The ever-changing, turbulent world of 2020 has presented extraordinary challenges for today’s leaders in business. They have had to demonstrate agility and humility, whilst providing explicit, transparent communication. All with the aim of keeping their businesses running effectively and securely.
For MDs and CEOs, leaning on a dedicated, supportive team of specialists has been essential. HR Directors, CFOs, COOs, CTOs and their respective teams have been crucial in navigating the choppy waters. With all of these considerations, together with increased compliance, risk management and cost controls, many MDs and FDs have identified the need to appoint a sole legal counsel in order to generate major efficiencies and other business and cost benefits.
So why should you hire an in-house lawyer?
Assessing and managing external law firms
As a trained legal professional, an in-house lawyer should drastically cut down on outsourced legal costs. Not only can they advise on BAU commercial and company law activities, but they are also able to guide you through the most difficult scenarios involving employment law, restructuring, tax and disposals. Additionally, they will be able to ensure the legal advice you do purchase in specialist areas like litigation, pensions or acquisitions is cost-effective, which will greatly reduce your spend on external lawyers.
Managing regulatory / risk issues
A good in-house lawyer will assume responsibility for all regulatory issues and will always have one eye on potential legal issues and problems with the business's key objectives always in mind. By planning ahead, they will ensure issues either do not arise, or if they do, that they are managed appropriately. External Counsel is by definition, one step removed from your business, and cannot function in this way.
Driving efficiencies and consistency
Having one point of contact for all legal issues will rationalise a company’s approach to legal matters. An in-house lawyer with the necessary commercial nous will utilise the collective experience of the company to implement standard precedents whilst balancing the associated risk. In an ever-changing market, speed and efficiency are crucial for success.
Overall strategic input and business confidence
A proactive in-house lawyer will regularly provide company healthchecks, bearing in mind the corporate governance and compliance landscape whilst ensuring the commercial objectives are not lost. They provide on-going training on key legal updates and liaise with all stakeholders to provide tailored solutions. Investors are also reassured to see investment in legal and compliance functions with many commercially-aware lawyers playing an integral part at Board level, contributing to strategic missions and facilitating growth plans.
If you are considering recruiting your first in-house lawyer, email Jan Colligan at jan.colligan@fyte.com or call 0121 6345176.