Why do companies hire outside counsel?

Why do companies hire outside counsel?

Hiring outside general counsel saves your business money because you’re not hiring a full-time employee — you save the costs of recruiting, the high salary of a full-time in-house lawyer, and the employee benefits that your business provides full-time employees.

What is outside counsel?

When you have an outside counsel, it means that you have hired a law firm to represent you and your company. It means usually you will have to pay a retainer fee and also pay your attorney and the firm on an hourly basis. That means for anyone who does any work on your business at the firm, you will be charged for it.

When can you engage outside counsel?

As a rule of thumb, in-house counsel should hire outside counsel only when they can’t do the work themselves. Once the decision has been made to stay in-house, it’s about finding the right person for the job.

What is the difference between legal counsel and general counsel?

In-house counsel is a generic term for lawyers who practice, well, in-house. General Counsel is typically the title given to the highest ranking in-house lawyer within a legal department, and that person is usually a c-suite executive like the COO or CFO of an organization.

What are the members of the General Council known as?

A general counsel, chief counsel, or chief legal officer (CLO) is the chief lawyer of a legal department, usually in a company or a governmental department.

What is the meaning of Of Counsel?

What is an “Of Counsel” Attorney, Anyway? The generally understood meaning of this term is a lawyer who is not a partner, associate, shareholder, or member of a firm, but who has some sort of a close and continuing relationship with the firm.

What other types of situations require outside counsel?

These events may include anticipated or pending litigation, a government or payer investigation, a major transaction, or some other legal concern that requires expert or impartial legal advice.

How do you manage and work with outside counsel?

Below are some things you can do to reduce or better manage outside counsel spend:

1. Use an e-billing tool and use a monthly forecast to predict and control spend.
2. Alternative fee arrangements.
3. Find the right firm for the work.
4. Use outside counsel guidelines.
5. Set expectations upfront with outside lawyers.
6. Other.

Is counsel a lawyer?

To counsel is to provide legal advice or guidance to someone on specific subject matter. Counsel is also a lawyer giving advice about a legal matter and representing clients in court.