JUNE 11, 2021
What is a Fractional In-house General Counsel or a Fraction Chief Legal Officer?
According to salarly.com the median salary of a General Counsel in Fargo is $316,490. Whether this is accurate or not, I don’t know, but needless to say the hiring of a General Counsel is not an inexpensive position for a company. Hiring a Fraction General Counsel or a Fractional Chief Legal Officer is much less costly and may allow a smaller company to accomplish the purpose of hiring a general counsel without the burdensome cost.
Why use a Fraction Chief Legal Officer instead?
The idea of fractional officers in a company is a trend that has been growing significantly in the last ten years. One of the reasons that there is this trend is due to the available technology and the changing dynamics in the workplace. A fractional officer is typically a part-time or on demand position that a company hires a subject matter expert to fill. Examples of fractional officers currently in use by business include CFOs, COOs, CTOs, CIOs, CLOs, General Counsels, and so forth. Fractional Chief Legal Officers can provide a valuable service to a company at a fraction of the cost as to what it would take to hire a full time General Counsel or Chief Legal Officer.
Some of the benefits of hiring a Fraction Chief Legal Officer include:
- A Fraction Chief Legal Officer is essentially a part-time In-house attorney.
- A Fraction Chief Legal Officer can meet with the key team once of month to stay knowledgeable of issues, key vendors, key customers, risks, strategies, and compliance.
- Having an available Chief Legal Officer at the organization can help provide credibility to the organization.
- A Fraction Chief Legal Officer can send letters on the organizations behalf which may precipitate a different result than what a letter from a non-attorney may precipitate.
- Entities are properly maintained to mitigate the risk of personal liability. Control documents and proper organizational compliance is reviewed.
- Contracts are reviewed and drafted to allocate and mitigate risk.
- Intellectual property including patents, trademarks, trade secrets, and copyrights are reviewed to ensure the organization is fully benefiting and protecting from the intellectual property.
We at Fargo Patent and Business Law have experience running businesses and understand business. This unique trait can help bridge the gap between the needs of business and the demands of the legal system. If you have a question, please don’t hesitate to reach out.
Fargo Patent & Business Law, PLLC – in**@fa************.com – 701-566-7571