Businesses of all shapes and sizes need a legal representation of some form. For starters, legal services are needed if you want your business to function as smoothly as possible. Legal professionals would also provide you with the assurance and confidence that you are always operating above board and will have the legal assistance and advice you need should anything go awry.
But not all law firms and lawyers are created equal. If you’re looking to hire a law firm for your company, here are some tips for finding the most suitable one for your business’s specific needs and context.
Consider the size of your business
Here are some important factors to consider regarding big your company is and why it should inform which law firms you work with:
- If your business has just launched or is only in the beginning stages, or if you’re a start-up, then a single legal advisor may be enough to advocate for your business.
- It follows that the bigger your company, both in size and in income, the more it might benefit you to hire an entire team of legal professionals who can provide more than one type of legal service.
- In-house counsel is also an option, but you need to weigh if it’s the more cost-effective option. You can decide this by identifying how much legal work your company will face and the type of legal service you need exactly.
Look into your options’ capabilities and resources
When looking at potential lawyers or firms, here are the things you need to research:
- What is the lawyer or law firm’s expertise? These firms usually have different areas of specializations. Some would be focused on business, while others are concentrated on the constitution. There are also entertainment lawyers, intellectual property (IP) lawyers, tax lawyers, estate planning lawyers, family lawyers, etc. Identify what your business needs a lawyer for exactly and make sure to partner with legal professionals who specialize in that area.
- What does their past client experience look like? Do they have a good track record with other businesses they’ve worked with? Gaining a key insight on how they work and if it aligns with your own company’s culture and values is key to ensuring a smooth relationship throughout their run as your legal counsel.
- What types of modern technologies do they have? For example, if your business is in the tech industry, you might want to partner with law firms that have a keen understanding of this industry and ones that use services like information technology (IT) support to run their firm.
- Check their bar association to ensure that the lawyer or the firm you’re looking into has the license to practice law.
Identify if and when you need a lawyer
When it comes to hiring legal representation, timing is key as well. While timing will vary from client to client, the rule of thumb is that the sooner you develop this crucial relationship, the better your business will be able to run. Law and business will always work hand-in-hand because the latter is always at the mercy of the former.
Business owners need to ensure that they are always abiding by the rules and regulations set forth by the government to run a business. So if you are starting your business, it’s best to start consulting with a lawyer from the get-go. But even if you are already in the middle of growing your company, it’s never too late to be in touch with one.
Choose someone willing to learn about your industry
We have established the importance of hiring a lawyer who specializes in your business’s specific needs. Lawyers are typically able to handle more common formation needs.
But it always helps to hire a lawyer or a firm you know is willing to learn more about your specific industry. This is especially helpful if it’s a niche or emerging one that not many people know about. This is because if your company is in a highly regulated industry, you will benefit from the legal advice and protection of someone or a team of professionals who understand those regulations.
Finding the right lawyer is all about having a good understanding of your own industry. It also means partnering with legal professionals who share that knowledge and vision. Or they should at least be willing to learn them with you as you go along. Don’t settle for just anyone in the sector; know that your business deserves the best you can find.