What You Need to Know about Part-Time Corporate Legal Counsel
Today’s businesses are growing larger and reaching out more across the globe to buy supplies, hire services, and sell their goods. Not surprisingly, multinational and global businesses have a lot more to worry about in regards to following the letter of the law with every step they take. As a result, the number of corporations that have in-house legal services has experienced serious growth and those that already had their own in-house legal team have added more to the number of legal professionals they keep on-salary. Some people might find it strange that the number of organizations using additional on-demand corporate legal counsel on a part-time basis has also increased steadily.
Outside GC explains that “We will work as an extension to your in-house group to provide supplement your corporate legal counsel and take care of special projects and day-to-day legal needs.” When companies require extended legal services due to a new project or expansion into new areas, hiring a traditional legal firm to pick up the slack can be extremely expensive. Hiring an on-demand legal service allows companies to supplement their in-house legal team at a fraction of the cost.
An Increase in Regulations = An Increase in the Need for Corporate Legal Counsel
Nothing is more damaging to a corporation than running into problems with regulation. As corporations spread out across the borders to perform more of their business activities, they become a target of regulators. As a result, more companies are finding themselves involved in legal issues resulting from a failure to meet regulations. Failing to have the necessary degree of legal guidance for all types of international transactions can result in a great deal of time and money being lost for litigation of regulatory matters. On demand legal services allows you to get the degree of specialized legal help you need from the in-house legal team while on-demand lawyers provide you with the corporate legal counsel you need for other, less-specialized projects.
Why Hire Part Time Legal Counsel?
Most corporations will maintain the level of legal counsel they require to handle all of their legal matters on a regular basis. However, there are always additional concerns whenever something new is being implemented into the operation whether it is a new product, a new facility, or branching out to foreign shores. When legal services don’t need to be permanent, hiring a full-time team to supplement the in-house team is a much more expensive prospect than hiring part-time. It just makes good sense to pay for the services you need and not for those that you don’t.
Cost is almost always the reason that companies of any size with or without in-house lawyers make the decision to hire on-demand lawyers to fulfill their need for corporate legal counsel. With fees that are about one-third of those of traditional law firms, supplement in-house teams with part-time professionals who are more than sufficient at filling the need is a much more affordable option that doesn’t mean getting lower quality legal advice.