Welcome!

News Feed Item

InnovaCounsel Encourages a Business Check-Up Assessment to Determine 2013 Risk Levels

In-House Legal Services Firm Offers Six Basic Questions to Help Businesses Determine Areas of Vulnerability and Appropriate Level of Risk Going Into the New Year

IRVINE, CA -- (Marketwire) -- 02/04/13 -- InnovaCounsel LLP, a new-model law firm whose network of in-house attorneys serves as trusted business advisors to companies wishing to accelerate their growth and protect the businesses they're building, has compiled a six-question risk assessment to help companies determine whether they're due for an annual legal check-up. The exercise helps the management team create a clear picture of what's going well, what will require attention in the near future and what requires immediate action.

January presents ideal timing for many companies to examine their needs with InnovaCounsel's Risk Assessment packages, designed to uncover risks and red flags before they progress and become costly legal catastrophes. Below are six basic questions -- derived from InnovaCounsel's extensive Risk Assessment evaluation -- intended to get company leaders thinking about where their organizations might be vulnerable, and also paying closer attention to the hazards of neglecting potential problems.

Question 1: What are the consequences of undetected or unmanaged risk? Generally speaking, the answer is that companies are confronted with unpleasant surprises, such as a letter from a lawyer who represents a former employee alleging improper termination. The damages a company may pay for failing to keep up with legal compliance issues far outweigh the costs of general counsel who could have prevented a costly settlement or lawsuit in the first place. Consider the other risks your company may be facing.

Question 2: What are the implications of trusting risk management to someone with limited legal and business experience? Delegating risk management to an under-qualified employee is dangerous business. The problem is, they don't know what they don't know -- particularly in places like California, where countless laws and regulations can become landmines for employers.

Question 3: How much of your time is spent reviewing contracts, and is there a process that ensures the company complies with the contracts it signs? Simple misunderstandings present some of the biggest risks for companies that forego legal review of contracts. Seasoned lawyers know what should and shouldn't be included in an agreement and can help balance company risks.

Question 4: Are you asking your attorneys the right questions? An experienced general counsel can save the company money on outside legal fees while adding strategic value and business judgment. The CEO or CFO should understand the risks of ignoring an attorney's advice versus following it. In litigation for example, a company should fully understand the best case, worst case and most likely costs for the matter at hand, including expert fees, depositions and the like. Ask what type of reporting the firm provides. Find out whether any attorneys in the firm have experience counseling business on multiple disciplines or if all the lawyers are single-discipline experts who must consult with one another at the company's expense.

Question 5: If you could have unlimited phone conversations with a business attorney, what would you discuss? Good questions to ask are those designed to get the lawyer thinking specifically about how the law applies to your industry and what's going on in your business that makes it more or less risky than average. Excess risks can be moderated with smart policies; low-risk businesses can allocate resources to those functions that will lead to the highest return for the business.

Question 6: When was the last time you performed an internal legal audit? Companies should always be paying attention to the legal and business risks they face, including such mundane-seeming tasks as reviewing the employee handbook for current legal compliance. Part-time general counsel who are regularly exposed to the company's policies can engage in ongoing conversations that result in proactive guidance that can protect the company.

For more information on determining risk and utilizing cost-effective general-counsel services, visit www.innovacounsel.com.

ABOUT INNOVACOUNSEL: Headquartered in Irvine, Calif., InnovaCounsel is turning the traditional law firm on its head with an innovative new way of practicing law that brings talented general counsel in reach for fast-growth and mid-sized companies. InnovaCounsel's unique business model makes it financially possible for companies to enjoy all the advantages of talented and experienced in-house counsel as part of the management team for an affordable flat monthly fee. The firm's in-house general counsel services offer industry-proven, executive-level general-counsel attorneys on a full- or part-time basis for a fixed monthly retainer that's well below the cost of a traditional hourly-rate law firm -- and with none of the overhead of adding a new department. Initially launched as The General Counsel, the firm changed its name to InnovaCounsel in 2012 to better reflect its spirit of innovation. For more information, visit www.innovacounsel.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
“Being the one true cloud-agnostic and storage-agnostic software solution, more and more customers are coming to Commvault and saying ' What do you recommend? What's your best practice for implementing cloud?” explained Randy De Meno, Chief Technologist at Commvault, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...