As a Texas business owner, it’s essential to explore ways to save money without sacrificing quality. One strategic investment to consider is hiring a Fractional CLO, which provides businesses with on-demand legal counsel to support a multitude of needs.
Comer Law Group provides premiere Fractional CLO services to businesses across Texas. In this article, we’ll explain everything you need to know about CLOs, including what they can do, and a few questions to ask your Fractional CLO candidate before hiring them.
New to Comer Law Group? We’re a dedicated group of experienced and highly credible legal professionals, proudly representing clients all across Texas. From our Dallas and Frisco offices, we uphold a commitment to excellence and a client-centered approach. Comer Law Group provides expert legal services tailored to meet the unique needs of our clients. With our knowledge and case-winning strategies, our team is committed to achieving justice and securing the best possible results for those we are privileged to represent. To become a Fractional CLO client, visit the Comer Law Group website, or call us directly at 1 888 387 0650.
What is a Fractional CLO?
CLO stands for Chief Legal Officer. In simple terms, a Fractional CLO refers to an arrangement where a business, small or large, hires an attorney on a contractual basis to represent them in the event that they need legal counsel. Think of it as a contract or consulting arrangement, where the attorney provides high-level legal expertise for your business.
A Fractional CLO may also be referred to as a Part-Time CLO, Outsourced General Counsel, or Fractional Legal Executive.
What type of businesses can hire Fractional CLOs?
Comer Law Group assists all businesses, regardless of size or scope, with expert Fractional CLO services.
To be clear, all businesses benefit from the skilled Fractional CLO Services that Comer Law Group provides. However, the following list represents industries that we highly recommend consider Fractional CLO services if they haven’t already done so:
- Startups: Many startups lack the capital to employ a full-time in-house legal team. However, startups definitely require legal expertise at this delicate time in their business. Access to a Fractional CLO’s expertise can be the difference between expanding your startup, or ultimately downsizing your business.
- Growing Companies: Companies experiencing rapid growth may need temporary legal support to manage increased legal complexities, negotiate contracts, and ensure regulatory compliance.
- Professional Service Firms: Any company that extends contracts to their clients on a regular basis will require legal counsel to ensure compliance and avoid costly mistakes. This includes marketing agencies, consulting firms, and any company that works on a 1099 or contractual basis.
- Nonprofit Organizations: At a fraction of the cost of hiring an in-house legal team, Fractional CLOs can assist nonprofits with the legal needs related to strategizing, fundraising, compliance, interactions with stakeholders, and even board governance.
- Companies in Transition: Fractional CLOs can handle the legal complexities associated with business mergers, acquisitions, and restructurings while remaining objective and separate from interoffice politics.
What are the pros and cons of hiring a Fractional CLO?
Access to legal counsel without a Fractional CLO typically requires hiring a full-time, in-house attorney or legal team. However, most companies choose the CLO route because of the added affordability. The cost savings is by far the biggest advantage to hiring a Fractional CLO.
PROS
- Affordability: Fractional CLOs provide access to legal counsel without the added costs of hiring another full-time employee.
- Flexibility: Fractional CLOs are hired on a contractual basis, which makes it easier to hire them for specific projects.
- Objectivity: Because they are separate from your company’s internal affairs, fractional CLOs are able to be more impartial than an in-house legal team would be able to be, providing a perspective that is more impartial and professional.
CONS
The most common con associated with hiring a Fractional CLO is limited availability. When hiring in-house legal counsel, you have full access to the representative, and you are their only client. On the other hand, when hiring a Fractional CLO, you may be one of several business clients that one attorney represents, which can result in longer wait times for legal counsel.
It is important to note that most businesses still find that the cost benefits of hiring a Fractional CLO far outweigh the expense of maintaining a full-time in-house legal team.
Pro Tip: Before hiring your Fractional CLO, ask them what their policy is for responding to their small business clients. This ensures that even with an outsourced agreement, you’ll still receive top-tier services from your legal professional.
Here are other questions to make sure you ask your Fractional CLO before hiring them:
- How familiar are you with the specific legal and regulatory requirements of my industry?
- What areas of law do you specialize in (e.g., contracts, intellectual property, regulatory compliance)?
- Do you work on a project-based or retainer model?
- How many hours per week do you typically dedicate to a client?
- Are you available for urgent issues or crises outside of regular hours?
How to Hire a Fractional CLO:
To learn more about Comer Law Group’s Fractional CLO services, please contact us directly at: Comer Law Group | 1 888 387 0650 | https://comerlawgroup.com/
Comer Law Group, a premier law firm based in Dallas, specializes in small business counsel, real estate law, personal injury law, and estate planning. With a commitment to excellence and a client-centered approach, Comer Law Group provides expert legal services tailored to meet the unique needs of our clients. With our knowledge and case-winning strategies, we are committed to achieving justice and securing the best possible results for our clients.
