Menu
Sweet spot is offering general counsel services on a part-time or “fractional general counsel” basis, as opposed to a full time or permanent basis. This business model is sometimes referred to as an “outsourced general counsel.”
Traditional law firms generally provide high quality services, but such firms have to recover the cost of their offices, conference rooms, libraries and support staff, so the cost of their services tends to be high. In addition, smaller companies that manage their legal spend closely may not always get the prompt attention from law firms that they would like, as law firms, quite rationally, give higher priority to their larger clients with significant recurring legal needs.
The in-house counsel model avoids these drawbacks. Purchasing legal services via the in-house model is much more cost-effective, as the client effectively purchases legal services at wholesale rates. In-house lawyers also tend to be better business partners because of their knowledge of the business and the client organization and their ability to implement practical and effective solutions. Unfortunately, this approach to purchasing legal services is very “lumpy,” and it may not make financial sense for a small or medium size firm to invest in a corporate legal department. A recent article in Forbes reported that companies that have at least $20 million in annual revenue or more than 40 employees should consider hiring their first in-house counsel. It may not make sense for smaller firms to invest in a legal department.
Approach combines the best elements of the law firm and in-house business models by allowing clients to purchase high quality “in-house style” legal services, at in-house cost levels, on an as-needed/variable cost basis. Promethean attorneys can provide strategic guidance to business leaders, helping them navigate legal complexities and align legal strategies with overall business goals. We can also offer management consulting or procurement services to clients as needed. Because of Promethean’s efficient cost structure, our fees are very likely to be significantly lower than a traditional law firm. Our goal is to guide our clients to make the best business and legal decisions.
Fee arrangements can be structured to meet the needs of the client. Legal services can be provided on an hourly, daily or fixed fee basis. Our attorneys work remotely on client matters.
Promethean’s business model offers several benefits for its clients, including the following:
Promethean provides access to high-quality legal advice without the overhead costs associated with a full-time general counsel.
Promethean can offer clients fixed fees or retainer agreements. This provides clients with greater predictability regarding legal costs, making it easier for them to budget for legal services.
Clients can tailor the level of legal support to their specific needs, allowing businesses to scale legal services up or down based on their current requirements, providing a more dynamic and adaptable solution.
Businesses can tap into the expertise of Promethean’s experienced legal professionals who have a wealth of knowledge gained from working with various clients and industries.
By outsourcing legal functions to Promethean attorneys businesses can focus on their core competencies without the distraction of managing an in-house legal team. This can lead to increased efficiency and productivity.
Having access to legal advice on an ongoing basis allows businesses to proactively manage and mitigate legal risks.