As your family office continues to grow, and you have more complex legal issues to deal with on an ongoing basis, it may be time to consider going “in-house”.
In-house counsel can handle almost all of your business and personal matters and even identify potential problems before they occur to prevent them from happening. The right attorney, should become part of your executive management team, and help support your strategic goals.
The successful individual must be a true “fit” for the culture and the overall environment, and completely aligned with the vision and goals of the family office. Having top flight legal advice in your office can be invaluable as it relates to issues that may seem trivial or significant.
They can provide a level of comfort just knowing that whenever anyone in the organization has a legal question, that it can be resolved immediately. In addition, they can gain incredible knowledge of your business relationships that can prove to be invaluable especially with deal closings.
They can function as a liaison to the external counsel, which can save the family members a lot of time, and make sure that matters are being handled properly. They can also keep the billing costs at a reasonable level by reviewing all of the legal bills.
Similar to having a CFO at your beck and call for all of your financial matters, once your family office reaches a certain level, we highly recommend considering bringing your legal function In-house as well.
For additional information on the pros and cons of hiring an In-house counsel, and determining when would be the appropriate time to consider that decision, please contact: Michael F. Rosenblatt, President of FON Search and The Quest Organization at 212-971-0033 or via email at firstname.lastname@example.org