What a Fractional General Counsel Does for Startups and SMEs
The fractional executive ecosystem is thriving, and for good reason. Companies understand and appreciate the value that experienced legal and business executives can provide, particularly when resources are limited during the early and growth stages of the business lifecycle. OGC has been a leader in this space for over two decades, serving companies across a range of industries by leveraging the significant talent and experience of former GCs and in-house counsel to support clients’ strategic initiatives and day-to-day legal needs.
A fractional general counsel helps startups and SMEs with a number of critical needs, including:
1. Risk Mitigation
Most founders and leadership teams are laser-focused on growing the business, with limited attention being given to the legal pitfalls inherent in some of their earliest decisions (how to structure the business, protecting valuable IP, and equity compensation plans, to name a few). Even with knowledge of these risks, many companies may simply lack the resources needed to hire a full-time in-house lawyer with the requisite experience or engage expensive law firm counsel. Because fractional GCs are a part-time resource, most companies can afford to hire them earlier on – gaining access to critical legal and industry knowledge that will not only help drive their growth, but also, proactively manage risk.
2. Actionable Legal Advice
In-house lawyers are trained to approach legal issues differently, by working collaboratively with internal business teams to develop creative, strategic solutions that balance a company’s day-to-day needs (e.g., managing a staff, balancing a budget, and hitting quarterly revenue targets) with larger organization priorities. Law firms tend to advise from a more theoretical perspective given the inherent time and cost constraints of their model. As former in-house lawyers, fractional GCs bring a business-first approach to their work, resulting in more practical, thoughtful, and judgement-level legal advice.
3. Collaboration
The best leaders are those who know when to seek input from colleagues and advisors. Simply put, collaboration fuels innovation. Whether brainstorming new ideas, discussing tactical options, or simply seeking a second set of eyes, founders and business leaders have much to gain by collaborating with an experienced and trusted legal advisor.
How Outside GC Structures Fractional General Counsel Engagements
Outside GC customizes fractional general counsel engagements to each client’s specific needs, including hours per week and remote or hybrid work. While a law firm may be available 24/7, its costly hourly rates and basic structure (training associates on client matters) tend to prohibit the creative problem-solving and trust relationships that emerge when a legal advisor is embedded within the company. With Outside GC, you are essentially adding an in-house lawyer, but without the overhead of a full-time salary and benefits.
We encourage you to read more about the benefits of a fractional GC arrangement. Outside GC’s team works with companies of all sizes and industries, providing part-time GC services tailored to the specific needs of each client. If you are interested in learning more, please contact us.