Business Lawyers: Points to Understand When Choosing Your Lawyer
When choosing the right law firm to represent your business, it helps to understand the types of law firms out there and which ones are most appropriate for your business. Here are some tips to get you started.
1. Corporate companies
Corporate lawyers, in the traditional sense of the word, generally work for medium to large law firms, sometimes called “law factories” by the industry. When someone refers to a case being handled by an “army of lawyers,” they are probably referring to a corporate law firm.
Many corporate law firms perform defense work on behalf of their corporate clients. So if ABC Corporation is sued by a consumer for $100 million for a defective product that caused the consumer’s injury, the corporate law firm will jump in to defend the company.
They also do large amounts of transactional legal work for their clients. This particular type of work runs the gamut, from bankruptcy proceedings to contract negotiations, merger and acquisition work, and more. Corporate lawyers love to bill by the hour, and don’t expect them to give you a second look unless you can demonstrate the ability to pay their often exorbitant fees.
If you’re a small business owner, you’re better off looking for a smaller company that can give you the care you need and is less concerned with generating billable hours to pay their high-priced associates. If you are a large company, you are in business, because corporate law firms are dedicated to your cause.
2. Smaller companies
While you may not find the extensive list of services that a large company offers, you will find that smaller companies tend to focus on certain areas and become quite proficient in their chosen specialties.
You’re also more likely to have constant access to the upper-level managers and partners at these firms, since the partners often do much of the legal work instead of passing it on to their legions of lower-level lawyers. Expect to find many claiming firms in this arena. The demanding firms must be agile, fast and versatile. Their culture is likely to match yours more.
3. Store companies
Boutique firms are smaller firms with a much stricter focus than their non-boutique brethren. They are called “boutiques” because they do only one thing, like a hair salon. You will see many boutique firms that practice personal injury law and nothing else.
However, you will also come across boutique firms that focus on various aspects of business law, employment law, divorce law, probate law, etc. If you have a specific legal problem and are not looking for someone to represent your general interests and “whatever comes up”, consider a boutique firm.
Their focus on a particular specialty often means that they are really good at what they do. Instead of being a “jack of all trades, master of none,” they are the “masters” at what they do.
4. Solitary practitioners
Solo practitioners tend to have narrowly focused practices, such as personal injury work, or generalized “do it all” practices.
If you need very specific but less complex work, such as incorporating your business, a freelancer may be just the person you want. Small business functions like incorporation don’t require an “army of lawyers,” and you can even do it yourself if you want to save some money.
If your business is not very large, consider a freelancer. The reason big companies need big law firms is because sometimes they are sued by a lot of people at once, and all of those cases create a lot of paperwork along with a long list of people to deal with at the same time.
5. Additional points to consider
As an attorney who has dealt with attorneys in each of the above categories, I recommend that you familiarize yourself with the attorneys in each category. Usually, a lawyer from the firm will be more than happy to talk to you to see if they can help you, and it doesn’t hurt to apply to several firms before you really need help.
For example, if you plan to make a major asset purchase in the next 90 days, call a couple of business lawyers in your town and chat for a few minutes about your upcoming needs. Let them know that you may need a lawyer in the near future.
This approach allows you to get acquainted with the attorneys without time pressure. For example, if you have a contract on your desk and that contract is only good for five business days, you MUST have it reviewed by an attorney right away. This is not a good time to start the process of finding a lawyer.
I wish you the best in your search for a lawyer. Remember that law firms differ in size and culture due to the services they offer and the clients they serve. Also remember to familiarize yourself before you need a lawyer. With this in mind, you should be off to a great start.