Bringing a lawyer in-house is a major decision for an organisation – and it can come at a considerable cost. The benefits of having an in-house counsel are numerous and as such salaries for these individuals have risen steadily over the last decade. Whilst savings on external legal spending can often be achieved by bringing a lot of the (legal) work in-house, cost savings is rarely the prime motivating factor for a company when making this decision. For example, the commercial advantages of having a lawyer embedded within your business are of far greater significance than saving costs on external fees. Good in-house lawyers are able to think and act strategically, adapt to the business and offer legal advice in a commercial context. They can prove invaluable. But they are also hard to find.
As regulatory changes continue to affect the way companies conduct their business, there is now far more pressure, at the Board level, to ensure that the necessary legal and regulatory framework exists within the business. As the IPO market once again continues to gather momentum, there are significant commercial advantages of having an in-house lawyer on site to oversee and manage this process.
Whatever the reason a company has for hiring their first in-house counsel, Taylor Root has been helping organisations navigate this space for many years and frequently provides detailed insight and support to CEOs and HRDs. We host events for and network frequently with sole counsel and as such are extremely well connected within this community. It is an area we understand better than anybody.