Why you need an in-house team of lawyers

Business owners often have many legal responsibilities that they cannot escape. Some are simpler than others, but as your business grows, so will the legal paperwork.

From compliance to contracts, staying on top of this part of your business operations can become a full-time job. Without a legal background, the potential for mistakes is high.

This is where having a business consultant on your team can assist.

As part of their responsibilities, corporate counsel should also work closely with the human resources (HR) team to ensure the legality of all business operations.Similar tools HR Compliance Software Essential for staying up-to-date on regulatory and compliance laws and management-related work.

Industries using corporate counsel

Every industry can benefit from retaining legal counsel in-house rather than outsourcing to an outside law firm. For highly regulated industries, especially those where compliance laws change frequently, retaining corporate counsel may be more cost-effective in the long run. Some of the industries that most commonly use corporate counsel are:

• Food & Drink: Restaurants, bars, breweries, and even food manufacturers are subject to regulations regarding how they operate, who they sell to, and the health and safety of their customers.
• health care: As one of the most highly regulated industries, healthcare companies such as private medical practices, dental offices and cosmetic treatment centers can all benefit from having in-house legal representation.
• put up: The potential for legal issues in the construction industry is high. Whether planning a new construction or dealing with construction issues after the building is completed, corporate counsel can represent the construction company in any issues that may arise.
• real estate: Like the construction industry, the real estate industry faces a seemingly endless amount of legal paperwork and potential problems. Development, sales, and property management companies are among the most common businesses in this industry that use corporate counsel.
• manufacturing: Creating a product or manufacturing components of a product often requires legal support at every stage of its creation.patents and trademark To protect manufacturing designs and plans, agreements with suppliers, and final sales contracts, these are all areas where corporate counsel can help.
• marijuana: Marijuana-related businesses are not yet legal in every state, but for those that are, regulations for growers, retailers, and wholesalers are extensive. Corporate counsel can help these companies resolve licensing and compliance issues that arise.

What does a corporate counsel do?

Corporate counsel works much like any other lawyer or agent. But instead of working for a larger law firm with multiple clients, they work for the businesses they represent. However, the day-to-day responsibilities are generally the same.

If they participate in legal proceedings outside the office, their jobs may require travel, and like outside attorneys, they need to stay up to date on the latest regulations and compliance laws that may affect the company. Generally speaking, corporate counsel can perform the following tasks:

• Negotiate and draft contracts: Said negotiations can take place between customers, businesses, suppliers or vendors. In the real estate industry, contracts between home buyers or tenants are an important part of a corporate counsel’s work.
• guiding legal responsibilities: When a business seeks to acquire new assets or take on risks, corporate counsel will provide analysis outlining the risks and rewards of pursuing this goal.
• Research acquisitions and mergers: A business looking to acquire and merge with another company goes through several stages of research before reaching an agreement. Corporate counsel can investigate various aspects of a business’s history, such as legal and financial health, to provide senior leaders with accurate details before decisions are made.
• Apply for a patent or trademark: Companies that create unique intellectual or physical property may want to file for a trademark to prevent competitors from taking their idea and creating something similar. An in-house legal team is responsible for collating this information and filing the document with the USPTO.
• Review company documents: Every business will have at least some internal documents, such as employee handbooks, onboarding documents, or business operations materials, that need to be reviewed by an attorney for accuracy. For highly regulated industries, even marketing materials must be inspected before being released to the public.
• File a lawsuit: If a business needs to file a lawsuit, hiring in-house counsel can save time and money in preparing paperwork and taking the case to court.
• Answer internal department legal questions: The team may have questions or concerns about legal matters at any time. Corporate counsel can answer these questions and work closely with the department to provide support in any way they need.

Corporal Advisor Benefits

Having a team of professional legal advisors on call can be of great benefit to businesses across all industries. Even for small businesses, corporate counsel can be a useful addition to the team.

High cost performance

Even junior attorneys can charge hundreds of dollars per hour in attorney fees.have a internal A staff or team of lawyers can reduce the costs of outsourcing to an outside firm. With no hourly rates, any employee can seek support without worrying about tying up your legal fee budget.

timely advice

Having corporate counsel, especially for urgent legal matters, means any issues can be dealt with quickly and without the need for emergency fees. We can provide immediate advice to prevent the problem from escalating, and because these people are employees of the firm, there is no need to worry about the solicitor being unavailable to assist due to other client demands.

Business-specific expertise

Corporate counsel are affiliated with a company, which is an advantage for them and the business. They have the opportunity to understand the business inside and out, from business objectives to operations. They will also be familiar with the company’s industry, which allows for quicker identification of potential risks or compliance changes.

Proactive compliance and risk management

For growing businesses and those in regulated industries, changes in compliance laws can cause annoyance and even lead to shutdown measures. With in-house legal counsel, any regulatory updates can be processed as soon as information becomes available. Corporate counsel can also mitigate any foreseeable business risks and draft new contracts or policies as quickly as possible, reducing the likelihood of ongoing legal disputes or compliance violations.

keep your own advice

Focus on growing the aspects of your business that matter most to you and leave the legalese to the experts. With an in-house team, any issue can be resolved before it becomes an issue. It’s really that simple.

Give your corporate advisors the tools they need to succeed Legal practice management software Track and store legal documents across your company.