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Every company that seeks to grow has various legal issues that need to be resolved. Using fractional general counsel (GC) allows companies to work with an experienced former in-house lawyer without incurring the costs of a full-time staff attorney.
The concept of a fractional general counsel springs from the shift to a more flexible working world. Fractional GC services provide for hiring a part-time employee as opposed to depending on either full-time in-house counsel or expensive outside counsel. In the case of fractional general counsel, professionals provide advice based on a contract agreement.
What Is the Difference Between Fractional GC and Traditional GC?
The difference between the two is the type of employment. For instance, a general counsel is an employee at a company. In contrast, a fractional general counsel is a freelancer who works as an independent contractor. This means a fractional GC can work on an on-demand basis. This arrangement can work better for some companies.
This is why some companies choose to work with fractional counsel. This arrangement gives the company flexibility over employment terms. It also means the company maintains a strong relationship with the lawyer and can better manage their legal issues.
What Does a Fractional General Counsel Do?
A fractional general counsel operates on a set fee. This means that once this fee is met, they are accessible for any legal support and advice you might need. In addition, the fee will depend on the nature and frequency of your legal needs.
For instance, you could choose an hourly rate, or you could have a specific charge depending on your company’s needs. Regardless, a fractional general counsel provides services similar to those an in-house general counsel would provide.
Moreover, attorneys working on a fractional basis tend to have deep experience with the legal issues smaller companies often face. Therefore, they are well-equipped to navigate a small company’s legal and commercial challenges.
When Would a Company Require a Fractional GC?
A fractional general counsel is a legal option aimed at smaller companies that require legal support but lack the financial means to hire a full-time staff attorney. However, even larger companies sometimes require expert advice on a project basis. These situations are often better suited to the services of a fractional attorney.
In other words, a fractional arrangement can benefit a wide array of companies. This is because fractional attorneys offer firm-based fees, predictable legal costs, and extensive business knowledge.
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How Can You Find a Fractional General Counsel?
This is a relatively new trend and knowing where to start can be challenging. As a result, it is important to take your time in order to obtain the best legal coverage for your business. Below are some of the ways you can use to help you find the best fractional general counsel:
Get referrals: Ask other business owners if they know anyone who has worked in a similar role.
Look for experience: The best fractional attorneys have worked in the industry for years.
Review reputations: Go through the different websites. This will enable you to get in touch with various legal teams. Then you can find the best advisors through different law firm rankings.
Compare fees: Shop around to find a price that’s suitable for your company.
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Having some fractional services in your company is one of the best things you can do for your business. These types of arrangements can save your company money while also providing you with all of the services you need.
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