Fractional CLO Support: A Proactive Approach
Proactive Support vs. Traditional Legal Services
Fractional Chief Legal Officer (CLO) services are emerging as important resources for businesses looking to avoid legal disputes and save money on legal fees. While many businesses are familiar with the traditional roles played by in-house general counsel attorneys and outside general counsel attorneys, the work performed by Fractional CLOs can be quite different and can provide unique benefits to businesses.
Fractional CLOs typically focus on providing proactive support to businesses, helping them to avoid legal issues before they arise. This can involve providing guidance on compliance with laws and regulations, as well as training employees on legal best practices. In contrast, in-house general counsel attorneys and outside general counsel attorneys are often called upon to address legal issues after they have already occurred, often at a higher cost to the business.
Legal Check-Ups and Comprehensive Support Plans
One of the key ways that Fractional CLOs can help businesses avoid legal disputes and save money on legal fees is by providing regular legal check-ups. These check-ups can help businesses identify potential legal issues and take steps to address them before they become major problems. This proactive approach can prevent costly legal battles and help businesses avoid the time and expense associated with dealing with legal issues.
In addition to providing regular legal check-ups, Fractional CLOs can also help businesses create comprehensive legal support plans. These plans can outline the steps that businesses can take to protect themselves from legal issues, including implementing policies and procedures to ensure compliance with laws and regulations. By having a clear plan in place, businesses can be better prepared to deal with legal issues if they do arise, and can take steps to minimize the potential impact on the business.
Moreover, Fractional CLOs can provide these services at a significantly lower cost compared to hiring a full-time Chief Legal Officer. The annual cost of a Fractional CLO service is typically around one-third of the average total compensation of a Chief Legal Officer in the United States, estimated at $342,000 per year. (Very small businesses may pay even less!) By leveraging the expertise of a Fractional CLO, businesses can access proactive legal support and comprehensive legal planning while optimizing their legal spend and allocating resources more efficiently.
Overall, Fractional CLO services can provide a valuable service to businesses looking to avoid legal disputes and save money on legal fees. By focusing on proactive support and helping businesses implement effective legal strategies, Fractional CLOs can help businesses navigate the complex legal landscape, protect their bottom line, and achieve their growth objectives.
