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Team Building – Internal v. External Resource Considerations

Firms are constantly contending with resources. Who should we hire and when? What can we outsource and will that work? The one surety is change. The firm’s needs will change as it grows. The firms desire for control of resources v. the value add they can provide will also change overtime. Here are some key questions firms should ask prior to making resource commitments, whether internal or external.

What is the firm’s culture? Are there any outsourced resources used by the firm now? Is the firm team oriented? Is everyone at the same location?

What are the firm’s expectations for this resource allocation?

What product(s) will these resources be working on?

Does the firm have the ability to attract in-house talent? Ability to retain talent?

What is the firm’s support structure? Does the firm have the management in house to manager internal resources?

What regulatory requirements does the firm have to meet? Does the firm have the required oversight functionality to manage a particular activity in house?