Sooner or later, every business will need legal representation. Lawyers can be a great asset to your business or simply an expensive line item. Why is it so? It actually depends on the choice of attorney. Hiring the wrong lawyer can be very expensive for your business and that is something you want to avoid. However, the hiring process can be daunting, especially if the business doesn’t know what to look for. How to choose the right lawyer for your business? Here are some tips that can guide you through this process.
Find out the ideal time to hire a lawyer
This is different for every business. In general, it’s better to build this relationship as early as possible and not wait until you need a lawyer to find it. This gives you plenty of time to do your research, ask different attorneys about their rates and services and do an initial consultation to see if you are comfortable.
Focus on the type of attorney you need
Most business lawyers have the training and skills needed to handle formation needs. This includes creating an LLC or corporation, putting together a business contractor, or even putting together a partnership. But, if you’re just curious about tax laws or you want to get a trademark, it’s best if you hire a lawyer who specializes in this area. If you are looking for long-term general counsel for your business, you can find a good business attorney. Then, they can also put you in touch with specialists when needed.
Find a lawyer who understands your niche
Sure, you’ll need a business attorney, but if they don’t have a clue about how your business operates or your industry, you’ll face a variety of communication challenges. This is especially true in situations where the industry is highly specialized and regulated because you don’t want to make any legal mistakes. Even if they have no knowledge, hire a lawyer who is willing to learn and willing to put in the effort to understand your market or niche.
Choose a lawyer who brings other resources
Good legal services aren’t exactly cheap. Therefore, you want to get the most out of your money. It is recommended that you hire a business attorney who can bring other resources to the table. How can you find out? Check to see if the attorney you are considering is a member of a trade association or other group that could benefit you. Do they have a network of lawyers and professionals they can turn to when you need specialist services? Are they willing to introduce potential customers, other clients, and strategic partners? Get detailed answers because they can help you make the right decision.
Make sure you understand their fee structure
You don’t need to be nervous or afraid to discuss potential costs with your attorney. Whether you are a small start-up or a large business, you need to plan your legal costs. Traditionally, lawyers charge an hourly fee for their services, but now many of them have chosen to quote a fixed price for a service. However, the most common approach is a combination of fixed and hourly billing. You will need to discuss your preferred arrangement with a lawyer and be open about your hopes to avoid future problems.
As long as you consider these tips, you will be able to choose the best attorney from the crowd to handle all legal aspects of your business.