When it comes to bringing on new business counsel, or choosing a legal services provider in the first place, ask the right questions. Whether starting a brand new business or contemplating altering the way your existing business operates, there’s a good chance that the advice and guidance of a business lawyer will be needed. This makes the decision to hire a business attorney one of the most important ones you’ll make as a businessperson. Given the ubiquity of “full-service firms”, you would think that their attorneys or other staff could work on any and all kinds of legal matters, without or with only minimal risk of issues arising. That’s often not the case. Every business and its owners have individual needs, and the right lawyer for you will be the one who can identify and tailor services and expectations to meet those needs. That said, here’s a basic sampling of the kinds of questions to ask and talk about before deciding upon the business counsel best suited to handle your business’s legal affairs.
The Right Lawyer for You
In deciding upon a business lawyer, check to see whether that lawyer has handled business matters like yours before, or on behalf of businesses in your specific industry. Ask if he or she has had a case or matter involving the particular subject that involves your business. For example, if you’re looking for assistance with a merger transaction, you’ll want to find out how many other mergers they’ve worked on and what led to the outcome (good or bad) in those cases. As opposed to paying a business attorney to learn your business, you want to hire a business attorney who already knows your industry so he or she can move quickly and offer tangible, productive advice tailored to your needs. Intellectual property cases, for example, are heavily rooted in precedent and years of statutes and require an experienced hand at the helm.
Lawyers have different philosophies. They range from conciliatory and settlement-focused on the one extreme to warlike litigators on the other. The right lawyer for you depends on your personality and your goals. Before interviewing any lawyer, decide whether you’re aggressive or conciliatory by nature. The lawyer whose approach most closely matches yours is probably the best one to handle your case.
The lawyer you meet with may not be the one who will handle most of the work on your case. Be clear about whether the initial person with whom you met will continue to be your main point of contact throughout the case or transaction. Or, will you be assigned to a less experienced associate attorney or paralegal? With a complex matter or large piece of litigation, it may require the work of more experienced hands. Since large firms can have layers of staff and multiple attorneys, be sure to find out at the beginning who will be working on your case so that you can be sure your matter is staffed appropriately.
Ask about the firm’s results, because a law firm keeps score the way any business does. For transactional work, firms count deals closed. On the litigation side they tally trial verdicts and settlements for matters that don’t go all the way. For plaintiffs, it can mean the difference between the amount of a judgment and the amount actually collected.
Some lawyers will call, others will send letters and e-mails. Some do both. You may want to be very involved or else just want to hear about major developments. Whichever is the case for you, get a clear understanding of how often and in what form you’ll hear updates from your lawyer. How frequently you want to be informed, and how you will be updated, can provide an important window into the compatibility of a given attorney for you and your business.
Discuss Billing
The majority of law firms bill by the hour, and the rate that will be charged will be dependent on the attorney’s level. Some law firms may offer a flat rate for a specific transaction or a contingent fee for a lawsuit. Others may ask for a success fee after a lawsuit is won. Always discuss billing first, so that you can budget accordingly.
Ask how often you’re billed and the retainer amount. Most firms bill monthly. You may be able to negotiate quarterly payments or payment when the matter ends.
A Complaint Filed Against Them
It may seem crass to ask a lawyer whether they’ve ever had a complaint filed against them. Indeed, some lawyers may be offended by the question. You need to know, however, if the lawyer you plan to hire has ever been accused of breaching any professional duties. Make sure the firm you retain is reputable and ask for client references. Ask the business lawyer whether any past client has ever sued them or their firm.
About Delancey Street
Delancey Street is a premier, and award winning, business debt settlement company that helps business owners nationwide. Our goal is simple: help you escape debt in a safe and legal manner. Based out of New York, we can help in 49 of 50 states. We tell you how it is; because your business and future is on the line.
