Choose the Right Outside General Counsel: Fractional CLO's Guide
Choosing the right outside general counsel for your business is an important decision that can have a significant impact on your success. Fractional Chief Legal Officers (CLOs) can provide valuable support in this process, helping you identify the right attorney for your needs and navigate the complex world of legal services.
One of the key ways that Fractional CLOs can help you choose an outside general counsel is by providing expert guidance on what to look for in an attorney. Fractional CLOs have a deep understanding of the legal landscape and a wealth of experience working with businesses across various industries and stages of growth. They can provide valuable insights into what qualities and qualifications to look for in an outside general counsel, based on your specific business needs and goals.
The Role of Fractional CLOs in Choosing Outside General Counsel
For example, a Fractional CLO may recommend looking for an outside general counsel with experience in your industry, expertise in the specific legal issues you face, and a track record of successful outcomes. They may also suggest considering factors such as the attorney's communication style, approach to client service, and ability to provide strategic guidance that aligns with your overall business objectives.
Evaluating Potential Attorneys and Negotiating Agreements
In addition to providing guidance on what to look for, Fractional CLOs can also help you evaluate potential outside general counsel attorneys. By conducting research, reviewing resumes and credentials, and conducting interviews, Fractional CLOs can help you narrow down your options and choose the best attorney for your business.
Fractional CLOs can also provide valuable support in negotiating fee arrangements and service level agreements with outside general counsel. They can help you understand the various pricing models and billing practices used by law firms, and develop a fee structure that aligns with your budget and legal needs. This can help you maximize the value of your legal spend and ensure that you are getting the right level of support from your outside general counsel.
Navigating the Legal Market and Building a Comprehensive Support System
Another way that Fractional CLOs can support you in choosing an outside general counsel is by providing valuable insights into the legal market. Because they work with a wide range of attorneys and legal services providers, Fractional CLOs can provide valuable information on which firms and attorneys are reputable and reliable, as well as which ones may not be a good fit for your business.
Fractional CLOs can also help you assess the cultural fit between your business and potential outside general counsel. They can provide guidance on how to evaluate an attorney's communication style, responsiveness, and approach to client service, and help you choose an outside general counsel who will be a good match for your business's values and working style.
Overall, Fractional CLOs can provide valuable support in choosing an outside general counsel for your business. By providing expert guidance, conducting research and evaluations, and providing insights into the legal market, Fractional CLOs can help you make an informed, strategic decision that will support your business's success.
It's worth noting that while outside general counsel can be a valuable resource for businesses, they are not a substitute for the strategic guidance and proactive risk management provided by Fractional CLOs. In fact, many businesses choose to work with both a Fractional CLO and an outside general counsel, leveraging the unique strengths and expertise of each to build a comprehensive legal support system.
By working with a Fractional CLO to choose the right outside general counsel and manage the relationship effectively, businesses can ensure that they are getting the right level of legal support to meet their needs and achieve their goals. With the right legal team in place, businesses can focus on what they do best – growing and succeeding in today's competitive marketplace.
