If you’re launching a new business venture, there’s a chance you’ll want to enlist a trusted attorney to help along the way. While it may be helpful to use them for negotiations and contracts, here are a few other ways you can best leverage your Outside General Counsel (OGC) attorney to go beyond transactional services to become an integral part of your startup’s growth journey. Let’s take a look!
- Understanding the Role of an Outside General Counsel (OGC): An Outside General Counsel is a seasoned legal professional who operates as a strategic partner rather than a mere service provider. Unlike traditional legal counsel, an OGC develops a deep understanding of the startup’s vision, goals, and challenges. This symbiotic relationship allows the OGC to provide tailored legal guidance that aligns with the startup’s growth trajectory.
- Strategic Legal Roadmap: At the heart of every startup’s success is a strategic roadmap. An OGC works closely with the startup’s leadership to chart out a legal strategy that not only ensures compliance but also proactively addresses potential hurdles. This includes selecting the appropriate legal structure, securing intellectual property rights, and drafting contracts that safeguard the startup’s interests.
- Risk Management and Compliance: Navigating the complex web of legal regulations is a formidable task for any startup. An OGC takes the reins of compliance, ensuring that the startup adheres to industry-specific regulations and avoids potential legal pitfalls. By staying ahead of regulatory changes, the OGC shields the startup from potential liabilities that could hinder growth.
- Contractual Agreements: In the startup ecosystem, contracts play a pivotal role in partnerships, collaborations, and client relationships. An OGC drafts and negotiates contracts that are not only legally sound but also strategically advantageous. From client agreements to vendor contracts, the OGC’s expertise in contractual matters paves the way for favorable terms that promote growth.
- Funding and Investment: Securing funding is a critical juncture in a startup’s growth journey. An OGC with a deep understanding of the startup’s financial landscape can streamline the fundraising process. They provide guidance on structuring investment deals, conducting due diligence, and ensuring compliance with securities laws, all of which are vital to attracting investors and fueling growth.
- Mergers and Acquisitions (M&A): As a startup evolves, M&A opportunities may arise. An OGC brings valuable insights to the negotiation table, assisting in due diligence, structuring deals, and navigating legal complexities. Whether the startup is acquiring another business or being acquired, the OGC ensures that the legal transition is seamless and aligns with the startup’s growth strategy.
- Employment and Human Resources: The startup’s workforce is its lifeblood. An OGC provides guidance on employment contracts, equity incentives, and compliance with labor laws. By fostering a positive work environment and ensuring legal compliance, the startup can attract top talent and retain valuable team members, thus contributing to sustained growth.
The journey from startup to growth is a challenging and exhilarating expedition. In this expedition, an Outside General Counsel acts as a compass, guiding the startup through legal landscapes and ensuring that each step is strategically sound. Beyond offering legal expertise, an OGC becomes a trusted partner who shares in the startup’s vision and is committed to its success.
This blog post is written by an attorney at Cooper & Huber, LLP. It is for general educational purposes only and is not intended as legal advice or a solicitation for services. We hope it helps you or empowers you to seek next steps in your legal matters. Cooper & Huber attorneys handle an array of personal and business law matters throughout California. You can contact us at www.chcounsel.com or 213.423.1163.