General Counsel

An attorney who specializes in family office matters, such as contracts, trusts, estates, philanthropy, governance, compliance, risk management, etc.

The Role of a General Counsel

A General Counsel is a senior attorney that manages the legal operations at a family office, ensuring that the family is legally protected and represented and providing legal guidance in all areas of the family office’s activity.

A General Counsel is responsible for managing the legal affairs of a family office and its related entities, such as trusts, foundations, businesses and investments. A General Counsel advises the family on various legal issues, such as contracts, taxes, estate planning, governance, compliance and litigation.

Primary responsibilities include developing and implementing legal strategies and policies, preparing and reviewing legal documents and agreements, overseeing the relationship with external lawyers and authorities, and coordinating with internal and external stakeholders on legal matters. A General Counsel may also assist with financial reporting, budgeting and cash flow management, as well as risk management and compliance issues.

To become a General Counsel, one needs to have a Juris Doctor (JD) degree from an accredited law school, and a license to practice law in the relevant jurisdiction. A General Counsel should have several years of experience in law, preferably in a family office, wealth management or corporate setting.

Job Description

EDUCATION / EXPERIENCE

This position requires a Juris Doctor (JD) degree from an accredited law school, as well as a license to practice law in the relevant jurisdiction. A Master’s degree or professional certification may also be preferred or required by some employers (discussed below).

A General Counsel should have 7-10+ years’ experience in legal practice, preferably in the field of corporate law, contracts, compliance, estate planning or litigation. This experience should demonstrate expertise in trust/estate planning, risk management, contracts/transactions, private foundations and non-profits, labor and employment, compliance and litigation.

SKILLS

Expertise in estate planning, trusts, corporate law, contracts/transactions, compliance, litigation, corporate governance, private foundation and non-profits and labor and employment
Knowledge of legal principles, standards and procedures related to families and private wealth.
Ability to represent and provide sound legal advice to the principals and family office
Ability to manage other legal staff with consistent feedback and performance evaluation. Also capable of training and developing junior legal staff
Ability to work with senior management, board of directors, external advisors, and other stakeholders, as well as communicate effectively and professionally with clients, employers, and other parties
Established network of legal professionals and resources who can provide both paid and pro bono advice on matters affecting the family office
Knowledge of legal research platforms, reference materials and investigative tools that provide trusted answers on a variety of legal issues

CERTIFICATIONS / TRAINING

A General Counsel must be licensed to practice law in the relevant jurisdiction. Further certifications are optional, but General Counsel candidates may possess additional training, including but not limited to:

Certified Compliance and Ethics Professional (CCEP): a credential for compliance and ethics professionals who have knowledge and skills in designing, implementing, and managing compliance and ethics programs. Candidates must have a minimum of 1,500 hours of work experience in compliance and ethics, and pass an exam that covers compliance and ethics program standards, policies and procedures, education and training, risk assessment, monitoring and auditing, investigations, and discipline and incentives.
Certified Contract Manager (CCM): a credential for contract managers who have expertise in contract administration, negotiation, and procurement. Candidates must have a bachelor’s degree and five years of experience, or a master’s degree and four years of experience, in contract management, and pass an exam that covers contract principles, pre-award, post-award, and special topics.

RESPONSIBILITIES

A General Counsel’s responsibilities depend entirely on the size and complexity of the family office, as well as the type of activities it is involved with. For example, a family office with sophisticated private investments or a private foundation will require someone with much more niche expertise than one that reinvests in a family-owned business or the public market. Common duties of a General Counsel include:

Providing legal advice and counsel to the family office’s executive team, board of directors and family members on various matters, such as contracts, transactions, governance, compliance, litigation and risk management
Drafting, reviewing and negotiating various legal documents and agreements, such as investment contracts, partnership agreements, confidentiality agreements, and service agreements, on behalf of the family office
Overseeing the work of external legal counsel and other advisors, such as accountants, bankers, and consultants, and ensuring that the family office receives high-quality and cost-effective service
Developing and implementing policies and procedures to ensure that the family office operates in accordance with the applicable laws, regulations, and ethical standards, and that the family’s interests and assets are protected
Monitoring and managing any legal disputes or claims involving the family office or the family members, and representing the family office in court or arbitration proceedings, if necessary
Staying abreast of the latest legal developments and trends that may affect the family office or the principal’s activities and providing timely and proactive legal updates and recommendations to the family office’s executive team and board of directors
Educating and training the family office’s staff and family members on relevant legal issues and best practices, and fostering a culture of legal awareness and compliance within the family office
Supporting the family office’s strategic planning and decision-making, and providing legal input and analysis on various business opportunities and initiatives
Collaborating and communicating effectively with the family office’s executive team, board of directors, family members, and other stakeholders, and building and maintaining strong relationships with them
Managing and supervising other legal staff at the family office, if any, and providing leadership, guidance and feedback on a routine basis

ATTRIBUTES

Good judgement

One of the most important attributes in a General Counsel to a family office is strong and tested judgement. That means someone who makes effective, productive decisions aligned with principal(s), other management staff and other partner vendors, while considering potential impact and legal and ethical ramifications. Compared to a legal vendor, where private attorneys are compensated for their time — thus putting a premium on precision and efficiency — the General Counsel’s world is much “messier.” Sophisticated judgment is required to accurately discern how much information, effort and precision should be devoted to any given issue. Risks are often balanced against business opportunities. “Good judgment” is not the same as “good brains”; you don’t need to be a great legal expert to be a great general counsel. A good general counsel has both experience in and the constitution for dealing hands-on with complicated matters such as compliance, litigation and business processes, and in leading cross-functional staff who can tackle them.

Strong communication

The best General Counsel are first-class communicators that are adept at knowing how to connect with different audiences. The general counsel must be able to simplify complex legal matters for principal(s) and fellow staff with varying levels of legal, compliance and regulatory knowledge. Conversely, the General Counsel has to be able to translate family office objectives for other legal experts. Regularly interacting with diverse constituencies, top-tier General Counsel demonstrate gravitas and executive presence before groups big and small, and stakeholders ranging from the principal(s) and Managing Director/CEO to other family office employees. Before a principal or CEO, the General Counsel must engender confidence through a thoughtful and substantive disposition that suggests confidence and an ability to both lead and follow. This skill hard to define, but you’ll know it when you see it.

Forward-thinking collaborators

CEOs and executive teams don’t want their General Counsel calling balls and strikes — they need help winning the game. To borrow from Colin Powell, strategic General Counsel can “see around corners”; they are long-term thinkers who can look beyond the short-term environment to anticipate long-term issues regarding the safety, security, reputation, regulatory and legal risks affecting the family office. They are creative and proactive in identifying solutions to these risks and advance the family office’s strategic objectives. Indeed, a General Counsel is more than merely a lawyer, but a true family office leader trusted with ensuring the success of the family office for generations to come.

Business acumen

Principals expect the General Counsel to contribute to non-legal family office matters with other leaders in the family office or within a business they operate. Family Office General Counsel require deep understanding of key private wealth concepts (such as trust/estate planning, contracts/transaction law, tax strategies, finance, and philanthropy) as well as the family office’s own strategies and investing, business or foundation activities. Situations will arise where right and wrong are not always clear, and the family office will look to their General Counsel to ensure that the decisions they are making are on the right side of the law. They will also be key advisers in situations where there is a gray area between the right legal answer and the right ethical answer. A General Counsel with solid business sense will play a critical role in ensuring the family office is making the right decisions, while preserving the legal and ethical integrity of the office.

COMPENSATION

There are many factors that affect a General Counsel’s total compensation — far too many to cover here. A General Counsel’s total compensation can range anywhere from around $200,000 to over $600,000. We’ll discuss factors affecting this range and various approaches to structuring a General Counsel’s compensation package based on your unique needs during our consultation process. Components of a General Counsel’s compensation include:

Base salary

A fixed annual amount received for performing duties as agreed upon at the time of hiring. A General Counsel’s base salary varies depending on a principal’s AUM, activity of the family office, family office/legal staff present, as well as the overall experience and qualifications of the individual.

Discretionary Bonus

Discretionary bonuses are variable amounts that are paid annually based on an individual’s performance. The percentage of compensation paid as a salary versus a bonus is entirely up to the employer, but for a General Counsel, a discretionary bonus can range anywhere from 15 – 50% of total compensation. The most common reason for a higher bonus percentage (relative to salary) is to tie an employee’s compensation to their overall performance. It also allows an employer to set strategic goals during the employee’s annual performance evaluation, with the pay out of their bonus linked to the completion of stated goals.

Carried Interest

Carried interest is a common fund/wealth management reward structure, wherein executives receive a specific percentage of net gain in investment returns in portfolios above a hurdle rate or cost of capital. Carried interest may be applied to an entire portfolio or to specific investments. This incentive is typically restricted to the CEO, CIO and senior investment management staff in a family office, but depending on the family office’s activity and hierarchy, a General Counsel may be included in this incentive. Percent carry varies from 1% all the way up to 20%, depending on the size of the family office.

Equity

With equity compensation, a portion of the employee’s compensation is paid in options, restricted stock or performance shares, which represents ownership in a business or fund owned or managed by the principal. Options can have a vesting period and/or expiration date, which affects their overall value. Equity compensation strongly incentivizes long-term employment and can be a great tool for building a team that is dedicated, loyal and aligned with the overall vision of the principal/family office.

Co-investment

The opportunity to invest alongside the family office in various deals or projects that are sourced or executed by the family office. Co-investment opportunities can allow a General Counsel to benefit from favorable investing terms, access to exclusive deals or higher returns. Co-investment terms may or may not require a General Counsel to commit a portion of their compensation directly to family office investments, to ensure that both parties share in the risk and/or potential profit of an investment.

STANDARD BENEFITS

A General Counsel will typically have access to the following corporate-style benefits:

Medical, dental and vision

Standard health benefits help employees stay healthy, reduce absenteeism and ultimately increase productivity.

Retirement savings account

401k, thrift savings plan or simple IRA, especially with employer matched contributions, shows your employees your commitment to their future.

Paid time off

PTO allows your employees to take time off from work for various reasons, such as vacation, sickness, personal matters or holidays.

Travel/miscellaneous expenses

Expenses incurred when travelling or conducting business on behalf of the principal(s). Expenses may include transportation, accommodations, meals and other costs related to business travel and may be reimbursed or covered by an allowance or budget.

OTHER BENEFITS / "PERKS"

Additional benefits are often included to enhance the attractiveness of an employment offer, as well as encouraging long-term employment. Such benefits include:

Education

Tuition reimbursement, scholarships/savings plans for those with college-aged children

Professional development

Encouraging and covering an employee’s participation in training courses, workshops, seminars, conferences or professional certifications

Health and wellness

Healthy food, beverages or snacks offered at the office
Paid or discounted gym memberships or fitness classes
Access to wellness programs with counseling services, health screenings, substance abuse treatment, etc.
Life and disability insurance

Employee assistance

Financial counseling
Legal advice
Transportation reimbursement or allowance

Charity

Volunteer opportunities
PTO days for community service
Charitable match program

Family benefits

On-site childcare or childcare reimbursements
Parental and family medical leave

Workplace

Remote work/flexible hours
Casual work attire
Employee recognition programs, awards or rewards

REPORT STRUCTURE

A General Counsel is typically the sole or head legal executive in a family office and typically reports:

To the head of the family office (Managing Director or Chief Executive Officer)
Directly to the principal(s)
To other designated staff, such as a Chief Operations Officer, Chief Investment Officer or Chief of Staff

In large family offices, or for those with specific forms of investing activity, a General Counsel may be responsible for managing:

Staff attorneys
Lawyers with specific focus: on asset management, tax and benefits, trusts and estates, employment law, charitable planning, private equity, venture capital or regulatory compliance
Paralegal staff

Have Questions?

Trusted Legal Expertise

A General Counsel is a key legal advisor, providing oversight and strategic guidance to ensure compliance and risk management within your family office. From contracts and corporate governance to regulatory matters and dispute resolution, they help protect your assets and interests. Their expertise allows you to focus on high-level decision-making with full confidence in your legal strategy.

Looking for legal leadership that goes beyond the basics? We’ll connect you with a General Counsel who will safeguard the success you have earned.

“The right counsel ensures every decision is backed by legal expertise. We place General Counsel who are more than legal advisors—they are strategic partners in protecting your wealth and business interests.”

Adam Cook

Managing Director, Old State Staffing

Navigate Complexity with Confidence

Why You Should Consider a General Counsel

A General Counsel provides high-level legal expertise, helping to safeguard your family office’s interests while ensuring compliance and minimizing risk. They serve as a strategic partner, handling legal complexities so you can focus on growth and operations. A General Counsel can help:

Navigate corporate governance, compliance, and legal risk
Oversee contracts, negotiations, and dispute resolution
Provide proactive legal guidance for asset protection
Ensure regulatory adherence and risk mitigation
Offer strategic counsel on business and financial decisions

Hiring a General Counsel gives you the confidence that every legal aspect of your business or family office is protected by an expert who understands your exact needs.