When Do I Need Out-Of-House Counsel?
Hiring an out-of-house counsel is a big step in expanding your business and freeing your time as a business owner. Every business has unique growth patterns and some small businesses can work comfortably without retaining an in or out of house attorney. For businesses that are growing to a point where sales are reaching $3 million or more, experiencing a steady high volume of clients or vendors, and a high volume of complex contracts it is likely that an out-of -house counsel can dramatically reduce your liability and stress. Other common issues that often encourage a business to retain an out-of-house counsel include public offering regulations, patent filings or litigation, and changing employment law concerns.
The typical business begins to consider an out-of-house counsel retainer when the stand alone legal services start to become costly and inefficient. Many businesses see significant fee increases year to year as their business grows and they demand more time of an attorney. With an out-of-house counsel on retainer the cost is largely set no matter how many calls or emails or contracts your out-of-house counsel needs to review. An out-of-house counsel on retainer can allow your business to submit every contract, not just the big ones, to an attorney for review. Taking time out of the equation for cost of legal services with an out-of-house counsel retainer will encourage all parties to be efficient.
Other considerations beyond the pricing of an out-of-house counsel are important, these include the reducing the time between striking deals and inking the contract, helping manage liability for future projects, and being proactive in business compliance and governance. With an attorney on the call as needed, you can begin to use your counsel’s judgement and advice at the beginning, middle, and end of any project or matter. A business becomes more proactive with an out-of-house counsel providing advice and guidance on everyday business and legal matters.
Every business has different needs and considerations when deciding on retaining an out-of-house attorney. If your business is consistently budgeting legal fees every month for time based legal fees, if you have been avoiding legal issues, or have expected future legal issues (franchise law filings, SEC public offerings filings, etc) an out-of-house counsel may be the solution for you.
An out-of-house counsel can be a rewarding but important step in expanding your business. Reidel Law Firm can help your business expand and reduce your legal fees with an out-of-house counsel agreement. For your free consultation or more information our legal services and how we can reduce your liability and stress, use the contact form below or call us at: (832)510-3292.
