Are you a business owner and want to be prepared for any possible legal issues? Click here to find out what you should look for in a top-tier business attorney.
The average small business in the U. S. with a turnover of $1 million spends $20,000 on litigation every year.
At some point, companies expect to run into some legal trouble that will call for them to hire a business attorney. While a lawyer is necessary, the kind of lawyer you get can either be a money pit or an invaluable asset to your firm.
Read on to find out what factors make a business counsel a worthwhile investment.
Degree of Specialization
When you are considering looking for a business lawyer chances are you already have a particular legal need that you desire to resolve. The nature of your need should dictate the kind of lawyer you end up hiring.
For the regular business formation services, many business counselors can handle that for you. Other common services such as helping you negotiate for better contracts, drafting wills among others also fall under this category.
When you require specialized services you can’t go looking for general counsel. You need a lawyer who has domain experience in the particular area of expertise you require.
For example, if you are involved in a class action lawsuit your best bet would be talking to several class action lawsuit lawyers to find out who can best serve your need.
They are deeply versed in that area of expertise and they understand the nuanced dynamics of such cases that other lawyers may miss.
If you are looking for a general attorney who will work with your firm for the long-term then you should look for a lawyer who has experience in serving as general counsel.
Whenever you need a specialized lawyer they can offer recommendations and work with them.
Your business counsel is like your doctor. If you go to an oncologist when you have a toothache you will not receive much help.
Conversely, you should look for a lawyer who matches the legal needs of your business for you to get the best results.
A Top Business Attorney Brings Other Resources to the Table
Top-tier business lawyers bring much more than just legal services to the table and this an essential aspect you should look for.
For your company to get the best value, you need an attorney who can offer introductions to other clients, potential customers and even strategic partners.
If they have been in the business for a while they have likely developed a network that can help you in other ways. That is one distinguishing mark of a veteran business counsel.
The same point applies even in the legal aspect of things. A top-notch business counsel has ties to their legal fraternity that can be of help when you need to seek expertise in other areas.
Working with a lawyer who can get you quality recommendations is of great use in bringing a diversity of service to you.
Another salient feature of a high-quality business counsel is whether they offer their clients opportunities to network through special events.
Having a lawyer who offers this to your business provides extra value as you get to meet and learn from other entrepreneurs.
An Understanding of the Entrepreneurial Nature
The best business counsel is one who has been an entrepreneur or has a tangible understanding of entrepreneurship. There is simply no substitute for that.
If you are a small business looking for a small business attorney, then you would likely run into problems working with a lawyer who focuses on Fortune 500 firms.
The work of a business counsel is not to tell you what you shouldn’t have done but to help you chart a successful way forward for your business.
If your business counsel has a level of insight into how an entrepreneur thinks and what businesses need, they will serve you in a much better manner.
Their Billing Structure and Fees
Hiring attorneys for your business might not come cheap.
However, a good business lawyer will have a billing structure that works for you. They will know exactly what needs to be done and will charge you more accurately.
Versatility is also important when it comes to billing.
For example, they can give you flat fees when you need simple work done like drawing up contracts and the like. When there is more involving work they can bill by the hour.
When you are handling a lawsuit, the lawyer can work on a contingency basis such that you only pay if and when the result of the suit is favorable to you.
Their Firm Is the Right Size for You
Looking at the size of the lawyer’s firm in relation to your business is necessary for identifying how they can best serve you.
If you run a big corporation then a large law firm (or a more high profile lawyer) with all the resources that come with it will likely give you the most value.
A complex lawsuit, for example, will be better dealt with by a lawyer with many associates who can do the massive grunt work necessary.
If you run a small business then a small business lawyer will offer you better service since you will require more attention and personalized services.
A large law firm or a busy lawyer will likely not make you a high priority since they need bigger clients to meet their revenue targets.
If not that then they may end up giving your case to a relatively new lawyer who may not have as much experience.
The best lawyer for you is one who meets you at your point of need and devotes the necessary attention to you.
Get the Best Representation
Your business will need a lawyer at some point in its existence. The question isn’t whether to get a lawyer or not. It is what kind of business attorney you need to look for so that they can be an asset to your company.
Do you want to protect your business? Check out these legal issues that your business must be on the lookout for.