A Member Firm of Andersen Global
IMC Group Companies
Forum - Q&A
These corporate lawyers evaluate different risks in the company and provide counsel on matters that would benefit growth potential and profits. The in-house counsel holds high expertise in the conditions and works within the business. So, they provide valuable and relevant advice that can increase success potential and handle crucial documentation processes.
This article further details the responsibilities and work of in-house lawyers and why businesses should organize them.
The in-house counsel or the legal team in a company is a permanent entity that offers valuable legal services. The department or group consists of experienced and specialized corporate lawyers with knowledge of specific fields, like commercial and employment. The group also includes paralegals often.
They provide data and legal guidance on matters connected to the company, operating in their best interest. The legal team works for the firm, not specific shareholders or directors. Moreover, they collaborate with other departments to align their business operations with legal compliances.
Common examples of divisions that work closely with the legal team are the senior management and HR.
Overall, the legal team helps manage different risk factors within the organization. They do so when they catch issues early and warn/inform the company about them for quick strategizing possibility.
These professionals are knowledgeable about business operations. So, they offer the company the right details and caution them about the compliance, regulatory, and legal risks.
The in-house counsel in companies offers more than just legal advice. They consider the wider picture for the business and then guide the executives to focus on the major issues in their company. The legal team focuses on more than one quadrant of the operational structure in an organization.
Instead, they consider the management of the businesses, the need for corporate development, and their client base. Surrounding these points, they keep legal issues in mind as well that are prevalent in their company.
The legal team works as a liaison for the company with its business partners and clients. They act in various roles, such as interpreters or facilitators.
While the professionals working in the company may have the skills and knowledge of their business, they are not aware of underlying legal complications. Some legal issues can come from the deals they make that are subtle or complex. So, resolving them quickly and then proceeding is necessary.
The legal team pinpoints such issues and works closely with the business team to take the right actions. These professionals have better knowledge of such aspects and, therefore, can solve the matters without prolonged discussions or explanations necessary.
Besides knowing and handling these issues, they can explain the problems straightforwardly to the company officials and avoid complex legal jargon. Ultimately, the company can avoid major lawsuits or other future problems, and make better, safer decisions.
As mentioned, the in-house counsel considers the full business and its operations plus objectives instead of specific legal matters. So, they focus on conducting thorough evaluations and concentrating on cases’ details. Based on that, they try to map the direction the business team should take or focus on.
Therefore, instead of doing a basic overview of all documentation that comes in and out of business, they take the time to understand it fully. Furthermore, they consider the potential issues that the business may face and resolves them prematurely.
One of the main benefits of hiring in-house counselors is identifying the risks quicker. Besides that, they are responsible for accepting or rejecting proposals based on their insights.
For example, a client applies to the company about some project that can, in theory, expand their growth. However, there may be some factors that increase the risk of following the plan for the company. The project may have property-related, financial, regulatory, or legal complications in specific markets or jurisdictions.
In these cases, the legal team is responsible for approving or disapproving the project in the meeting. While the clients that bring the project proposal may consider them as a block, the legal team’s role is beneficial for the company in the long run.
They catch the risk potential, give relevant warning to the business professionals, and save them from making wrong or expensive mistakes. The company can avoid making decisions or transactions that can damage its reputation, cause legal issues, or economic drawbacks.
The type of legal specialization that companies need can differ as per their nature or industry type. So, they must hire teams accordingly. Some varying types include:
Hiring a legal team to work for in-house benefits companies highly. After careful risk evaluation, the professionals provide advice on legal matters and help the business team make right and lawful decisions.
Companies need to hire a legal team based on the nature of work necessary, qualifications, and company size. Organizations can save costs, avoid major risks/damages, and expand their business safely with their support.
We appreciate your interest in IMC and are eager to address your needs.
To ensure we address your needs accurately and promptly, please fill out this form. This will help us in identifying and connecting you with the appropriate team of experts in our organization.
We take pride in our responsiveness and aim to get back to you within a span of 1-2 business days. Your journey towards solutions starts here.
© 2023 IMC Group. All Rights Reserved.