Many business owners don’t usually consider things before hiring in-house counsel. However, it can be a costlier mistake that can be a huge loss. Whereas, other business doesn’t jump towards Inhouse Legal Services and take a lot of time while bringing in a GC in their team. On top of that, many companies consider shifting towards in-house counsel from the law firm. No matter what your reason is, it is not easy to simply start hiring in-house counsel, if anything, it can be extremely complicated.
Fortunately, there are tips that must be followed to save a fortune while hiring in-house counsel.
1.Get an understanding of lawyer’s bills –
Every attorney has their own way to charge their clients on a daily, weekly or monthly basis. Even the contract review and other standard jobs can come with flat fees. Hence, it is best to ask details on their billing cycle and on what basis they are putting up the charges. For instance, the attorney adds up the bills of making copies and faxing under the client’s name. So, it is best to get an insight at the initial level while working with general counsel services.
The outsourcing of counsel can be a bit costlier than in-house GC that makes companies opt for the in-house legal team. However, it can be difficult, to sum up, the points to figure out the overall cost in both cases. Doing the mathematics and breaking down charges can be a bit difficult even with a calculator. Hence, it is best to add on total expenses of in-house counsel such as benefits, salary, and office spaces. These additional expenses can help in giving an understanding of the cost per month or annual charges. Now, calculate how much amount you are saving with the in-house team instead of outsourcing it. If the legal fees are saved on the annual list then GC can be an economical choice. Make sure to consider the total amount of work and type of legal process before diving into hiring.
Small scale businesses are not keener of the idea of hiring a lawyer due to their charges. This scare of entrepreneurs makes them have a disadvantage on spinning up of small issues. It is best to communicate with the attorney to discuss issues and concerns briefly on a monthly basis. This helps in working upon the problems at the initial stage only and gives growth opportunity as an advantage.
4.Project Manager –
Many companies justify to not hire GC with lack of legal work. However, project management can just make sense with GC to work in an effective manner. The executives can find themselves juggling up with meeting principal responsibilities and managing the outside counsel. In such a case, just hiring the Inhouse Legal Services can be best to get a hold of main responsibility. Not everyone can handle the legal tasks as efficiently as counsel. A GC can work in a cost-effective manner and are capable to tackle several issues. Now executives can easily be a project manager without wondering about legal issues.
5.Legal Bills Review –
The best way to actually get a hang on the legal bills is to consider reviewing it. The itemized bills can be a great way to get started with the review to understand the overall charge of the individual for a bill. It is best to understand the items and services that attorneys are charging you for. This will also help in determining that you are not overcharged for services. With this review of legal bills, now determine the cost of hiring a GC and compare the two.
6.Simplicity in legal work –
While working with outsourced general counsel services, it is usually advised to keep it simple. The motive is to ensure that minimal amount is charged. Hence, it is best to provide documents for review and put the data in an order to make it understandable. There is no need to send out 20 emails and just draft a single one with all the vital points. This makes the job easier for outsourced or in-house counsel. Hence, will lower up the total salary of a GC.
7.Time is money –
No matter what, make sure to make every second count. While talking to your attorney, every second matter and hence make sure to plan ahead. It is best to have a list of questions ready to cover everything and focus on the major issues. This will also help in-house counsel to know what they have to work upon.
However, not every company is ready to hire an Inhouse Legal Services. Hence, it is best to rely on outsourcing to cover-up tasks at an affordable price. But make sure to keep inhouse under considerations. You never know when you can save up a lot of money by just one right step.
Amy Jones is a legal advisor at Ahlawat & Associates – Top law firms in India. She has vast experience in creative and legal writing.