As more companies are choosing to hire an in-house general counsel, there are going to be plenty of obstacles to overcome during the transition. While this role is challenging, making your mark on a company can be incredibly rewarding. As you work out the kinks and improve company processes, protect yourself with a comprehensive Indianapolis Lawyer Professional Liability insurance policy.
Apart from providing the right legal advice and guidance to the company, you’ll likely have to revamp dated processes and procedures. This means improving the organizational structure to ensure full compliance with the law.
For example, Liz Verrier who became general counsel of B2R financing, discussed with Inside Counsel her challenges of reducing spending on outside counsel. After speaking with employees in both offices, Verrier soon realized that “any and everybody [within the company] was contacting outside counsel, sometimes on the same exact issue,” says the article. As this was costing the company upwards of $600 an hour, she was proactive about redirecting all legal advice to her before seeking any outside counsel, thus reducing spending significantly.
However, it is important to note that many general counsel members are thrown into their work and expected to perform. They often don’t have the luxury of getting acquainted with the company before they must start defending and developing law strategy. Furthermore, as they are the only legal resource of the business, they are obligated to complete requests and deadlines regardless of time or number of staff available.
With practice, time, and the right insurance policies to defend you, becoming an in-house general counsel will be a great step in your career.
If your first order of business is a new professional liability policy, call Walker & Associates Insurance at (888) 760-7292. Since being founded in 1960, our firm has provided comprehensive insurance policies for thousands of satisfied clients.