When people ask me what I do for a living at parties, and I tell them I am a fractional general counsel, they smile politely, they look confused. So I explain I explain it, they blink, they sip their drink and inevitably say, why don’t we have one. It’s time you joined the party.
So, what is a fractional General Counsel?
A fractional general counsel, like me, is some who is legally trained, who works for your company on a part-time or as-needed basis. They are generally more cost-effective than hiring a full-time in-house general counsel, as you only pay for the time and services that you need. Unlike a law firm, they usually charge a fixed rate, a daily, weekly or monthly retainer fee, providing you with a more predictable and stable cost structure.
In addition to cost savings, fractional general counsel can provide your company with a level of expertise and experience that may be difficult to find in an in-house or a law firm. Because we have worked and do work with multiple companies, giving us and you a broad range of experience to draw upon, to give your business valuable insights and strategies. This can be especially beneficial for startups, small businesses or growing companies that need legal guidance but do not have the resources for a full-time in-house general counsel.
Why would you use a Fractional General Counsel?
As a business owner or manager, you likely understand the importance of having legal support to protect your company and ensure compliance with laws and regulations. However, you may not have the resources or need for a full-time in-house general counsel. This is where a fractional general counsel comes in.
How does it work with a Fractional General Counsel?
A fractional General Counsel works as much or as little as your business requires. You are paying for their expertise and experience, but only for when you need it. Generally the less you use, the more expensive it will cost, however it is still much more cost effective than a full-time hire, or a using an external law firm.
When should I use a fractional General Counsel?
One of the main benefits of using a fractional general counsel is cost-effectiveness. Because the fractional general counsel is only working for your company part-time or as-needed, you do not have to pay for their full-time salary and benefits. This can significantly lower your legal expenses, freeing up valuable financial resources for other areas of your business.
In addition to cost savings, a fractional general counsel can also provide your company with a level of expertise and experience that may be difficult to find in an in-house or traditional outside counsel. Because they work with multiple companies, a fractional general counsel has a broad range of experience and can provide your business with valuable insights and strategies. They also can handle various legal matters such as reviewing contracts, protecting intellectual property and ensuring compliance with laws and regulations
But aren’t they not as good as a full-time employee?
However, some business owners may have concerns about using a fractional general counsel. Some may be hesitant to bring an outsider into the company, especially when it comes to sensitive legal matters. Others may worry about the continuity and consistency of legal support if the fractional general counsel is not working for the company full-time.
It is important to note that a fractional general counsel can be just as dedicated and committed to your business as an in-house counsel, and they can also be sensitive to your company culture and goals. They also work with a team of legal professionals to provide continuity and consistency, as well as to handle more complex legal matters.
How a Fractional General Counsel can help an early stage start-up
An early stage startup is often operating on a tight budget, making the cost-effectiveness of a fractional general counsel particularly appealing. A fractional general counsel can provide valuable legal support to an early stage startup without the expense of a full-time in-house general counsel. They can advise on a range of legal matters such as incorporation, drafting founders agreements, raising funds and protecting intellectual property, which are all crucial steps in the early stages of building a company. Moreover, they also can help a startup navigate the complex web of regulations and compliance requirements, ensuring that the company is operating within the law and minimizing the risk of legal issues down the road. By providing the right guidance and support, a fractional general counsel can help an early stage startup lay a strong foundation for growth and success.
How can a Fractional General Counsel help a growth stage startup
A growth stage startup can benefit greatly from the services of a fractional general counsel. As the company begins to scale and take on more complex legal challenges, having a dedicated legal advisor can provide invaluable support and guidance. A fractional general counsel can help the startup navigate legal issues related to fundraising, intellectual property, employment, and more. They can also provide support with drafting and reviewing contracts, compliance, and risk management.
Can your business afford not to have a fractional General Counsel?
With a Fractional General Counsel, your business will punch above its weight, out think and outfox your competitors, delight your customers, keep on friendly terms with regulators. Without one, it may not….
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