The term “general counsel” can confuse many business professionals who are unfamiliar with the complexities of the legal field. In the simplest terms, general counsel is the title given to a lawyer who serves in a managing legal role within a company. Put another way, a general counsel is the company’s chief legal officer.
A general counsel is tasked with guiding the company on legal matters as well as ensuring that the interests of the business are protected. This means that the general counsel is responsible for researching any laws or regulations which could affect the business and providing advice and counsel to the company on how to achieve greater legal compliance. Additionally, as the company’s legal representative in the event of a dispute or lawsuit, the general counsel is responsible for monitoring the legal status of the company and devising strategies to reduce the risk of litigation.
In addition to providing advice and handling disputes, the general counsel also plays a role in reviewing contracts and mitigating risk on behalf of the company. This means that the general counsel’s job includes looking for ways to reduce potential liabilities and to proactively structure deals and transactions in an advantageous way for the company.
For a business to provide its staff with the most comprehensive legal counsel, the general counsel should be someone with experience in various legal areas. This is why many companies now look for a general counsel who is fluent in the laws and regulations that pertain to the particular industry they’re in. For example, many technology startups employ a general counsel who is also a lawyer specializing in intellectual property, data privacy, copyright, and other tech-related matters.
Overall, the term “general counsel” can be used to describe the legal responsibilities of the company’s primary legal representative. A good general counsel will know how to protect the interests of the company and provide sound legal advice that helps the business to grow and reach its objectives.