4 Ways the Fractional General Counsel Model Can Elevate Your Business
In the fast-paced and complex world of business, having reliable legal support is essential for success. Traditionally, many businesses have hesitated to seek legal counsel due to perceived high costs or the assumption that legal services are only necessary for larger enterprises. However, the landscape is changing, and the fractional general counsel model is emerging as a game-changer for businesses from start-ups to established businesses.
What is Fractional General Counsel?
Fractional General Counsel is a fancy term for outsourcing. Whether a business needs an attorney to handle the day-to-day legal needs of the company (contracts, HR issues, fundraising, etc.) or on a less frequent, as-needed, basis, fractional general counsel can be the most practical solution. Fractional general counsel is an attorney who knows your business intimately and provides ongoing legal services at an agreed-upon rate. While your fractional general counsel likely has multiple clients, they make themselves available to you and your business and dedicate a certain number of hours to your business each month. This allows for customized legal services at a price you can afford and budget for.
What are the benefits of Fractional General Counsel?
Cost Effective Solutions
The cost benefits are in the name. Your business has an existing relationship with an attorney who understands your business like an in-house lawyer would but at a fraction of the price. Fractional general counsel services offer an affordable and predictable cost structure for businesses. Instead of facing hefty hourly rates or unpredictable legal expenses, building a relationship with an attorney allows for budgeting and planning. By paying a fixed monthly fee, businesses gain access to comprehensive legal support without the fear of unexpected costs. This cost-effectiveness enables businesses to proactively seek legal advice and address issues before they escalate, ultimately saving them from potential financial burdens down the line.
2. One Stop Shop for Support and Risk Management.
With this model, businesses have a dedicated legal team at their disposal, ready to assist with a wide range of legal matters. Whether it's contract review, regulatory compliance, intellectual property protection, employment issues, or risk management, businesses can rely on their existing relationship with an attorney to provide expert guidance and support. This comprehensive legal support empowers businesses to make informed decisions, mitigate risks, and ensure compliance with legal requirements, regardless of their size or industry.
With that comes one of the greatest advantages of a subscription-based fractional general counsel model, the proactive approach to risk management. Instead of waiting for legal issues to arise, businesses can work closely with their lawyer to identify and address potential risks before they escalate into costly disputes or litigation. By taking a preventive approach, businesses can mitigate risks, protect their interests, and maintain a strong legal foundation. This proactive risk management strategy gives businesses the peace of mind to focus on their core operations and pursue growth opportunities.
3. Strategic Member of Your Business
Fractional outside general counsel services not only provide your business with access to timely legal advice, but your lawyer can also act as a strategic partner for businesses. With a deep understanding of the business's goals, operations, and industry, outside counsel can offer valuable strategic guidance. They can help identify opportunities, navigate complex legal landscapes, and develop tailored legal strategies that align with the business's objectives. This strategic legal guidance fosters a long-term partnership, contributing to the business's success and growth.
4. Accessible and Responsive Service
Businesses subscribing to a fractional general counsel model can expect accessible and responsive service. Rather than being restricted to traditional office hours or facing delays in response, businesses can enjoy prompt attention to their legal needs. Whether it's through scheduled consultations, email exchanges, or virtual meetings, it is important to have access to an attorney who remains readily available to provide guidance, answer questions, and address emerging legal issues. This level of accessibility ensures that businesses receive the support they need, precisely when they need it.
Ready to elevate your business operations, reduce legal uncertainties, and focus on what you do best – running and growing your business? Book an appointment and explore how AB Legal can unlock a new level of legal support tailored to your business’s unique needs.
Book with AB LEGAL