You never know the value of a good law firm, until you need one.
One of the key requirements whenever you start a business, no matter how small or big, is finding the right lawyer and law firm.
The main benefit of these law firms to any organisation is that they provide all the legal services at one place.
According to Maxiron Capital, one of the biggest Business Financing companies in Australia. “Having a business attorney from a good law firm gives you valuable assistance in all facets of your venture, such as avoiding deals that are not good, to finding favourable opportunities, and most importantly to deal with a dispute before it goes to court.”
But how do you select the best possible law firm for yourself?
That’s a tough question to answer which requires planning and due diligence.
Here are some of the things you should consider before finalising the best match for your company.
One – Identify Your Problems
The very first thing you need to do before going for a law firm or attorney is to know the problems you are facing and the nature of disputes that may arise in the future.
This problem analysis contains many factors, such as the industry you are working in, the type of customers you deal with and the level of dealings with other businesses. Once you identify the issues, then you can proceed to find the perfect fit for yourself.
A legal representative for trademark infringement cannot always guide you properly on taxation issues. Similarly, a lawyer working in your specific area will know the rules and regulations more than an attorney who works at some other location.
Therefore, once you know the issues you are facing or might face, legal bureaus now have dedicated lawyers for various kinds of law specialties.
Not only will they have familiarity with your entrepreneurship but also, they will be updated with the modern trends and nuances in their specialised fields, and that can be the defining factor in solving your disputes.
Two – Pick a Law Firm that suits you
Some individuals want to go for bigger firms who have an established reputation, others want to start with the legal entities who have the ambition to reach the very top.
You don’t know if larger firms may focus on businesses which have a name for themselves and keep the newly established niches at a lower priority. Also, they may assign your case a new associate instead of someone with experience.
On the other hand, they have the skills and manpower to ensure you always have an associate or attorney at your disposal. Similarly, you are never sure if the smaller law corporations have experienced lawyers who can deal with your case or how they will respond when it comes to complex lawsuits but on the flipside, you are bound to get more personal attention.
Therefore, it all comes down to your priorities, make sure you know what your focus is, weigh the pros and cons, and then take a decision.
Three – Get in Touch with Previous Clients
It is always a good practice to get in touch with the former clients of the law firm you have shortlisted. ‘One of the most common mistakes people make is to assume without checking, Advertisements can be quite deceiving and must not be used as a basis for choosing an attorney.’ says the experts at Southern Coast Lawyers and Conveyancing.
Most firms are happy to provide references, who are mostly clients they trust to give good reviews. Thus, you should be prepared to ask detailed questions about all the things that matter to you, ask them about their particular case and the processes involved.
Check different online resources for general information about the law firm.
Additionally, check with the bar associations if there are any complaints registered against them. This not only gives you an insight into how they were able to deal with a specific problem but also gives an idea about their overall working capabilities and services.
Four – Ensure the Law Firm has Suitable Expertise
Things like how many years and the number of cases they have worked on help massively, but so does their knowledge and the strategies employed in the scenarios similar to your case.
Ask yourself, do they have additional resources available if you face a new problem and is there a communication source through which you can stay updated with any legal or regulatory changes taking place.
Most importantly, will they be able to help you meet and interact with other clients to grow your network. In short, their expertise should align with your requirements.
Just going for a famous legal firm isn’t always a smart move. Every organisation faces different problems and situations while running their businesses.
According to the team at Drink Driving Defence Melbourne, “An increase in litigation and regulatory matters is spurring demand for attorneys and legal support staff with relevant expertise.”
Hence, the law firm you choose should have experience in the areas you are looking for and have the required skills which can help your business grow; a track record that can speak for itself with the clients in your industry.
Five – Know who you will deal with
There can be several attorneys working on different aspects of your case in a bigger law firm. It is also quite possible that for a smaller firm, you just deal with one main attorney. In both the cases, knowing the individual or persons you are going to interact with within the law firm is very important.
Also, asking what are their qualifications and how they can assist you in the duration of the case helps massively. Evaluate these factors to ensure you are comfortable with the lawyer you are working with and can trust them with the development in your business.
Six – Finalise the Cost Structure
At the end of the day, a decisive factor in hiring a law firm for your business will be the total cost. You should bring this up at the earliest and sort out the formalities. The budget you can direct towards hiring and charges you will incur during the whole process is of utmost importance.
In some cases, lawyers bill a fixed amount, especially when the timeframe is obvious. But the convention is hourly billing and most lawyers charge you for the time spent on the case because you never know how long it might take for a case to be resolved.
There may also be miscellaneous charges such as travelling, postage, and printing. You can also discuss if there is a concession for a greater workload. Lastly, ask about what will be the mode of payment how much you will have to pay upfront and get everything in writing.
In conclusion, the importance of these factors become even more significant in modern times when everything has to be done properly and problems may arise anytime.
The above-mentioned points will help you get a general idea of how to go about planning and the things you need to take care of while hiring a firm, but they are not the only points.
You should think about what you need and expect from a law firm and evaluate everything in detail before making any final decisions.
Figure out your needs, reach out to potential law firms as well as their clients, meet your potential team, and agree to the payment structure, and you’ll be taking all the necessary steps towards finding the right law firm for you.
Are you ready to choose a law firm?
Let us know in the comments!