When should your company think about hiring general counsel? At what point
in a company’s corporate development does it realize that it needs
general counsel? At what point does a company
actually hire general counsel, and not just want it?
The main answer to all of these questions is that it depends less on financial
metrics such as revenue and EBITDA than it does on the company’s
growth and corporate strategy. Whitley LLP Attorneys at Law has provided
general counsel services to well-capitalized start-up companies, as well as mature companies with
up to $100 million in revenue. While both of these business types are
noticeably unique from one another, they both illustrate
when it is important to hire general counsel.
Good Company Control Helps Make the Decision
As a good CEO, you will know when you need general counsel. For most companies,
the moment a CFO is hired is the same moment general counsel becomes a
necessity. On the other hand, the development and utilization of your
own corporate strategy might tell you when to get general counsel.
You might want to use outside general counsel if:
- Your corporate strategy has become or is about to become quite active with
joint ventures, acquisitions, and so forth.
- You have just been funded in a financing round, or you must soon prepare
for major financing.
- Your company has received or will soon receive an investment from institutional
investors, such as a private equity fund.
- Institutional investors are demanding you hire general counsel for their
own peace of mind.
- You and your executive team have realized all aspects of your company are
influenced by legal decision, so it will make sense to have legal knowledge
institutionalized within your company.
- Your company has suffered a “corporate tragedy” and you want
to make certain nothing like it happens in the future.
As it can be seen, the vast majority of companies will have a use for general
counsel, if not an eventual need. This is especially true for companies
in highly-regulated industries, such as finance or energy. If you need
general counsel, or if you just think it would be a good safety net to
have under your company, call
888.252.8277 to connect with Whitley LLP Attorneys at Law. Our law firm has extensive
experience acting as general outside counsel for corporations and businesses
in a wide variety of industries. No matter the size or purpose of your
company, we will prioritize your best interests in any case development.
Get an initial consultation
with our lawyers by contacting us
at your first opportunity.