Its time to change how we access legal services.

As a small business owner, the son of a serial entrepreneur, and a lawyer who works with entrepreneurs, growth oriented businesses, and their executives on a regular basis, I have learned that there is a constant companion to the excitement of business growth, the exhilaration of a new deal which makes you feel like you have the whole world in your hands, and the anticipation of moving to a new facility.  That companion is worry.  It’s a gnawing doubt that forces you to ask yourself in the still of the night: Is everything in place?  Is our agreement solid and enforceable? Is that contract flexible enough for us to achieve what we need to do? Are the terms of this lease too restrictive on growth?  Are my personal assets really protected if this deal falls apart? How do I get out of this if it does not work out well?  Will firing that toxic employee expose us to legal risk that might de-rail our strategic plan?

            These doubts and fears, if allowed to fester and crowd out your sense of optimism, can paralyze growth, force opportunities to go wanting, and transform a business from that grand adventure which once filled you with hope, excitement, and a sense of purpose into a dark and foreboding gulag where you sit, trapped, constantly breaking rocks, too scared of what might happen if you put down the hammer and look to the sky. 

            Fortunately, resilience in the face of doubt and fear is one of the key traits of successful business owners and entrepreneurial types.  These are people who can put aside the gnawing concerns, suppress the doubts, and force the fear into a small space where it cannot overwhelm the entrepreneurial dream.   This is sometimes the default of those of us who are busy working in our business, focusing on the big picture, and executing on the technical aspects of production.  There is a tendency to ignore the fear and hope that the questions either resolve themselves, or never come to fruition.  We comfort ourselves, in this ever-connected world where information is at our fingertips, with the knowledge that we can download basic agreements, checklists, contracts and other legal documents with the click of a button.  These generic, on-line solutions allow the task to be completed and give us a veneer of confidence as we whistle past the graveyard, trying not to think of what may lurk in the shadows.  However, the doubts and fears are resilient in their own right.  They linger and whisper to us in the night, persistently and despite our best efforts at optimism. 

Large Corporate entities silence these fears through the office of their General Counsel and a staff of in-house lawyers who seek to assuage concerns, minimize risks and resolve issues when they do arise.  This leaves the business executives free to focus on strategic corporate goals and the implementation of their plans.  The down side to this approach is that it is expensive and can often lead to a culture of risk aversion, turning the once-nimble disruptor into the slow, uninspiring leviathan. 

Another approach is to hire outside counsel on an ad-hoc basis to address issues as they arise or to allay the greatest of the doubts and concerns long enough to allow the company to move forward.  Often this means hiring a lawyer who is not integrated into your business, has little understanding of your core strategic goals and no real empathy for the underlying dream.  While they will be able to address the issue presented, they will often do so while billing by the hour at an exorbitant rate, which discourages the business owner from addressing related or bigger issues and encourages the lawyer to be slow and inefficient.  The result is that the most pressing concerns gets addressed, but at a cost which disrupts the business momentum, disturbs cash flow, and leaves the persistent nagging concerns whispering in the background.

Confidence and peace of mind are vital in order to allow the business owner to identify opportunities, take risks, and grow their business in accordance with their overarching vision while maintaining the optimism and excitement which prompted the creation of the venture.  Legal services should help foster this sense of confidence and provide peace of mind.

The usual approaches to risk management, legal planning and regulatory compliance, are inadequate in that they either fail to give true confidence and peace of mind or they degrade the ability to be nimble, visionary and growth orientated.  They can offer varying degrees of peace of mind, but at an unacceptable cost in terms of time, money, energy, culture, and direction.   What is needed is a pro-active approach to integrate legal planning, risk mitigation, and day to day compliance with the overall strategic business framework.  Outsourced general counsel agreements can offer this solution.  By limiting the number of clients and committing to integrate into their client’s business, learn the culture, and internalize the company’s vision, a lawyer offering outsourced general counsel services can silence the whispering doubts and provide the confidence and peace of mind that comes with knowing that the legal issues will be addressed in a timely, efficient manner, consistent with the business’ values, strategy, and vision. 

The out-sourced general counsel model can ensure that long-term legal planning and compliance is integrated into your business model for a predictable, recurring monthly fee that is substantially lower than setting up an in-house legal department, and is less disruptive and expensive than retaining outside counsel under the traditional hourly billable model. This new approach to legal services is relationship-based.  It encourages the lawyer to form a relationship with the business, encourages relationships between key stakeholders within the business, and encourages free-ranging discussions about the business goals, dreams and fears. These discussions allow for long-term, forward-looking, and integrated legal advice.  The result is that the gnawing doubts shrink while vision, productivity and growth expand.

Like many aspects of the modern, fast-paced, entrepreneurial business, the way we access legal services and implement legal advice must change.  If we are to compete with the big box companies, remain disruptive and increase innovation we cannot rely upon the old, outdated model.  Rather, we must seek modern, nimble, and innovative ways to utilize legal services.  Entering into an outsourced general counsel agreement allows you to do this in a way that is customized for your business.

At Maughan Law Group LC we strive to facilitate your version of the American Dream and to help you maintain the focus you need to thrive.  By working with business clients on a flat fee basis, and as out-sourced general counsel to qualifying client on a predictable monthly contract basis, our firm strives to become that trusted legal advisor who can give you peace of mind allowing your business to thrive.