Table of Contents
- 1 When should I hire a general counsel startup?
- 2 When should I hire in-house counsel?
- 3 How do you become a general counsel of a startup?
- 4 Why does a company need a general counsel?
- 5 What do General in house lawyers do?
- 6 What qualifications do you need to be a general counsel?
- 7 Should your company hire an in-house attorney?
- 8 Should you hire an in-house counselor?
When should I hire a general counsel startup?
Many startups look to the size of their company when deciding whether to hire a GC. A common threshold is to hire a General Counsel when you hit the 100 employee mark. Other startups have hired a General Counsel as early as 10 employees.
When should I hire in-house counsel?
While every company and industry demand a slightly different strategy, it is generally time to consider hiring in-house legal experts when your operation is between 40-100 people. If you have complex or more extensive legal needs, you might consider hiring in-house counsel sooner.
How much do in-house general counsels make?
An experienced General Counsel with 10-19 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of AU$210,419 based on 23 salaries. In their late career (20 years and higher), employees earn an average total compensation of AU$214,615.
How do you become a general counsel of a startup?
As Legal Counsel, you will have:
- A UK legal qualification.
- Corporate law experience at a top-tier law firm.
- In-house experience, preferably within a high growth FinTech startup / scale-up.
- Approx 3-6 years’ total PQE.
- Experience applying to and engaging with financial regulators.
- Experience with data protection.
Why does a company need a general counsel?
A general counsel is considered a more traditional executive role within a company. The main focus of a GC is to manage a company’s legal compliance as well as corporate governance. The general counsel role is also more closely aligned with a high-level lawyer which ensures the company’s legal obligations are all met.
Why do companies need in-house counsel?
Companies need in-house counsel because it is cheaper and more efficient to prevent problems than to try to solve them after it is too late. In-house counsel can quickly become subject matter experts on the particular legal issues of most concern to the company, and save thousands of dollars on outside counsel fees.
What do General in house lawyers do?
In-house lawyers often assist with handlings transactions, acquiring new assets (especially property), dealing with regulators, and reducing their employer’s legal exposure when launching new products or services.
What qualifications do you need to be a general counsel?
An aspiring general counsel must have extensive education to qualify for a general counsel role. You will need to pursue and complete a bachelor’s degree from a four-year college. You will also need to complete a Juris Doctor degree from law school.
What role should your first in-house counsel play in your company?
In deciding what role your first in-house counsel will play, remember that you and your company will decide the extent to which he or she is integrated in the management team, which often depends on your salary constraints and the current and future needs of your company. Hiring your first in-house counsel can be challenging.
Should your company hire an in-house attorney?
For some companies, hiring an in-house attorney in anticipation of escalating legal costs make sense not because the hire will reduce the need for outside counsel, but because the attorney will have the expertise to choose and manage outside counsel in the most efficient way. Some common triggers for major legal bills are:
Should you hire an in-house counselor?
By taking on this additional work, your first in-house counsel can free up other employees to engage in work that better fits their role.
What triggers a business’ legal bills?
Some common triggers for major legal bills are: Significant company growth through an IPO or other large-scale financing. Entering into (or currently being in) a highly regulated industry. Developing, licensing, or acquiring intellectual property. Buying or leasing real property. Significantly growing your workforce.