We understand that to be a successful businessperson you must be a risk taker. But there are instances where you should be proactive rather than leaving things to chance or taking unnecessary risks. And having a business lawyer is one such example.
Some business owners view hiring attorneys as an unnecessary expense. But truth be told, sooner or later you’re going to need legal representation for your business. If you’ve never engaged the services of a lawyer, you’ll know that hiring one can be intimidating.
And given the endless number of business lawyers Melbourne has to offer, how will you know who to pick? That’s where we come in. Today we’ll be providing you with a few key tips to help you make the right pick.
When to Hire a Lawyer
The first thing you need to figure out is when exactly you need the lawyer.
We advise that you have a business lawyer on a retainer provided that your finances allow for this. This way you can seek legal advice as and when you need it so that you’re better able to run your business within the legal confines.
You’ll find their services useful in cases such as the following:
- When you’re entering into any form of partnership
- Before you sign a lease agreement
- When you’re seeking capital from a financial institution
If your business is starting out and you’re financially constrained, then hire business lawyers only when there’s a serious legal case that needs professional attention.
Consider the Type of Lawyer You Need
As you’re probably aware, there are different types of business lawyers who offer varying services. It’s important that you first determine the type of service that you need. The general business lawyer will offer basic services such as:
- Forming a company corporation
- Drawing up a partnership agreement
- Drafting a basic business contract
But in situations where you need specialized services, it’s necessary to hire the right lawyer who offers such a service. Examples of such services include when your business requires a trademark or if you need to tackle tax issues.
In such cases where your business lawyer cannot provide these specific services, they should be able to refer you to a specialist when necessary. This can either be someone from the same firm or outside of it.
Find a Lawyer that Understands Your Area of Expertise
It’s one thing to have a basic business lawyer but having someone who understands the ins and outs of your niche will prove more valuable. If the lawyer doesn’t fully understand your market at least he or she should be willing to learn.
Why is this important?
Having lawyers who are clueless about your intricate operating environment can result in communication challenges.
Either that or they may fail to comprehend the urgency or gravity of certain situations your business may face. Besides, attorneys who really understand how your business operates are better able to give you comprehensive solutions since they understand your industry regulations.
Consider the Size of the Firm
A law firm can either be large, small, or comprised of a solo practitioner. Naturally, if you’re a large business you’ll need the services of a large law firm as they can offer you a wide range of services. Smaller businesses with limited finances usually settle for smaller firms.
But know this; if you’re a small business that prefers the services of a large law firm, it’s not guaranteed that they’ll agree to represent you. This is especially true if the large law companies are making lots of money by representing blue-chip companies.
Also, know that large law firms don’t always offer better representation than their smaller counterparts. Case in point; sometimes your case may be assigned to a new lawyer who has just graduated and doesn’t have much experience but makes up for it in eagerness. In the same vein, a solo practitioner might have years of experience on his or her side to provide you with much better service compared to a large firm.
Regardless of the law firm you pick, make sure that you know who exactly you’re assigned to, their availability, and well as experience.
What Does the Lawyer Bring to the Table?
It’s no secret that lawyers don’t come cheap. So since you’re going to spend huge amounts of money on this firm at least the lawyer should prove to be valuable to your business. The lawyer should provide you with one or more of the following:
- A network of lawyers that they can refer you to when necessary
- Be members of groups such as trade associations that your business can benefit from
- Link you to other strategic business partners
Final Words
Picking the right business lawyers is crucial for businesses because they can either be invaluable or simply a waste of money.
But find comfort in knowing that you can relieve the law firm of their duties if they’re not providing any real value to your business. Because quite frankly, it’s difficult to determine how the company you hire will operate from the first day.
Only time will tell and you have the right to switch to another practitioner if necessary.