Find a Business Lawyer: 7 Qualities to Look For in 2022

When do you need a business lawyer? Although the answer varies depending on your business and circumstances, it's generally a good idea to seek legal advice before making any actions that could have legal consequences.

Some businesses wait until something goes wrong before consulting with an attorney, but this isn't the best strategy in today's litigious environment.

"Almost every business, regardless of size, requires legal guidance," says Sheppard, Mullin, Richter & Hampton's James Blythe Hodge. "Even the tiniest company has tax difficulties that must be addressed early in the planning stages."

Many business owners compare their connection with a lawyer to that of a marriage: it takes time to grow. That's why it's critical to start laying the groundwork for a successful relationship as soon as possible.

How do you pick the proper lawyer? Request references from other business owners in your field or from specialists you trust, such as bankers and accountants. Ask for the specific qualities and limitations of the attorneys they recommend, not simply their names.

Then take it a step further: inquire about the attorneys of your business associates and why they suggest them.

Next, schedule a meeting with the top five attorneys on your list. Tell them you want to develop a long-term connection with them, and see which ones are ready to meet with you for a free initial session.

Prepare to outline your company and its legal requirements during this initial meeting. Pay attention to what the lawyer says and does, and search for the following characteristics:

Experience: Although finding an expert in your sector isn't required, it makes sense to search for someone who specialises in small-business issues rather than, example, maritime law. "Find someone who is familiar with the various business formats and their tax implications," Hodge advises.

Understanding: Make sure the attorney is interested in learning about your company's objectives. Sure, you're a startup right now, but does your lawyer understand where you want to be in the future and share your vision?

Ability to communicate: You should search for someone else if the lawyer speaks in legalese and doesn't attempt to explain the phrases he or she employs.

Availability:  Will the lawyer be available for meetings at your convenience rather than his or hers? How quickly can you expect to receive a response to an emergency phone call?

Rapport: Is this someone with whom you can get along? A positive chemistry will promote a better partnership and more positive business outcomes.

References: If you need references, don't be scared to ask for them. Inquire about the types of businesses or cases with which the attorney has previously worked. Compile a list of clients or other attorneys with whom you may speak about competency, service, and prices.

Reasonable fees: Depending on the location, size, and prestige of the business, as well as the lawyer's reputation and experience, attorneys charge anywhere from $50 to $1,000 or more per hour. Before making a decision, shop around and acquire quotations from a few different companies.

However, you should avoid comparing attorneys solely on the basis of fees. Because a novice attorney may take twice as long to complete a project as an experienced one, the lowest hourly prices may not imply the best value in legal labour.

While there's no doubting that lawyers are costly, the good news is that businesses are now more options than ever to keep costs under control.

Begin by learning about the various time billing methods used by lawyers. The majority of lawyers charge by the hour. For certain routine procedures, such as evaluating a contract or completing a loan, some attorneys recommend charging a flat fee.

If you believe one technique will work better for you than another, don't be afraid to tell your attorney; many will work with you to find a solution that meets your needs.

Make a written estimate of the expense of each matter from your attorney so you can evaluate whether it's worthwhile to pursue. Find out what time increments the company uses to generate a bill. Request itemized bills on a monthly basis. See if you may get a discount for paying on time.

Have the necessary documents with you and know exactly what you want to discuss before you meet with or call your lawyer.

Meet with your attorney on a frequent basis. At first look, this may not appear to be a cost-cutting strategy, but you'll be surprised at how much it cuts down on the interminable phone tag that plagues busy entrepreneurs and lawyers. More importantly, a monthly five- or ten-minute meeting (even over the phone) can save you a lot of time by catching minor legal issues early on before they become major issues.

How can you determine if your lawyer is working hard for you? The quickest indicator is the number of legal issues you're facing. Lawyers should be on the lookout for legal issues. A good lawyer foresees issues and anticipates them.