A Company’s General Counsel: Lawyer, Counselor and Advisor
Introduction: A Counselor At Law
We have so many names! Lawyer, attorney, barrister, corporate counsel, chief legal officer, general counsel or “GC” for short. A personal favorite of mine has always been “counselor at law”. This is an often-overlooked aspect of the function of a company’s general counsel (or any attorney for that matter), but it is probably one of (if not the most) valuable assets a business attorney can offer to her or his corporate client. The legal training necessary to draft sound company records and contracts is only half the battle and needs to be complimented by the corporate counsel’s ability to understand the company’s interests, assess business issues and appropriately counsel and advise business owners and senior leadership on available options and the costs/benefits of implementation of the solutions.
Overview: What is a “General Counsel”?
In short, a company’s general counsel is the lawyer for the company and serves to, among other things, (i) manage the organization’s legal affairs and legal team and (ii) advise the CEO, company owner(s), board of directors and/or senior leadership team in various areas of the business ranging from compliance to employment and human resources (HR) to business negotiations and corporate transactions. While the primary training and pedigree of the general counsel is that of a lawyer, a good corporate attorney will also serve as someone whose advice and counsel is sought out, welcomed and taken greatly into consideration by the organization’s leadership when making business decisions.
Does My Company Need “General Counsel” and Why?
Yes. Whether the business is a sole proprietorship, a single location dental practice, a multi-location franchise or a publicly traded company, there will inevitably be a “legal need” that needs managed. Perhaps your company is not at the stage where a “full-time” general counsel is necessary, but, at the very least, you should have a reliable business attorney and/or legal team, whom you trust, who knows or gets to know your organization and who serves in the advisory role, tailor fit to your company’s needs. While larger, publicly traded companies and the like may employ full-time “in-house” counsel, often times small and mid-sized businesses have their needs served on a fractional basis by an attorney or legal team operating as “outside general counsel”.
As a business owner, you will find value in taking a regular meeting with your corporate counsel or legal advisory team on a reoccurring basis. This will help (i) to proactively address legal matters and find solutions to issues before they arise; (ii) to mitigate time spend, cost and expense to address legal issues that have already arisen and (iii) to strengthen the relationship between business owner and corporate counsel which will assist in putting your legal counsel in the best position to advise and assist the company in the context of business issues ranging from legal advice to growth strategy and implementation.
When and Where Do I Find Outside General Counsel for My Company?
Whether your business is starting up, operating, experiencing a growth phase, entertaining a merger, acquisition, sale or exploring succession strategy and exit planning, it is never too early to seek out, meet with and engage sound legal counsel. For instance, my legal team and I at NC Planning regularly serve as on-going Complete Corporate Counsel to companies, corporations, businesses and professional practices of various sizes in all stages of the life cycle of the organization. We strive to serve our business owner clients’ interests proactively through pre-set, agenda driven strategy meetings and check-in calls while maintaining a high level of responsiveness to questions and communications as they arise, working hand-in-hand with the successful business owner as their “outside legal department”.
As a result, our relationships are fostered, our advice and counsel is often sought, welcomed and considered and our clients continually have the opportunity to gain clarity and peace of mind on the road to success!