What is Legal Counsel?
Legal counsel can be referred to as an individual or organization that offers people advisory services that deal with various matters, most especially legal issues that involve negotiations. Legal counsel uses interchangeably with the title of Lawyer.
Who is a Legal Counsel?
Legal counsel is a person (Lawyers) who work in-house at organizations, and give legal advice, guidance on law matters are known as Legal counsel.
Another thing is that they help you review and draft all the legal documents, manage and legal risks faced by the organization, and conduct negotiations on behalf of the company.
Here are some of their duties and task:
- Represents their clients or organization in the court.
- They interview the clients to determine the issues they face and recommend them with the appropriate legal action course.
- Reviewing and drafting of contracts as well as other legal documents for the organization.
Other task and duties are performed by the legal counsel for the company which they are representing.
Legal Counsel – Functions in Business
This aspect reveals how legal counsel handles all law-related matters that a company encounters:
- Negotiating settlement terms with individuals of interest
- Documenting and filing documents related to Intellectual Property
- Drafting legal documents as required by the company, based on situations and clients
- Handling legal disputes with other corporations or individuals
- Documenting and filing taxes according to different systems of taxation
- Managing legal risk
- Researching different laws and regulations in various geographic and political environments
Reason For Legal Counselors
This is because Lawyers often tend to specialize in a single area of practice, such as real estate, bankruptcy, intellectual property, immigration, negotiation, and many more.
For that reason, any company that does not employ in-house legal counsellors has to pursue different individual lawyers for various legal matters.
In another way, a legal counsellor functions as a general lawyer who handles all the legal matters in a company. They reduce the costs of recruitment and the need for multiple individual lawyers.
Importance of Legal Counsel
We are going to list out some of the importance of legal counsel, and these include:
- It saves your money
- It validates your company
- Saves you time
- It helps you consider the future
- Good counsel knows the industry players
Considering the above details is the best thing, as you do have to manage your counsel. After everything, you are responsible for every item on your documents; you only care about your paper than any other person.