What is a general counsel role?
A general counsel, sometimes called GC, chief legal officer, or corporate counsel, is a company’s main attorney and primary source of legal advice… The GC’s day-to-day job can touch on all areas of a company, handling legal issues for every department and making sure all marketing communications are above the board.
What is the difference between corporate counsel and general counsel?
General Counsel is typically the title given to the highest ranking in-house lawyer within a legal department, and that person is usually a c-suite executive like the COO or CFO of an organization. Corporate counsel is simply a job title within a legal department.
How do I become an effective general counsel?
Cultural fit and integrity are the two most important qualities for an effective general counsel. To maximize the likelihood for a successful general counsel, there should be a clear understanding of the values and priorities for the organization and the GC, as well as input from diverse perspectives and stakeholders.
What is outside general counsel?
Many businesses rely upon outside counsel to act as their in-house and general counsel. As outside general counsel, we coordinate and oversee: SEC and state securities law filings and reporting obligations. Commercial contracts, licensing agreements and strategic transactions.
Can you be general counsel to more than one company?
The ABA and California rules are clear that holding multiple “of counsel” positions simultaneously is permissible.
Is general counsel an employee?
The most obvious difference is that a fractional general counsel is not an employee of the company. When a company hires in-house counsel, it must pay employment taxes, benefits, and overhead for the attorney besides paying the attorney’s salary.
What does a general counsel earn?
The highest salary for a General Counsel in United States is $323,250 per year.
When should a company hire a general counsel?
A common threshold is to hire a General Counsel when you hit the 100 employee mark. Other startups have hired a General Counsel as early as 10 employees. Although the size of your company may be a good metric, what could be a more important factor is how much money you have to spend on needed legal bills as a company.
What does it mean if an attorney is of counsel?
Typically, the designation “of counsel” means an attorney who is employed by a firm but not as an associate or partner. Often the designee is a former judge or government official transitioning to private practice.
Is Counsel higher than partner?
Of counsel is, by definition, an interesting position. It is not a partner, and it is not an associate. The role has a “permanence” about it, unlike the associates. Someone who is “of counsel” in a legal office is generally someone who has been around a while and will also stay around.
What is the difference between attorney and counsel?
Technically, “lawyer” is the more general term, referring to one who practices law. “Counsel” may refer to but one lawyer {opposing counsel says} or, as a plural, to more than one lawyer {opposing counsel say}.