No matter which line of work you are in, sooner or later, you are going to need some assistance from professionals with expertise in the legal system. Having a good attorney is a very important step for all types of businesses and finding a good one can be quite a challenging task. However, once you understand the basics, finding a good lawyer is going to be a much easier task.
First of all, it is important to understand that there are different types of lawyers that you might need for your business. Like many other professional fields, this one also has experts focused on particular legal system fields.
Types of lawyers you should know about
Every business deals with different legal obligations which requires different types of experts that take care of each of these things individually. Some tasks are performed regularly whereas the others occur periodically.
It is important to understand that no matter how often you need a professional, it is of essence to have him or her ready to provide you with your requirements promptly. Here are 5 different types of lawyers that your business is going to need sooner or later:
Contracts – contracts can be quite complicated. Therefore, it is necessary to always have a lawyer on standby for the creation of your own legal contracts offered to the customers and other businesses. Additionally, as your business grows, chances are that you and your business are going to start collaborations with other companies. Every business cooperation involves a lot of contracts, where a professional is necessary.
Business management – even before you start your own business, a lawyer can greatly help you understand how you should register your company. For example, picking whether you company should be a corporation or LLC type of company is a very important decision right from the start. These types of organizational tasks require a professional who understands the cons and pros of different business organizations.
Real estate professional – leasing a space can be tedious sometimes, as you have to go through a bunch of documentation that you do not actually understand. On the other hand, these documents are often created to offer benefits to the landlord. Luckily, a lawyer reviewing the documentation can negotiate better conditions and make the contract more beneficial for you as well. Hiring a professional for real estate is necessary to avoid any problems in the future.
Intellectual property – if you are in an industry which requires a certain level of creativity, it is necessary to have an intellectual property lawyer who is going to help you trademark some things that are created in your company. On the other hand, there are many “bully” companies which sue companies randomly for ransom. In some cases, intellectual property is involved and having a professional to easily defend you is necessary. Protecting everything new that your business creates is essential for the future of your business, so make sure that you have a professional responsible specifically for this.
Licenses and tax – even though your accountant is there to worry about your tax obligations, you should hire a lawyer for registering your business for state and federal ID numbers. Additionally, accountants are not always aware of the different taxes that these type of lawyers are familiar with, so make sure that there is backing your business’s obligations; it is essential for avoidance of serious legal issues in the future.
These are the main types of attorneys you are going to need for your business. Make sure to rely on their services from the moment you start your business; the initial investment pays off greatly in the long run.
What to seek on an interview?
Before you decide to hire a lawyer, these are some of the questions that you should definitely ask, to make sure that you are hiring the right person for the job:
Experience – experience is a crucial factor that shows a lot about a lawyer. You should be looking for someone who has at least five to ten years of experience. This ensures that you are dealing with someone who knows what he or she is doing. Ask for documentation that supports the experience claims, as this is going to show you the past experiences and companies that the lawyer has worked on or with.
Networking – it is important to ask the lawyer of he or she has a lot of connection with his or her colleagues. As no attorney knows everything about different areas of law, he or she has to know someone to whom to refer you. This is quite useful in the long run as you are going to be sent to people of trust.
Similar clients – directly ask the lawyer to tell you if he or she is already collaborating with your competitor. We all know that sharing things with your lawyer is confidential, however, they are only humans and leaking of information can easily occur. Make sure that the lawyer is not involved with your competition in anyway and if he or she is, ask for a recommendation of another colleague who is not.
Teaching – relying on attorneys to get some part of the job done is important, but over time, there are things that you or your team of employees could learn as well. Ask the lawyer whether he or she is open to knowledge-sharing. This will also make the workflow within your company much easier, as people are going to be aware of some legal restrictions regarding any ideas on the future projects they might have.
Finder, miner or a grinder – these are three different types of lawyers you are going to find in a law firm. The first one simply finds new clients, the second type takes on new client whereas the third one is there to do all of the heavy lifting. Make sure that you are in direct contact with the grinder, if you are hiring an agency, as it is going to be much easier to create a better level of communication and trust.
Technology – ask the lawyer whether he or she regularly uses a computer for their business. This ensures that you are going to easily exchange information with him or her. Additionally, you can conclude the level of professionalism if he or she is relying on best law practice management software. Computer literacy is an important factor in various lines of work and it is not different when it comes to lawyers.
Once you know the answers on these questions, you are going to know whether you actually want to hire the lawyer. Additionally, don’t forget to ask about the rates.
Understanding different rates
Relying on attorney services is quite expensive, however, knowing about different rate types will make it easier for you to pick the best option to save some money.
Hourly – this is the rate that majority of attorneys use to charge their clients.
Flat fee – this is a payment for one-time services that the attorney provides.
Monthly fee – this is a like a subscription system. You pay a certain fee every month, which entitles you to ask for advice when you need it.
Contingent fee – this is a type of payment that occurs during a lawsuit. You pay for the services of the lawyers, however, if they succeed with the case, they receive from 25% up to 40% from the proceeds.
Value bill – this is a specific kind of service offered by attorneys. For example, they charge their legal advice much more, as they know that they are going to save a lot of money for the client.
Understanding different fees is going to let you calculate your costs and pick the best type of attorney for your business. You can save a lot of money with the right strategy.
These are some of the most important things you should know when it comes to picking the right lawyer for your business. Follow all the tips and you will certainly higher the best person for the job.