As your business starts to grow, you may find it prudent to hire an in-house legal team. They can be utilized to help you address a number of issues that may arise as your company scales including handling personnel disputes, addressing financial and tax concerns, reviewing contracts and buying out other firms.
In crafting this legal team, you'll want to make sure that the attorney you're considering hiring will mix well with your existing team. You'll also want to make sure that he or she has the necessary skills to help grow your business in the direction you're looking to take it in.
One way to determine whether your candidate is capable of supporting your company's growth is by asking him or her about his or her track record in spotting potential legal pitfalls before they become problems. You may also want to consider candidates with more diverse expertise in different areas of the law as opposed to a single one. This may prove to be particularly helpful if legal issues arise that you need quick solutions for.
While you should seek to hire in-house counsel that is comfortable with your company's core competencies, there may be instances in which certain matters require specialized expertise. You'll want to be able to entrust your in-house legal team to both source and communicate with external counsel about a particular legal matter and keep track of time dedicated to it.
Aside from providing peace of mind, having an in-house counsel can be a particularly cost-effective choice. Companies that work in fast-paced environments can count on their in-house attorney to prioritize their needs. How quickly a company responds to inquiries can be the difference between landing a deal or not.
Plus, the insider knowledge that your in-house counsel has about how your business functions is something that you can't replicate by having a rotation of attorneys that you call on for help.
Finally, having in-house counsel on board can help keep your stakeholders happy as well. They can accomplish this by showing that they're focused on achieving organizational goals and by coming up with solutions that comply with all pertinent laws.
If you're considering hiring an in-house counsel, then you may benefit from discussing your objectives and the pros and cons of doing so with a St. George, Utah, business organization attorney.
Source: Forbes, "Five benefits of hiring in-house counsel," accessed Aug. 31, 2017