Top 5 Factors to Consider When Selecting a Business Lawyer
Selecting a business lawyer is like getting married. Your business is like your baby. You need to find someone you trust to give full responsibility in protecting and nurturing your baby.
Keep that analogy in mind when searching for a business lawyer. Like when choosing an employee, you must choose a lawyer that assimilates into your company’s culture well. There are five factors to consider when picking the right business lawyer and we’ve shared them below!
- Compatibility
A popular misconception is that business lawyers are only needed when things go south. This is indeed false. A business lawyer is someone you will be in regular contact with throughout the lifetime of your business.
It is important to find someone you are compatible with. They need to be as invested in your company’s success as you are. Business lawyers will help with everything including incorporating, re-incorporating, trademarks, and making sure your company is abiding by the law in all practices.
- Trust
Along with their compatibility, comes trust. Your lawyer’s decisions even when they are off duty will impact your company’s integrity. Make sure they have your best interest at heart.
There are a lot of legal money-saving laws to protect your business early on. Find a lawyer who is open to putting in the work to structure your business for maximum success. Look into past reports on the lawyer’s history to avoid any penalized lawyers.
- Specialty
There are over one million lawyers in the United States with over 20 different options for lawyer specialties. This means there are endless combinations of law experts to choose from.
It is most important that you find a lawyer experienced in your industry. Even if someone is rated “the best” lawyer- if they don’t have knowledge of your industry, they aren’t going to serve you any good. Make sure to study a lawyer’s past and ask them about their previous industry work or clientele.
- Legal Fees
The law world doesn’t have a standard billing structure. This means some lawyers will charge hourly (where you will end up paying the most). Some lawyers have fixed charges while others have varied costs.
Your fees might depend on the financial situation of your company. Never choose the cheapest lawyer because they are cheap. The right lawyer will be more forgiving and create a financing plan that works for your business.
- Support Network
When you hire a lawyer, you are also hiring their firm. There are small, medium, and large-sized firms. There are pros and cons to each size.
A small firm might have fewer clients so they can provide a more personalized experience. However, a large firm has more resources so they can resolve cases faster.
Selecting a Business Lawyer
There are many factors to consider when selecting a business lawyer, such as business law expertise, references, and reviews, as well as comparing lawyer fees. Trust your gut and when assessing lawyers use the five factors listed. Search “lawyer” on our blog for more business law tips!
