If you’re in a situation where you’re considering legal counsel in your board meeting, here are some situations where it may come in handy.
Your business is growing
If your business is growing fast, you may already have some important stakeholders involved in everyday decision making. Having a legal expert at the table can help ease some of your anxieties. A legal representative can offer their expertise when it comes to mitigating risk. In addition, they may pick up on potential risks that other directors or management may not have considered.
You’re finding it hard to keep up with changing laws and regulations in your industry
Having a legal presence can help future-proof your business as you continue to grow. It could also work to alleviate the concerns of other stakeholders as you navigate complex regulation changes and the legal questions that follow.
During a period of growth, industry changes, or even as you’re starting out, it’s a good idea to get a legal expert on board to ensure your business is complying with relevant laws and regulations within your industry. Knowing there’s someone in the room who can answer questions and offer advice on important legal considerations is a big plus, and can save you time.
You’re dealing with a difficult project or period in your business
If you’re currently working through some big changes to your business, or a difficult project, you may already feel out of your depth. If you’re having trouble fielding legal questions from stakeholders, it’s best to have a legal rep by your side who can offer the knowledge and expertise that will keep your head above water.
You need a neutral, outsider’s perspective
One great reason to get a legal expert to sit in your board meetings is they may be the only neutral contributor in the room. Most of the people at your table are likely heavily involved in your business and may have trouble seeing things objectively. Sometimes this can result in action being taken that may damage your business.
Having legal counsel sit in on meetings with stakeholders will help manage expectations around risk, and help your business leaders make informed decisions. This way, you can help prevent unwanted problems and keep your stakeholders happy.
Where to start looking for a legal expert
If you’re ready to find a legal representative to sit in your next important board meeting, we can help. Lakis & Knight has advised many boards when it comes to legal matters, and we’d love to help you, too. Our team of legal experts can offer valuable insights and advice that may save you a lot of time and trouble down the track. Get in touch with us today to find out how we can help.