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Every company that seeks to grow has different legal issues that need to be solved. The fractional general counsel allows companies to work with an experienced former in-house lawyer without incurring any costs of a full-time individual. The responsibility comes with a shift to a more flexible working world. Fractional GC services provide a hiring part-time employee as opposed to the outside counsel.
Fractional General Counsel vs the General Counsel
The difference between the two is the type of employment. For instance, the general counsel is an employee at a company while the general counsel is a freelance, where they are treated as an independent contractor. From the definition, the fractional counsel can work on a much more on-demand basis, which can work better for some companies. At the same time, some opt for fractional counsel as it gives them flexibility over employment terms, and you maintain a strong relationship between the law and the suit.
What Does the Fractional General Counsel Do?
The fractional general counsel operates on a set fee, which means that once it is met, they are accessible for any legal support and advice needed. In addition, the fee will depend on the nature and frequency of your legal needs. For instance, you could choose an hourly rate or have a specific charge depending on the company’s preferences. The fractional GC also provides a similar service to an in-house general counsel. However, working as a GC in a smaller company offers challenges, and an experienced one will be able to navigate the challenges. Lastly, the fractional GC will focus on any company’s legal and commercial challenges.
When Can the Company Require a Fractional General Counsel?
When should a company require fractional GC services? It is not much of a case when the company requires such services, but it is the right type of counsel. The fractional GC is a legal option aimed at smaller companies that require legal support but lack the financial backing for a full-time GC. However, larger companies also require expert advice on a project better suited to a fractional GC. The fractional GC arrangement can benefit as it offers firm-based fees, predictable legal costs, and increased business knowledge.
How Do You Find A Fractional General Counsel?
This is a relatively new trend; hence, knowing where to start can take a lot of work. As a result, it is important to take your time and see the best investments for your business. Below are some of the ways that you can use to find the best fractional general counsel:
- Get referrals: Ask your legal contacts if they know anyone who has worked in a similar role.
- Look for experience: The best fractional GCs have worked in the industry for years.
- Review every reputation: Go through the different websites as you will be able to get some legal teams who could find the best advisors through different law firm rankings.
- Compare the fees: Shop around and get the price suitable for your company or business.
Conclusion
Having some fractional services in your company or business is one of the good things you can do for your business.