Hiring the correct commercial firm to take care of your legal interests is crucial to any successful business. There are a variety of commercial lawyers in your region, each offering different sizes, specialities and experience. This guide will help you choose the best commercial law firm for your business interests and needs.
1. Look for firms with experience within your commercial sector
The right commercial law firm will have significant experience working with businesses in your commercial sector and have a firm understanding of the nature of your business. A firm with other clients in your industry is beneficial as they will have an understanding of the industry and relevant legal requirements that exist within it.
Most law firm websites will provide detailed information about its lawyers’ practice areas, as well as any specific areas of expertise. This is a good place to start in finding the right fit for you and ensuring that the firm does in fact have legal expertise in your particular business area.
2. Find a firm that will deliver the working relationship that you seek
When selecting the correct commercial law firm it is important to first consider the sort of working relationship you wish to have with the firm. If you are seeking an ongoing relationship for counsel and guidance on substantive and non-substantive matters, you may wish to find a commercial firm that will enable you to have a team or one trusted lawyer that can clarify your concerns and guide you and your business.
3. Ensure the legal fees reflect the value of the service
For the most part, firms will charge a set hourly rate. While these may seem to be on the higher end, these fees reflect considerable expertise and work in solving complex commercial legal matters. Some lawyers may provide flexibility in the rates they charge and may be willing to create alternative fee arrangements in certain circumstances.
4. Consider whether a big or small firm is most appropriate for your legal needs
Larger firms have the significant advantage of a wide range of lawyers with various expertise under the one roof and often carry good reputations and influence within the legal community. Having a connection with a well established firm can also provide other benefits to your business, as they often have connection with financing firms and other resources that may benefit your business.
In comparison, the overhead fees of smaller firms are often less, and a specialised small commercial law firm will provide lawyers with the same specific commercial law experience as those in larger firms.
5. Take advantage of initial consultations
Initial consultations are a great opportunity to ask the questions that are important to you, helping you to select a firm that fits your needs. In the early consultations you can explain the nature of your business and your specific goals for the business. This will provide the firm with the opportunity to explain what they can offer you in terms of these goals, and give you an understanding of the legal choices you may need to make as your business progresses. This is also an important opportunity for you to establish a sense of trust in the firm, and see if you feel comfortable working alongside them.
6. Find a lawyer that supports your vision
The correct commercial law firm will support your vision and proactively support your goals and the growth of your business. It is important to work with a firm that will work with you, educating you along the way and keeping you informed and in control of important legal choices.
About the Author:
Laura Costello is in her fourth year of a Bachelor of Law/International Relations at Latrobe University. She is passionate about the law, the power of social media, and the ability to translate her knowledge of both common and complex legal topics to readers across a variety of mediums, in a way that is easy to understand.