YouGov interviewed 1,000 SMEs in the UK and found that they are losing an estimated £13.6 billion a year by failing to tackle legal issues. It is not surprising then that many businesses state they would find it beneficial to have outsourced legal counsel embedded in their company to provide strategic commercial advice to avoid risk and help their business grow. However, most SMEs are not large enough, nor have the finances or workload, to justify employing full-time in-house counsel.
THP Solicitors bridge this gap by providing an outsourced legal services team to SMEs who do not have their own legal function.
For many years, we have provided an outsourced in-house legal service to clients in return for a fixed fee, over an agreed term. We help with a range of commercial legal issues and advise to mitigate the risk of typical SME legal problems such as cash flow issues, supply problems, damage to reputation, property matters, staff issues and data security.
This tailored service enables companies to benefit from an ‘outsourced’ in-house legal department that has a deep understanding of their business, the markets in which they operate, and who can respond quickly and constructively as and when required. We take the time to get to know our clients and their business and can shape their retainer around their current needs and future plans. This makes it easy for our clients to budget for the provision of legal support in advance and periodically scale up or down depending on their requirements.
Shifting legal advice from reactive to proactive can have a fundamental positive effect on business – predictable costs, reduced risk, plans fulfilled.
There are significant weaknesses to the ‘as and when’ approach to getting legal support. By the time you instruct a solicitor, you may already be at a disadvantage with a legal issue further down the line than it might otherwise have been, or it may have been avoided altogether if you got legal advice earlier e.g. before a contract was signed.
Our close knit and experienced commercial lawyers will work together as an extension of your management team, saving you time and money, providing consistent and quality legal advice, helping you spot opportunities, and reduce risk.
A key benefit of in-house legal support is the development of ‘trusted adviser’ relationship with your solicitor. With that, comes a sense of security for you that your legal adviser already knows you, your business operations, and aspirations well, and that this knowledge will form an integral part of that solicitor’s legal advice and support.
We work with our clients to identify and proactively manage risks and threats which, if not addressed, may cause significant disruption to their current business operations, as well as future plans and strategies. We are also often used as a ‘sounding board’ enabling management teams to check out issues they are unsure of without the additional expense of instructing external solicitors.
At the outset, our team will
We will agree in advance a retainer fee, with support tailored to your requirements which can bring significant cost efficiencies. Should any one-off legal matters occur that go beyond the planned retainer we will be able to advise you on any additional fees and have specialist legal experts on hand should their skills be required, ensuring that you get the advice you need in a targeted way.
Our clients have the security of knowing they have access to qualified, experienced lawyers who know their business and who are on hand exactly when needed.
We know that no two businesses are exactly alike, however, certain types of organisations and the environments they work within do have common attributes. Our experience of working within these vertical sectors means we have in-depth knowledge of the common issues and pitfalls and can give strategic advice on both cross-spectrum company law and more sector-specific regulatory issues.
Legal expertise balanced with a personal and attentive service.