Apparatus and methods are used for severing at least a portion of a lateral retinaculum as part of a lateral release procedure. An elongated guide body has a first, smooth side and second, opposing side having a lengthwise track with a groove. A pushrod having a cutting device is insertable into the track such that the cutting device protrudes from the lengthwise groove, thereby enabling a user to move the pushrod and sever a lateral retinaculum using the cutting device. The cutting device may be a sharp blade or an electrocautery. A method of performing a lateral retinacular release may comprise the steps of inserting the elongated guide body under the skin and subcutaneous fat with the second, opposing side facing a lateral retinaculum; inserting the pushrod into the track of the body; and pushing or pulling the pushrod such that the cutting device severs a lateral retinaculum.