One of the many concerns you will have as an entrepreneur is who will be your business lawyer. Lawyer fees can be exorbitant however they need to have one cannot be left until you are sued – by then it would be too late as you will not have any established relationship with them. There are some services that lawyers offer that you could comfortably do on your own. However sometimes the fees are not significant enough and the time spent doing the job much more than you anticipated. However as long as you give yourself ample time to file your application and you could comfortably work on these when you have time:
- Doing a name search and filing the necessary application for a business name
- Drafting a legal partnership agreement or limited liability company, or shareholder’s agreement. This will still require the filing by a lawyer.
- Applying for licenses and permits the business requires
- Interviewing and hiring employees
- Documentation of meeting – especially limited liability company
- Drafting contracts to be used and contracting independent contractors and service providers
- Drafting customer service agreements, sell agreements and other contracts you will be using
If the process takes a lot of your time and you can afford it, it will be in your interest to let a lawyer handle these as you already have a myriad of issues to tackle. Your decision on getting a lawyer will also be influenced by your type of business as well as your expansion strategy. You will need a lawyer when you incorporate your business, move to other jurisdictions, register your trademark and patents. In the event your rights are violated, a good lawyer can save you a lot of money.
A business that comes up with new innovations or works with new partners will need the services of a good lawyer as agreements may not always be standards and different jurisdictions have different laws. Below are some factors you should keep in mind if you decide to get a lawyer.
- Communication: Your lawyer should be able to communicate in a language you understand – one that is familiar to you. If the conversation is full of legalese, it will be frustrating to work with them.
- Fees structure: Their fees should be friendly and fee structure clear to you. You can also agree on specific services like drawing up contracts. Depending on the volume of work, determine what package to go for i.e. if you are better off being charged per hour, per project/task.
- Personality: As with other professional services your lawyer’s personality will determine if you are able to work well together. They should be friendly, easy to interact with, and willing to teach you about legal issues you are facing or could face. A cold know it all arrogant lawyer who keeps information to themselves will be a hard person to work with.
- Customer service: Evaluate the quality of customer service. If the potential candidate is rushed, they are likely not to give you adequate attention as a client. They could also only be interested in big accounts.
- Expertise in your sector: As with other professional services expertise in your sector/industry and as a business lawyer is a great advantage. Not any lawyer will be suitable when you are sued but one who understands the complexities of your industry. They will also be able to keep you informed of any regulatory change in case you miss these.
- Foresight: A good lawyer should have foresight on the goings-on the industry and regionally so they can give you relevant information and prepare you for changes that may be expected in the industry. A lawyer who is not able to do this may just be interested in their fees.
- References: With the above issues in mind, contact different companies you are interested in and ask for references. Come up with a list of questions on issues that are important for you to pose these to their references. Grade the companies on the basis of your evaluation and how comfortable you feel with each of them on their ability to meet your needs.
With this information on each candidate, you should be able to make an informed decision and choose a lawyer who is a valued partner for years to come.
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