Business owners have to understand an array of legal frameworks on state, federal and local levels. Even just the act of staying up to date with all of these laws is essentially a full-time job.
Thus, you could focus on hiring in-house counsel and have them take care of managing and understanding all related legal matters.
Save money by outsourcing
Why should you outsource your counsel in the first place, though? Saving money is one big potential reason to do so. The average in-house attorney earns between $207,000 and $271,000 a year, which makes an attorney on par with C-level executives.
Identify your risks
Forbes discusses a few additional things you should keep an eye out for when turning to an outside source for counsel, too. First, they can help you identify risks. Even the savviest of business owners do not have the legal experience necessary to identify every possible risk. Outsourced counsel can review your employee handbook, review your business structure and more, ensuring everything complies with all laws.
Gather multiple opinions
Next, outsourcing your counsel allows you to access the knowledge and opinions of multiple attorneys at once, rather than relying on one alone. This diversification of knowledge and perspectives can help you miss things that might have otherwise gone under the radar.
Get a fresh eye
Finally, it lets you avoid groupthink. Outsourcing counsel allows you to converse with people who do not have a close relationship with the leaders of the company. This means they often come with unique perspectives and can offer advice that no one else would have thought to put forward, making them a valuable asset as a whole.