According to a February 2013 CNN Money article, the cost of an employee is actually 18% to 26% more than the employee’s base salary. So, an employee earning a base salary of $70,000 per year could actually end up costing the employer approximately $88,000 per year, after factoring in various taxes and possible employee benefit compensation.
With profitability and margins being sliced to the bone in a sluggish economy, it is critical that companies focus on maximizing the value attributable to their employee base. This is done by retaining employees that are essential to the core business function of providing the product or service and outsourcing business support services and activities that do not contribute to the bottom line, that are periodic in nature or that can be modularized and scheduled to be provided by a third-party on an as needed basis.
By using just in time or scheduled on time service providers a company can reduce its employee footprint and overhead without negatively impacting its ability to perform its services or deliver its products.
One such service that can be outsourced is the provision of business legal support. Unless the legal department is an integral part of the provision of services or the delivery of products by the company, it may make more sense to outsource the legal support function to an outside attorney or law firm.
The financial benefit of outsourcing your legal support can be derived from (i) eliminating the cost of having a non-core employee on staff who does not contribute to the profitability or productivity of the business, (ii) accessing legal services as and when needed, thereby avoiding the financial cost of paying for down time associated with carrying full-time staff even when there may not be an immediate need, and (iii) negotiated discounted fee arrangements that add predictability to expense management.
Morgan Law Group provides seamless outside legal counsel support services to businesses that do not have the ongoing need for legal services that would warrant employing full-time legal staff, but require and appreciate having access to an attorney as and when needed who is familiar with the operations and legal concerns of the company.
We accomplish this by (i) taking the time to meet with senior executives and key employees to learn the business and associated legal risks, (ii) performing an initial review of the organizational documents and key operating agreements of the business and (iii) doing periodic status calls as necessary to remain abreast of changes within the business. Our objective is to provide the same level of accessibility to quality legal support that a business would have if the attorney were sitting in the office just down the hall.
Give us a call (678) 597-8755 or send us an email to explore how we can provide outside counsel legal support to your business.