House counsel are attorneys working either internally or externally to a company. Primarily, these lawyers provide legal advice to the company and assist with risk management and compliance. This ensures the company operates in an acceptable legal framework and allows the company to seek legal assistance if needed.
What Services Does a House Counsel Provide?
Generally, a house counsel lawyer provides advice and counsel to the company, and assists the company in various legal matters as needed. These may include providing general legal advice, drafting legal documents, preparing contracts or conducting research and analysis into legal matters. In addition, house counsel may also provide support in negotiation, litigation, public relations, investigations and regulatory compliance. Depending on the company’s needs and resources, the house counsel lawyer may specialize in specific practice areas.
How Can House Counsel Benefit a Company?
Having a dedicated house counsel lawyer on staff can benefit a company in many ways. It offers an internal resource for legal issues, helping to manage the company’s risk and ensuring compliance with regulations and legal frameworks. This can help the company save money and time by avoiding using expensive external services to resolve legal matters. House counsel can also provide timely support and expertise as and when needed, such as providing guidance or reviewing documents.
Examples of House Counsel
For small companies, house counsel lawyers typically serve as the primary source of legal advice and support. In larger companies, however, the role of house counsel may be specialized according to the company’s needs. For example, financial services firms often have separate house counsel lawyers for each of their practice areas. Similarly, legal departments in large corporations often also have specialist house counsel lawyers.
Conclusion
House counsel lawyers are an increasingly important part of the legal services industry and can offer a number of benefits to businesses. By providing knowledgeable and timely advice, they can help companies manage risk, comply with regulations and save money on legal costs. They can be especially useful for small companies, giving them access to skilled and experienced lawyers without the need to hire expensive external services.