If you manage or own a company whether a start-up or mature, small or large, regional or global at some point, legal advice and expertise are essential. Companies may find such expertise in one of two places: outside counsel or in-house counsel. Depending on a number of factors explored below, companies may also use a combination of both. In my 13 years’ experience as both outside then in-house counsel, I have found that a majority of maturing or matured companies use a combination. This article will explore the strategic advantages of having in-house counsel.
Two Types of In-House Counsel
There are two types of in-house counsel: General counsel and "specific" counsel. A general counsel (GC) wears many hats and provides advice and support in all (or most) legal areas affecting the business. He or she must be versed in a myriad of areas, from simple contract negotiations to complex acquisitions. Since a GC occupies an executive position within the company, he or she must be incredibly versed in management and have exceptional "people" skills. This position will interact with all levels of the organization, particularly the CEO, as well as with internal and external stakeholders. He or she is a valued business partner involved in the strategic planning and management of the company, and must be able to provide sound business advice to the executive management team while interacting with all levels of employees, outside attorneys, strategic allies and so forth.
