Brooklyn Virtual General Counsel Lawyer
Brooklyn is a dynamic business environment where innovators and entrepreneurs are bringing new ideas to life every day. Unfortunately, 20% of small businesses fail in the first year, and nearly half of new businesses fail within five years.
Sometimes a business fails due to unforeseeable circumstances, or a calculated risk simply doesn’t pay off. However, with smart planning, business insight, and great legal advice, entrepreneurs can improve their chances of success, and find ways to protect their assets in the event of failure. Founders and entrepreneurs need excellent legal strategies, from a top Brooklyn virtual general counsel lawyer.
What Is General Counsel?
In most American businesses, the general counsel is their top-ranking in-house lawyer. The general counsel is typically responsible for legal guidance regarding corporate governance, business policy, compliance, and risk management, and provides general legal oversight of all departments and interactions in a company. They typically report to the CEO and work closely with top leadership and the board of directors.
In larger companies, the general counsel oversees the legal department, which may include other attorneys specializing in areas of law that are relevant and valuable for the company, including matters like real estate or intellectual property. They may also work closely with an outside legal firm to handle specific matters like a lawsuit or international taxation.
In smaller firms, the general counsel may handle more administrative aspects of legal and compliance duties, including contracts, negotiations, reporting, etc. It is important to remember that every business is different, and the specific duties of a general counsel will vary depending on the nature, structure, and operations of a business and are likely to evolve over time.
General Counsel for Small Businesses and Startups
As explained above, general counsel is typically an in-house role, where a lawyer works for one business full-time. Most startups and small businesses don’t need, and can’t afford, a full-time in-house attorney, although they still need legal guidance. Here are some alternative approaches that can adapt to various needs as a business grows.
Specialty Legal Services
Founders and companies can hire an attorney or law firm for specific services, such as business formation, contract negotiation, intellectual property protection, etc. In many cases, these services are offered at a flat rate, which makes budgeting and financial planning easier for small business owners.
Outside General Counsel
As businesses grow, it can be incredibly helpful to work with an attorney as an “outside general counsel.” This term refers to a lawyer or law firm who has insight into every aspect of your business and can offer legal advice, risk management, and general counsel services, but on a part-time basis. An outside general counsel typically works for multiple businesses, making their services more affordable, but has an ongoing, long-term relationship that allows them to meet your legal needs and challenges over time. Outside general counsel services can be arranged with varying payment structures, including flat rate, hourly, or retainer.
Virtual General Counsel
A virtual general counsel is generally an outside legal counsel who works virtually or remotely. This allows small businesses to access legal expertise that may not be available locally at a more affordable cost. Many top corporate lawyers have stepped away from high-pressure business environments to offer virtual outside general counsel services, and these arrangements can be flexible to meet the needs of the business and the attorney.
How Does Virtual General Counsel Work?
In recent years, most companies have become familiar with how to work with remote or virtual staff. In most cases, a virtual general counsel works like any other remote team member, with daily business handled by email, phone calls, or video conferencing. Among other things, Brooklyn virtual general counsel lawyers can:
- Provide guidance and insight on leadership and policy issues
- Handle contracts and negotiations, including non-disclosure agreements, commercial contracts, employee and contractor agreements, etc.
- Handle compliance and reporting, including securities, employment, financial, M&A, and more
- Audit legal and compliance practices
- Assist with due diligence
- Manage and lessen risk
- Help secure financing and startup capital
- Assist in crisis management and litigation
- Protect intellectual property
- Offer ethical guidance to company leadership, board members, and stakeholders
- Manage corporate real estate and other capital investments
The specific areas of law, legal responsibilities, roles, and relationships will depend on the attorney(s), the company leadership, and the changing needs of the business over time. Virtual general counsel arrangements are highly flexible and customizable.
How Can a Brooklyn Virtual General Counsel Lawyer Help?
The Fridman Law Firm offers expert legal advice in a variety of flexible models to meet the needs of entrepreneurs and startups. Our Brooklyn virtual general counsel lawyers have the knowledge and experience to grow your business, and we are invested in your success.
From initial business planning to a sale or IPO, we offer customized, scalable legal services. Contact us today or call 212-262-9823 to learn more about virtual general counsel.