Choosing the right outside counsel is critical to your company’s success, provided you find the right fit. Jana Gouchev recently addressed the key considerations when selecting an outside counsel, and explained how the right legal partner can help your organization thrive.
How Do You Know Which Outside Counsel is Right for You?
When it comes to identifying the right outside counsel for your company, there are a few key considerations to keep in mind. The first is simple, their personality. Does the personality of the firm align with the work ethic and style of the in-house team? Another one is a commercial mindset. Not many lawyers have a commercial mindset, and it’s so important. Attorneys with a commercial mindset will align with and earn the trust of business stakeholders. Finally, is the outside counsel passionate about the company they’re serving? Do they have buy-in? Everyone within the company will feel that.
How Do You Help Companies Control Their Legal Costs?
At Gouchev Law, we work to determine a sort of “sweet spot” for an hourly rate for companies of all sizes. What we provide is talent with a decade of experience at a global firm or a decade at an AmLaw 100 firm. Our people work twice as fast at half the price, which further stretches the legal budget. The level of management usually needed for outside counsel also isn’t necessary for us. So that is further cost savings because it frees up time to do bigger, higher-level things.
How Do You Work with In-House Legal Departments as Outside Counsel?
We become a powerful advocate for the organization; we want to be a true partner. That starts with a deep understanding of the organization’s long-term goals and a focus on elevating the profile of the GC and the in-house team within the company. And, of course, we’re also closing the deals in a diplomatic and friendly way.
How Can Outside Legal Counsel Help In-House Teams and Business Departments Be More Efficient?
At Gouchev Law, we know how to strike that perfect balance between the risks and the business’s goals, all while protecting the organization. This also demonstrates that the legal review will not put a damper on the deal. One thing that’s very unique about our firm is our ability to strategically embrace smart risk-taking when it makes sense.
Why is Capturing and Retaining Institutional Knowledge So Important?
The departure of one in-house lawyer alone can lead to significant delays in key transactions within a company. Engaging outside counsel that excels in retaining institutional knowledge can effectively address and resolve this pain point. The problem is that GCs have great difficulty finding outside counsel that knows how to retain institutional knowledge. My team not only knows how to build upon institutional knowledge, but we share it with everyone within the organization, and that avoids that knowledge drain.
About the Author
Jana Gouchev is the Managing Partner of Gouchev Law and a prominent corporate lawyer on the leading edge of technology law and complex commercial transactions. She delivers legal and commercial insight that propels companies forward. Jana's practice is focused on Corporate Law, Data Privacy and Information Security, Tech Law (consulting, SaaS, and AI), Complex Commercial Contracts, Intellectual Property, and M&A.
Jana is passionate about working with change-makers. Hailing from an AmLaw 50 firm, Jana is the right-hand counsel to executives of the world’s most innovative brands. Her client roster includes Estee Lauder, Hearst, Nissan, Squarespace, tech consulting firms, and SaaS companies. Jana is featured in Forbes, Bloomberg, The New York Law Journal, Law360, Modern Counsel, Inc., and Business Insider for her legal insights on including Tech Law, IP and Mergers and Acquisitions.
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