There are no hard-and-fast rules for when a startup should consider hiring a general counsel, but there are several factors to keep in mind. Corporate Services Attorney Roth Kehoe, who has worked closely with emerging growth companies, addresses in the Daily Report how company spending on legal services should be a huge consideration.
"I really think it's a question of 'When do you want to stop buying things retail and start buying them wholesale?" Mr. Kehoe said. "You can lean on an external law firm to fill that outside general counsel role, but at some point you just cross the bridge of deciding that you've got so much happening internally that you're going to spend so much on that external resource that it makes sense to bring in an internal resource."
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