J. Scott Pusey
Are your core competencies as a business owner suited to manage the legal needs of your company as it grows? In most cases, the answer is no. Even if you could manage the legal function, whether you should is an entirely different issue.
CEOs, CFOs (or CxOs) who grapple with complexities while growing a business face a common issue: should I add additional expertise to my team? As your business and legal needs evolve, your company may benefit from using in-house legal counsel instead of relying exclusively on outside law firms. A “fractional” general counsel is a compelling alternative to a full-time executive. Simply put, a fractional executive is an experienced professional who becomes an integrated member of a business team. A “fractional” executive, such as a general counsel or a chief financial officer, provides services on part-time basis.
Business leaders operating without in-house counsel may put a strain on their personal and company productivity. Why? One reason may be the leader is spending too much time managing day-to-day legal issues. These issues may include contracts, employee matters, regulatory compliance, or protection of intellectual property. Frequent interaction with outside legal counsel on issues like these may not be the best use of your time as CEO.
In-house attorneys are skilled in determining when outside legal expertise is needed or when matters can be handled effectively within the company. Your inside general counsel can effectively manage selection of outside legal advisors and take responsibility for controlling overall legal spend. This returns valuable time to business leaders. You likely will find other substantial benefits from more effectively applying your core competencies to your business.
Adding executive level expertise to the team is a big step for any company. In today’s networked economy, engaging a “fractional” executive is a cost-effective option for building a leadership team. A fractional general counsel provides legal and business advice as an integrated member of your team – but on a part-time basis that is tailored to your needs.
Is a fractional general counsel the right choice for your company? Contact COR Legal at 720-291-9561 or firstname.lastname@example.org for a free consultation.
J. Scott Pusey is the founder of COR Legal, LLC, a provider of fractional general counsel and other business law services. Scott is a trusted advisor to small, medium and mature businesses and provides particular expertise in transactions, governance, risk and compliance, and overall business strategy. Scott has been a resident of Centennial, CO for 23 years. Visit corlegaladvisor.com to learn more.
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