Previously, the role of legal advisers was only restricted to managing legal risks for businesses they are associated with. But, things have changed over the past couple of years and now they have to partner with business, to understand the issues more and provide tangible and viable solutions. The legal advisor role in business is now becoming way more important that before.
A Role They Play:
The term “legal advisers” is mostly used in two major contexts. Sometimes, they have to give clients advice, tailor-made to their situations and the attorneys are accompanied to observe ethical rules when offering advice. But, this term can also be used in a narrow sense when the advisors are not working for any law firm but employed by organizations like trade associations, government agencies and corporations. During such instances, the professionals have to offer legal specialties, which can directly affect the work of an organization.
Managing legal risks:
Some organizations have this tendency to transfer risk to in-house legal teams by placing pressure or encouraging general counsel for making commercial decisions. Here, the role of the in-house adviser is to understand the current pressure points, objectives and strategy of the business. After that, they have to communicate with the members, effectively to work on legal issues and risks involved in managing. This will help the team to make some informed decisions and strategic choices within an acceptable legal profile.
In-depth analysis and more:
A legal adviser offers expertise in some serious matters revolving around a company, such as securities, employment, structural organization and government compliance. They are even given the liberty to perform in-house investigations when needed. They might conduct a deep analysis of the firm’s strategy, structure and operations.
One of the major tasks a legal adviser might perform is ensuring that the firm operates following the legal norms only. After a complete analysis of the internal operations, an adviser has the right to make any changes or recommend compliance programs for ensuring that laws are not violated within an organization.
Presenting a solid foundation:
A legal adviser can help put your firm on solid foundation. The early business decisions you make will have a substantial impact on business. If you need help with allocating and valuing shares, developing financial model, establishing 3rd party licenses or securing property protections, these advisers will be there to guide you through. If you are currently eyeing for second rounds of strategic exit or financing, the potential investors will scrutinize your infrastructure in details for legal landmines.
Offering reality check:
Whether you are associated with IT sector or med-tech, an experienced lawyer can offer pivotal market check. But that legal adviser needs to have experience in your selected industry. In case, your financial model, market assessment or business plan is overly rosy, you can get the right solution to your problem from these advisers. They might help you big time to avoid damaging your current business credibility.
Bridging gaps between you and your contacts:
Selling business model is rather critical. Most of the venture communities are not that large. So, the key players are well-aware of one another. If any respected adviser believes in your work and business, then he or she might introduce you to other names in the business. They can present you with management and market expertise and might be instrumental in regards to your company’s growth.
Resource and transition:
While transitioning from private practice to in-house, legal advisers need to head from specialist background to generalist role. They have to maintain responsibility for areas where their knowledge might be a bit less. This practice along with fewer systems, less support and precedents will present resource challenges for the lawyers working in-house, mostly while covering developing markets. But a talented member won’t face any of these difficulties because of the flexible working abilities. You need to head for one such legal member for your team.
Responsive services from first till last:
One thing which business owners hate mostly about legal advisers is when they fail to return calls on time. Some calls are urgent and need to be taken into consideration immediately. Entrepreneurs put their heart and soul in a business, so they want someone to present them with same concern and care. So, a professional legal adviser knows his share of responsive behavior. Therefore, missing out on client’s important call is an absolute no-no for them.
Efficient services for you:
It is mandatory that you need legal services for startups. Finding a preferred lawyer can be a bit challenging but not impossible. Thorough research from your side will help you to get talented individual, known for his efficient services. To be sure before making a final decision, you can actually head forward and check out their previous job roles and the results. Once you are satisfied, call them to book an appointment.
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