Small and midsize businesses can face a quandary when it comes time to broaden their reach. They need an in-house attorney who can help with compliance and business transactions. Yet, many cannot afford a full-time general counsel. This is where the fractional general counsel comes in. A fractional general counsel, or GC, provides businesses with the legal and managerial skills of in-house counsel with the cost-effectiveness of a contract employee.
What is a Fractional General Counsel?
The fractional GC carries out all the same duties as a traditional GC. They report directly to the company’s head officer — the CEO or owner — on topics related to business litigation, labor relations, and/or transactional matters. A fractional GC can also handle:
- State and Federal law compliance;
- Human Resources compliance;
- Key customer/ client contract management;
- Accounts receivable and bad debt management;
- Mergers and acquisitions;
- Complex litigation and outside counsel management; and
- Lease agreement and commercial real estate assessments;
Benefits of Fractional General Counsel
Beyond the cost benefits, having a fractional GC on your team is invaluable to businesses for the competitive advantage it provides. This individual can:
- Spot legal issues before they arise by reviewing documents and policy manuals.
- Use their legal knowledge and insider’s perspective to negotiate with other parties on contracts and mergers.
- Deal with business litigators immediately without the delay required to bring outside attorneys up to speed on your company.
- Resolve internal matters between staff and management.
In these changing times, with more and more companies going remote, having an attorney on call and able to meet your flexible scheduling and meeting times is essential. Your outside GC can tailor his or her schedule to whatever the business needs and demands. Moreover, bringing an outsider’s perspective, a fractional GC is better positioned to keep abreast of industry changes that may impact your business.
Our attorneys have operational management backgrounds and can spot both opportunities and potential hazards that many companies might not be aware of, helping support business growth. When you turn to MNK, we will work to put fires out as well as ensure policies and procedures are in place to mitigate risk in the future. Our team will help you identify potential business opportunities and guide you along the best path in each scenario.
For more information, please contact us at info@mnklawyers.com.
