Every business encounters legal issues from time to time, but not every enterprise needs an attorney on staff for what may be only occasional needs. In this situation, hiring fractional legal counsel can be a good solution—and one that offers reliable access to legal advice for a fixed cost. One of the best perks is that without thinking about how much each phone call to the lawyer will cost. Instead, you can ring them up whenever you like.
Moreover, because your fractional legal counsel is familiar with your business, they can anticipate potential problems and help manage your risk. As an added bonus, you won’t have to spend a lot of time catching them up on the current situation.
If you’re interested in hiring fractional legal counsel, there are several ways you can go about it. Here are some ideas:
With general counsel, you can choose one lawyer to handle all of your business’s legal needs. Under this set-up, general counsel would be responsible for all legal issues that affect your business—from business formation documents to employment contracts and everything in between.
One Specialized Area
Many lawyers are highly specialized in one particular area of law, and you may need precisely that type of attorney for your business. A good example would be a new technology start-up that could use a dedicated intellectual property (IP) lawyer to handle all of the IP-related issues—copyrights, trademarks and patents—bound to arise.
Two or More Specialized Areas
Some attorneys specialize in more than one area of law, and those two areas tend to be related in some way. Employment and business law attorneys, for example, have a lot of overlap, so you may find that hiring an attorney that specializes in these two areas are a good solution to manage most of your business’s legal needs.
Any Combination of the Above
Every business has different legal needs, so you may find that what works best for yours is some combination of the above arrangements.
To choose which model is right for you, you should think about the kinds of legal issues your business is likely to face and then go from there. Consulting an attorney as you make your decision at this point is also advisable so you have a fuller picture of what legal issues could come up and with what frequency.
If you’d like to talk more about fractional legal counsel, send us a message or call us at (314) 454-9100 today.
Scott’s practice is dedicated to assisting entrepreneurs, investors, emerging and established businesses with the unique and often challenging issues they meet throughout the formation and growth process: from entity formation, to the management of founder relationships and economics, to the protection of intellectual property, to the financing of growth and navigating securities law compliance. He assists clients as they continue to grow and develop, whether this involves merger and acquisition activities, international licensing and distribution arrangements or counseling of directors and officers.