house corporate lawyers, which has thankfully become outdated for not being too cost-effective anymore. Many companies don’t provide their attorneys with enough work to keep them occupied throughout the year. The good news is that many firms are now offering a fixed rate for general counsel. It is a lot cheaper than billing by the hour. This way, clients only pay for the service when they need it – so it’s upfront and convenient. It makes even more sense for small businesses, which may not have enough cash flow in their accounts and have to track each small and large transaction closely.
Many small businesses think that hiring a legal advisor or lawyer would be too expensive for the change in their pockets. However, it often costs less than you’d think. General business attorneys frequently provide an array of services at pre-negotiated rates without expensive annual retainers. It’s usually cheaper to retain consulting counsel attorneys than hire in-house counsel. The general lawyers can offer numerous benefits, such as operating agreement drafting, article filing for the organization, and IRS registration for an affordable flat fee.
So, if you didn’t take these things into account, it can be the right time to go over them and make a wise decision for your business’s safety.
