How Can a Limited General Counsel Benefit My Car Dealership?

 Posted on September 30,2024 in Business Law

Large corporations often hire chief legal officers, also known as general counsels, to manage the legal aspects of their business. The job of a general counsel is to serve the needs of the company, from reviewing contracts to litigation. It is a full-time job that usually comes with a six-figure salary, which is why general counsels are most often found in Fortune 1000 corporations or businesses with large operations.

For smaller companies, however, a general counsel is usually not in the budget. That is why small and medium businesses, such as car dealerships, opt to hire limited general counsels. A limited general counsel is a great way to stay within budget while making sure the dealership has the legal service and protection it needs. Not all attorneys are equipped to serve as limited general counsel, however, so speak with a Texas business law attorney who can fill that role.

What Is a Limited General Counsel?

A limited general counsel can be thought of as a general counsel who works part-time for the company. Some limited general counsels offer their services on an ad-hoc basis, meaning they address legal issues as they occur. A limited general counsel might perform almost the same tasks as a general counsel, though not on the same scale. These tasks include:

• Drafting, negotiating, and reviewing contracts with employees, suppliers, partners, and manufacturers

• Advising the company on compliance with state, federal, and industry regulations

• Advising the company on employment laws

• Reviewing the company’s policies, procedures, and employee handbooks

How Can a Limited General Counsel Help a Car Dealership?

A limited general counsel can serve a car dealership in several ways, such as:

• Ensuring regulatory compliance: Car dealerships have to deal with many regulations. They must comply with advertising rules, consumer protection laws, and environmental standards. In a small, busy car dealership, some of these regulations may go overlooked and result in compliance issues that can threaten the company. A limited general counsel can help avoid that scenario with proper legal guidance.

• Contracts: A car dealership must be protected with strong contracts. A limited general counsel can draft and review sales, employee, and vendor agreements to make sure they serve the company’s interests and do not expose it to legal pitfalls.

• Reviewing F&I: A limited general counsel can inspect the Finance and Insurance (F&I) Department, the beating heart of any car dealership. This may include combing through F&I policies and procedures, staff training, and customer service for any legal weak spots.

• Business strategies: Car dealerships sometimes want to expand, move to new locations, or change their business strategies. A limited general counsel who has experience in corporate law can be a major asset by guiding you through the legal steps.

Contact a San Antonio, TX Corporate Law Attorney

Owners and managers of car dealerships must concern themselves with many issues on a day-to-day basis. Legal risks do not have to be among them. Give yourself peace of mind by having Geoff Mayfield, Attorney at Law manage the legal aspects of your business as a limited general counsel. Schedule a free consultation with a Comal County, TX limited general counsel lawyer by calling 210-535-0870 today.