[VIDEO] Fractional General Counsel - How Does it Work?
At some point, you and your business will need legal advice from a skilled, experienced attorney. However, many start-ups and small businesses have extremely tight budgets. Most entrepreneurs pay for legal services only after they realize they need an attorney. Unfortunately, they are overlooking a valuable asset for their company – a fractional general counsel.
What is a Business Law Fractional General Counsel?
A business law fractional general counsel is:
· An attorney who has experience in the area of business law;
· Who works part-time for your business;
· Who understands you and your company; and,
· Who provides affordable, fixed-rate legal services.
Benefits of a Fractional General Counsel
A fractional general counsel is an independent contractor who works for your company on a part-time, on-going basis. The attorney has other clients who also receive fractional legal services. However, your company is guaranteed specific services or an allotment of time each period for a fixed rate fee.
A fractional general counsel performs the same services as an in-house General Counsel, but at a fraction of the cost of hiring a full-time employee.
There are several benefits of having an attorney involved in a business on an on-going basis, including:
· Accessibility to legal counsel when you need an attorney without anxiety about payment or locating an attorney;
· The attorney knows your business and your employees, so he can make useful suggestions related to your business that may not necessarily involve specific legal matters – he is part of your team;
· A fractional general counsel can handle a variety of legal issues, including contracts, employment issues, compliance, and other miscellaneous legal matters;
· Having an attorney who supervises on-going legal matters allows the owner to focus on other leadership tasks and business growth;
· You receive proactive legal advice instead of waiting until a legal issue arises – you may avoid some problems by heading them off; and,
· You may receive reduced rates for legal services outside of your fixed plan.
How Do You Hire a Fractional General Counsel?
Our law firm begins with a Master Strategy Session. During a Master Strategy Session:
· I get to know you and your business;
· You learn how I can help your company; and,
· We get a feel for each other to ensure that you will work well as a team.
After the Master Strategy Session, I develop a personalized Fractional General Counsel rate plan. The plan is based on your specific needs. Because fraction general counsel plans are highly flexible, I can tailor a plan to meet your needs and your budget.
Examples of Fraction General Counsel Plans include:
· Fixed-rate package for specific legal matters.
· Monthly subscription model that covers a variety of legal matters that may arise during the normal course of business.
With either plan, you receive legal services at a predetermined rate. You know upfront what the cost will be on an ongoing basis for legal services.
In some cases, we might combine the rate plans to develop a comprehensive plan that provides you and your company with a variety of legal services that might include but is not limited to:
· Business Formation
· Contracts and Agreements
· Business Exit Strategies and Business Succession Plans
· Mergers & Acquisitions
· Estate Planning
· Business Tax Planning and Tax Compliance
If you have questions about fractional general counsel and how I can help you, contact my office today to learn more. You can afford on-going legal counsel from a trusted Maryland business attorney for your company.
Fractional General Counse, Fractional GC, BusinessApril 9, 2020
