Unlike large corporations, which have in-house legal counsel, small businesses are faced with a difficult choice when faced with the need for legal counsel – which firm do you hire? Are you looking for a large company or a small company? To assist small business owners in making this decision, I have compiled the following list that describes some of the advantages and disadvantages of large and small companies.
Large companies:
In general, there are four (4) reasons why you might want to hire a large law firm to represent your small business:
(1) Resources.
You need adequate support staff to manage antitrust issues, complex mergers and acquisitions, or litigation issues with documentary discoveries that will fill a large conference room or two.
(2) Interdisciplinary Skills.
You will need in-depth advisory knowledge of various legal services to collaborate on matters that require expertise spanning multiple disciplines, such as corporations and securities, mergers and acquisitions, securitization, intellectual property, joint funds and other investments, bankruptcy and corporate reorganization, bank and commercial loans, public finance, real estate, taxes and employee benefits, and trusts and estates.
(3) Global Presence.
You need a global network of law offices to provide integrated multi-jurisdictional and cross-jurisdictional legal services.
(4) Big Firm Stature.
You need the prestige of a big company name on an opinion letter to support the actions your company wants to take.
Small company:
On the other hand, if your needs don’t fit into one of these categories, your money might be better spent going to a small law firm that specializes in your business needs. Specific reasons for choosing a small law firm are several:
(1) Client Satisfaction is Very Important for Small Company’s Survival.
Because, by definition, a small law firm does not have the “big name” distinction of a large law firm, the distinguishing characteristics for any small firm are its reputation for excellence in a particular area of practice, and the personal attention the firm offers to each client. Because each attorney’s performance is judged on client satisfaction and results obtained rather than the yearly attorney hours charged to the firm’s clients (including you), small firms have a vested interest in ensuring that the settlement of your litigation or other assignments is carried out as quickly and inexpensively as possible.
(2) Seeing the “Big Picture”
The day-to-day handling of your case is carried out by the partner in charge of the case, and as such will always be careful and positioned to identify the most cost-effective way to achieve your goals.
(3) No Duplication of Work Effort
You may not be billed for a meeting between partners and associates in your case, rarely, if ever, will be billed for more than one attorney appearing at a conference or Court deposition. Why should you pay to make sure that the “chief” knows what each “hand” is doing, or pay for two or more lawyers showing up when often only one of the attorneys is allowed to speak on your behalf?
(4) Learn with Your Nickel
Since your case is handled directly by the partner in charge, you will only pay your attorney to complete the required task; You will not incur additional time and expense to educate new lawyers.
In short, choosing the right law firm is not always simple; one size does not fit all. The key is to choose wisely based on the factors mentioned above. This will save you a lot of time and aggravation (and possibly money) in both the short and long term.
Copyright (c) 2008 Jonathan Coopers Law Office