Establishing a business house is just half the work done. The real test lies in running the day to day operations smoothly while ensuring that the company stays aligned with its long-term objectives. You also need to make sure that your organization always stays on the right side of the law else you may encounter serious legal hassles. The role of an in-house legal team is a critical one because they cover you in this front. Needless to say, the benefits of having them go beyond providing legal counsel and managing the litigation risks. Rather, these professionals serve as business partners, participating in almost all the issues related to corporate strategy, right from capital allocation to competitive strategy, tendering, new products, international expansion and even emerging technologies. There are many more compelling reasons that make in-house legal teams a necessity for corporate houses.
Access to business acumen
Law professionals with the right experience often have a deep understanding of business. Having them working for your company gives you access to their business acumen so that they end up adding value to your firm in more than one way. You can expect their advice to be commercially viable as well. They also contribute to the strategic decisions while ensuring that everything that you do is compliant with the legal frameworks.
Negotiation with external counsels
Apart from handling the internal direction and decisions for your company, a dedicated team of lawyers that works for you can also collaborate with external counsels. Dealing with corporate legal teams is something that you can expect to do often during the course of the business. The purposes may vary, from establishing partnership contracts to handling disputes and more. In any case, the best way to handle them is by having experts representing you when dealing with external law firms.
Extensive support for growth initiativesĀ
A team of lawyers that works as an in-house team offers reliable and extensive support for all your growth initiatives. Whether you need to take over another company or have a global expansion plan in mind, your lawyers will always have the right advice for you. Similarly, if you are not sure about the process and legal complexities of Online Tenders or business contracts, you can turn to them for support.Ā With an in-house team, you can be sure about taking a proactive and predictive approach towards all the legal issues.
Proven cost savingsĀ
Another benefit that businesses can secure by having in-house legal counsels is proven cost savings. This is because the internal legal services are billed at a cost per unit of time which is significantly lower than hourly rates of outsourced services from law firms. Apart from direct cost savings, you can also be assured about business certainty, flexibility, and accessibility when you have a dedicated team of professionals working only for your company.
Considering the immense benefits of having an in-house legal team working for you, it makes sense to onboard them sooner rather than later. However, you need to get professionals who have the right credentials and good domain experience.Ā
