Managing Risk: How Fractional General Counsel Assists With Compliance and Governance
When it comes to managing the risks associated with running a business, there are few more important tasks than making sure of compliance with laws and maintaining strong governance practices. For businesses, particularly smaller and mid-sized ones, having an in-house legal team may not be financially feasible.
However, a fractional general counsel attorney can provide a valuable solution to help businesses manage their legal responsibilities effectively. Serving Chillicothe, Ohio, Sigall Law Firm is here to help. Here’s a look at how a fractional general counsel attorney helps businesses handle compliance and governance, making sure that risks are properly managed and mitigated.
What Is a Fractional General Counsel Attorney?
A fractional general counsel attorney provides legal services to businesses on a part-time or contract basis. This means that companies benefit from experienced legal guidance without the cost and commitment of hiring a full-time in-house counsel.
The fractional general counsel attorney acts as an extension of a company’s team, offering advice and support on a wide range of legal matters, from compliance with laws and regulations to corporate governance practices.
Fractional general counsel attorneys can be hired for specific projects or on an ongoing basis, depending on the needs of the business. This flexible approach makes it an ideal solution for many businesses that require high-level legal experience but don’t need a full-time attorney on staff.
Fractional General Counsel Attorneys in Compliance
One of the primary roles of a fractional general counsel attorney is to help businesses stay compliant with the ever-changing laws and regulations. Compliance is essential not only to avoid legal pitfalls but also to foster a good reputation and build trust with clients, customers, and stakeholders.
Staying Up to Date With Regulations
Laws and regulations evolve constantly. What was acceptable a year ago might no longer meet the legal requirements today. This can be particularly challenging for businesses that operate across multiple jurisdictions or industries, where the rules may differ.
A fractional general counsel attorney can help businesses stay informed about changes in laws that affect their operations. Whether it’s industry-specific regulations, data protection laws, or financial reporting standards, having an experienced attorney by your side makes sure your business isn’t caught off guard by new requirements.
Assessing and Mitigating Legal Risks
Every business faces risks—whether they’re related to contracts, intellectual property, employee relations, or environmental matters. A fractional general counsel attorney can assist with identifying potential legal risks before they become significant problems.
By conducting regular risk assessments, the attorney helps businesses pinpoint areas where they may be exposed to liability. Once the risks are identified, the attorney can offer solutions to mitigate them. This could include revising contracts, improving internal procedures, or offering training to employees on legal matters relevant to their roles.
Creating and Implementing Compliance Programs
A fractional general counsel attorney can also help develop and implement compliance programs tailored to the unique needs of the business. These programs help businesses operate within the legal boundaries set by governing authorities.
The attorney will work with the company to design and roll out policies that address areas such as workplace safety, anti-corruption measures, data privacy, and environmental practices. These programs provide guidelines for the company to operate legally and ethically, reducing the risk of non-compliance and the penalties that may result.
Fractional General Counsel Attorneys in Governance
Good governance is essential to the long-term success of any business. It helps establish accountability, transparency, and trust. With the right legal guidance, businesses can strengthen their governance and set a strong foundation for sustainable growth.
Board Governance and Fiduciary Duties
For businesses with boards of directors or advisory boards, it’s crucial to understand the fiduciary duties that board members owe to the company and its shareholders. A fractional general counsel attorney can provide advice on corporate governance matters, including making sure that board members understand their legal obligations.
From setting up proper meetings and keeping accurate minutes to advising on conflict-of-interest policies, a fractional general counsel attorney makes sure that the governance structure remains sound. They can also guide board members in making decisions that comply with corporate law and benefit the company’s long-term goals.
Corporate Structure and Compliance With Corporate Laws
A fractional general counsel attorney helps businesses maintain proper corporate structures and makes sure they comply with relevant corporate laws. Whether the business is a corporation, LLC, or partnership, the attorney helps the company comply with the laws governing that structure, including filings, reporting requirements, and shareholder agreements.
Having a solid legal structure in place allows the business to operate more smoothly, avoid legal disputes, and protect its assets. The fractional general counsel attorney can also help with corporate governance matters like shareholder rights, mergers and acquisitions, and the development of corporate policies.
Contracts and Corporate Policies
Contracts are a core part of any business’s operations, but they can also pose significant risks if not handled correctly. A fractional general counsel attorney plays a vital role in overseeing the negotiation, drafting, and review of contracts to make sure they align with both legal requirements and the business’s best interests.
Additionally, the attorney will help develop and enforce corporate policies that align with governance standards. These policies could include guidelines for:
Executive compensation
Employee conduct
Dispute resolution, and more
Clear, legally sound policies are crucial for maintaining good governance and preventing potential legal conflicts.
The Benefits of Working With a Fractional General Counsel Attorney
There are several advantages to having a fractional general counsel attorney on your team, particularly when it comes to compliance and governance.
Cost-Effective Legal Support
For many businesses, the cost of hiring a full-time general counsel may not be justifiable. A fractional general counsel attorney provides access to top-tier legal experience at a fraction of the cost. This allows businesses to receive high-level legal counsel without the expense of a full-time attorney on staff.
Experience Without Overhead
A fractional general counsel attorney brings years of experience in business law, regulatory compliance, and corporate governance. This experience is invaluable for companies looking to strengthen their legal standing but who may not have the resources to hire a full-time legal team.
Flexibility to Meet Your Needs
One of the best things about working with a fractional general counsel attorney is the flexibility they offer. Businesses can engage the attorney for specific projects or on an ongoing basis, depending on their needs. This flexible arrangement allows businesses to get the legal assistance they need without being locked into a long-term commitment.
A Strategic Partner for Growth
With the right legal guidance, businesses can take calculated risks that foster growth and innovation. A fractional general counsel attorney is more than just a legal advisor—they’re a strategic partner who helps the business make decisions that are both legally sound and in line with long-term goals.
How a Fractional General Counsel Attorney Can Help During a Crisis
While compliance and governance are essential for day-to-day operations, a fractional general counsel attorney can also provide valuable assistance when a crisis arises. Whether it’s a regulatory investigation, a contract dispute, or a cybersecurity breach, the attorney can step in to provide immediate legal support.
By having a fractional general counsel attorney involved in the business’s crisis management plan, the company is better equipped to handle unforeseen challenges. The attorney can advise on communication strategies, manage legal risks, and represent the company’s interests in negotiations or litigation.
Reach Out Today
A fractional general counsel attorney helps businesses manage compliance and governance, which can’t be overstated. Whether you're a startup or an established company, working with a fractional general counsel attorney gives you access to experienced legal guidance without the high costs associated with a full-time in-house team. Sigall Law Firm serves clients in Chillicothe, Ohio. Get in touch today.