Here Are A Few Reasons Why IOC Should Be A Preferred Choice For Your Business – and Why the Old Model of Corporate Lawyering Is Now Mostly History
When discussing inside outside general counsel services, the subject is generally understood to specifically refer to outside general counsel services for legal matters. These services are mostly sought by business entities in the corporate private sector seeking efficient and effective legal solutions in the world of corporate legal transactions. This post will consider some of the major reasons for business entities to consider utilizing what is also termed outsourced general counsel legal services.
The Corporate Client
Early in the new Millennium, demand for legal services within the corporate world across the United States was high. Traditional “white shoe” law firms specializing in services to this sector set prices at a premium, and businesses were willing to pay for the perception of “prestige” of gleaming law offices and a heavily-staffed “teams of lawyers.” Prices for basic client services skyrocketed. Law firms could set billing by the tenth of the hour (every six minutes), and clients got bills that read “1.2 hours spent on teleconference with client – $720”. But it was hard to know how every six minutes was really spent. Firms also often suggested additional “perks” for attorneys working overtime or attending closings, such as “after-hours meals” ordered from upscale restaurants. The client got the bill for all this, and he was supposed to be grateful for the privilege of working for such an elite law firm.
As the economy and work conditions changed around 2008 with the real estate bust, so too, effective and efficient service for corporate clients – without all the bells and whistles — became more the focus than the gleaming law firm headquarters, and competition for client business increased. New, revamped policies came to be a part of most law firm strategies in providing client services.
General examples of more effective and efficient and cost-effective changes included :
- Only one or two attorneys attending corporate team meetings;
- Corporate clients own and manage legal files;
- An attorney may represent two organizations to work through deals in which no conflicts of interest exist.
Inside Outside Counsel experienced and qualified to provide corporate and private business general counsel legal services.
General Counsel For Small Business
There are factors to consider when making the choice to solicit either in-house or outside general counsel services. How much legal work justifies one choice over the other? The answer may depend on the number of employees, day-to-day services provided, types of contracts, disputes requiring internal mediation, compliance issues, or customer/business litigation and legal complaints. When using InsideOutside Counsel general corporate counsel services, you have the advantage of using dedicated counsel – It feels like in-house counsel while costing you a fee much lower than traditional outside counsel from brick-and-mortar law firms.
Conventionally, legal matters were handled by outside firms with respect to contract negotiations and the like. The internal more administrative company officers handled more purely commercial and business matters and any other quasi-legal concerns that came along. In larger businesses, this may be done by a General Counsel in close cooperation with the Chief Executive Officer and/or Chief Operations Officer.
However, in the frugal end of this decade, more and more business entities are discovering the value of utilizing outsource general counsel. The benefits include:
- Effective legal risk management, reducing the likelihood of liability;
- Ease of use via online portal;
- Reducing overhead cost from accommodating an in-house attorney;
- Allows business administrators to focus on business matters;
- A dedicated attorney over time knows the organization and can provide apt legal consult and representation;
- Outside counsel can objectively resolve sensitive human resource issues;
- Outside counsel can aid in resolving disputes between dissatisfied customers and a business entity.
InsideOutside General Counsel provides high quality, law-firm quality, personalized service to small business and entrepreneurs at highly affordable rates.