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by Aditya kumar
on August 6, 2018
What is a General Counsel?
A general counsel is the chief lawyer of the legal department in any private or public company. Also called as in-house legal counsel or chief legal officer, they are responsible for all the proper handling of the legal affairs of the entire corporation.
:
Duties of a General Counsel?:
1. Actively thinking through, predicting, and working towards mitigating any potential legal problem.
2. Working with the mid-level as well as senior-level authorities to discern and resolve any legal risks or crises that might incur during the implementation of any task or operation.
3. Advising the senior level corporate officers on legal and regulatory compliance.
4. Overseeing internal as well as external legal determinants and keeping an eye on any misconduct and to accomplish corporate goals and priorities.
5. Developing and leading corporate legal strategy, internal audits, compliance schemes, and quality systems to protect and promote the company’s best interests.
6. Updating the company as to relevant legal developments. With the continuously evolving legal scenario and compliance regulation rules, corporations are finding it hard to stay updated with the current state and federal law regulations and modify company to reinforce the legal and ethical behavior. Hence corporations nowadays are inclining towards outsourcing a general counsel. Hiring an outside general counsel services will reduce the excessive cost the corporation would otherwise incur, and it will also save you from the headaches of having to deal with all the regulations and compliance all on your own.
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The Benefit of Outside General Counsel::
1. When you start a new business, you may be unaware of all the legalities, and regulatory compliance issues, and legal risks. Even though an outside general counsel is not your employee, he or she can still help you in setting up and ensuring smooth operation of your company operations.
2. Since you won't be hiring a full-time in-house employee, outsourcing general counsel services will save the money you would have to spend on a high monthly salary and benefits along with the extra perks that an employer generally gives to their full-time employees.
3. With an outside general counsel, you will get an objective point of view. They can advise you on external factors of the business. Their informed opinion will help you in making sound business decisions.
4. You can acquire full benefits of an in-house counsel from an outsourced one since they will keep themselves well-versed about the ins and outs of the organization, despite not being a full-time employee and will give you the optimal advice on implementing a policy for smooth business operation.
Things to keep in mind while selecting an outside legal counsel::
1. They should be able to quickly comprehend the grounds on which your business functions and must be able to identify the legal loophole and potential risks that can be worked upon and avoided.
2.They should be able to establish a secure connection with any outside counsel to ensure proper coordination between in-house counsel and outside counsel and help them in finding an adept solution in company’s interest. They should be up-front in informing you about possible strategic and financial hurdles and legal risks and risk management.
3. They should have appropriate experience and must be known for making the clients’ interests their priority and focus.
If you want your corporation to stay abreast with the regulations and legal issues but also don't want to spend a massive amount on hiring a full-time in-house employee as in-house counsel, you can seek the advice of expert general counsel services on various credible websites that will help with any and every problem involving laws and regulations.
Posted in: Law & Legal