Outside general counsel services come with some benefits for your business. Here you’ll learn the financial impact they have.

Many small and medium-sized businesses usually have active legal matters.

But, they’re not enough to justify hiring a full-time in-house general counsel.

You may use different outside law firms to handle these various matters for your business.

Sometimes, you’ll have to pay different law firms a full hourly rate for legal work done, except you’re able to negotiate a discounted rate.

When using multiple law firms for your work, there can be some amount of inefficiency. Due to the information access, various points of contact, and time spent on communications.

Finding an outside general counsel can provide several benefits for your business instead of using multiple firms.

One law firm you can consult for outside general counsel services is The Boesch Law Group.

We provide a single point of contact who is familiar with all your ongoing legal needs. Working with us makes your in-house counsel free to focus on their major tasks.

At the Boesch Law Group, we act as your dedicated legal partner. The goal is to provide everything and more than you might expect from your in-house general counsel, without the high overhead.

Now, let’s look at the financial side of working with an outside general counsel and other matters.

The Financial Side of Hiring an Outside General Counsel

For financial reasons, you may think it’s best to hire an in-house counsel to handle your business’s legal work.

It costs more. You can be spending up to $500,000.

Let’s do the estimation. An in-house counsel earns $200,000 annually as salary and a 35% target bonus.

This includes benefits like health insurance and 401(k) contributions.

They also get an annual compensation of about $350,000, excluding equity. 

Also, add other expenses on support staff, office space and furniture, computer equipment, a secretary and admin support, HR costs, and other expenses.

You can see that the cost may be closer to $500,000.

You should compare this with a firm providing outside general counsel services. They have experienced business attorneys and other support attorneys. 

For example, an outside general counsel service can cost $10,000 a month.

And they would provide most of the legal services your company would need in a year, except for extensive litigation or complex transactions.

Also, remember that you won’t be paying an OGC on a monthly salary basis or for their vacation.

So, when you put all these together, you should be spending about $120,000 on an outside general counsel instead of $500,000 for inside counsel.

Effective Spotting of Legal Issues

Let’s also add that you can save more when you use outside general counsel services.

They have the expertise and depth to communicate with your business and use information efficiently.

At the Boesch Law Group, our outside general counsel is in a better position to detect legal issues that can easily be overlooked.

This helps us to provide additional efficiencies in providing our legal services. 

We usually see problems before they happen. Because we know it can save significant time, money, and management resources.

If it happens that you need a separate law firm for a specific matter, our OGC will act as the point of contact to manage all legal services.

We will also negotiate a fee that’s favorable to you based on the actual needs of your business.

No doubt, an in-house general counsel is certainly important. But the real question is, what will give your business the best result?

Our outside general counsel is the best combination of experience, expertise, responsiveness, and economy.

What To Expect From the Boesch Law Group as Your Outside General Counsel (OGC)

Outside General Counsel arrangements can be flexible and tailored to your company and your needs.

The basic role of an OGC involves an engagement agreement. Here’s what to expect:

1. Range of Services.

We establish the range of services you need and want. These services are usually regular day-to-day matters, like:

• Conducting a legal audit and annual evaluation
  • Participate in the strategic planning process
  • Handle employment law matters that do not involve litigation (employment agreements, hiring, firing, employee manuals, NDAs and confidentiality agreements, consulting agreements)
  • Attending regular meetings to remain updated on company matters and proactively spot possible legal problems
  • Participate in early discussions and planning about major corporate transactions
  • Handle all issues on corporate governance
  • Consult on issues you face in day-to-day operations
  • Review and draft basic business contracts
  • Consult on Intellectual Property Protection
  • Lease review and renewal
  • Counsel officers and directors on fiduciary duties

2. Monthly Budget.

An outside general counsel arrangement allows for the provision of legal services at a reduced rate in return for a frequent monthly fee. 

This fee is determined by the volume of the amount of work and the size of the company, which can make it up to some thousand dollars or more.

3. Are the OGC Hours Capped?

Yes and No.

Some agreements allow for a cap on the number of hours worked monthly in return for a fixed monthly fee, and some do not.  

At the Boesch Law Group, we’ll have an honest and open discussion about your expected amount of work.

And possibly, move some work deadlines to another date, to balance the workload.

4. Services Beyond the Scope.

Generally, if you want your OGC to engage in a matter outside the scope of services, you’ll be billed the ordinary hourly rate and billed for the time as an added pre-approved project.

With the Boesch Law Group, you don’t need to worry about that because we offer services that are outside of other OGCs’ scope of service, like mergers and acquisitions.

And if the matter needs to have a specialist handle it, we’ll work with you to choose the right person with the specific expertise you need.

We basically offer common services like business formation & governance, contracts & commercial transactions, employment & hr compliance, risk management & compliance, intellectual property & technology, dispute resolution & litigation management, mergers, acquisitions & financing.

With our vast practice area, you may not need a specialist. We strongly believe your matter will fall within our scope of service.

5. Responsiveness.

You want your OGC to be available on short notice and responsive when you need a response.

Discuss your expectations frankly, be reasonable, and work out an agreement on responsiveness.

At the Boesch Law Group, we act as an extension of your leadership team, offering fast, clear, and practical guidance.

If you want a responsive service, you can count on us.

Conclusion

The financial side of outside general counsel services is far reduced and beneficial when you need someone to handle your business legal matters.

At the Boesch Law Group, our OGCs are available to understand your needs and meet your expectations.

Book a consultation with us today and let’s become part of your business, providing the legal solutions you need.