Choosing a business attorney can be a challenge because not all business attorneys are created equal. With that in mind, here are four things to consider when choosing a business attorney.
Right Industry Connections
Business law is complex because it encompasses many niche practice areas. This means that you are unlikely to find one attorney who is an expert in every aspect of business law. For this reason, you should look for an attorney with the right industry connections. A business attorney who specializes in copyright law, for example, may not necessarily be an expert in labor and employment law too. This is where industry connections come in handy.
Client List
To be on the safe side, avoid hiring an attorney who represents your competitors. This is because, although the Attorneys’ Code of Ethics prevents attorneys from sharing client information, sharing an attorney with your competitors would increase the risk of your business’s information falling into the wrong hands.
Teaching Skills
Ideally, you should a lawyer who would be willing to educate you and your staff about your business’s legal obligations and how you can meet those obligations. Additionally, a good business lawyer should be able to educate you and your staff about the latest legal developments affecting your business and industry. Lawyers generally do this via email and newsletter.
Billing Flexibility
Unlike personal injury attorneys, business lawyers do not work for a “contingency fee.” Instead, they charge a flat one-time fee for routine legal tasks, such as forming a corporation. The flat fee may or may not include disbursements (the attorney’s out-of-pocket expenses, such as overnight courier charges and filing fees). This means you should find out what the flat fee covers and when you would be required to pay the flat fee. Most attorneys require their clients to pay the fee upfront so that they can use the money to cover their out-of-pocket expenses. While this is a common practice in the industry, do not pay the entire amount upfront. Instead, pay a portion of the fee upfront and the rest after your lawyer completes the agreed task.
Conclusion
Some of the key considerations when choosing a business lawyer include billing flexibility, teaching skills, client list and industry connections.
