How to Choose a Great Business Lawyer for Your Business: My Top Ten Tips
Conventional wisdom (and many lawyers) will tell you that, if you’re a business owner or manager, you will get yourself in trouble if you don’t have a good business lawyer. But when I hear this, I view this as somewhat of a negative statement, rechtsanwalt Freiburg which frankly annoys me. I assume that smart business people do not want to be belittled and told that, they if they don’t have a lawyer, they will be too naive or inexperienced to avoid pitfalls.
Another way of saying this is that I personally hate doing anything to move away from something. I much prefer to make choices that allow me to move towards perceived advantages of my actions. So I address my clients accordingly.
So with this in mind I will rephrase the primary benefit of having a great lawyer by your side as follows: you will make more money. You should thus view a business lawyer as your partner who will help you make the choices that will improve your business and drive your bottom line upwards.
Now, if you are looking for a lawyer or are not happy with your present lawyer, how do you choose a great business lawyer. But first a definition. What is a business lawyer? I personally distinguish a business lawyer from a corporate or commercial lawyer. To me the business lawyer in the classic sense of the term denotes the classic lawyer-client relationship where the lawyer is more than someone who cranks out paper. I define the business lawyer as your quasi business partner or confidante. Someone you can confide it, who can solve your problems, understand you and help you grow.
Now Here are my TOP 10 TIPS to choosing a GREAT BUSINESS LAWYER, not in any order of importance.
- 10. Don’t assume you need a big blue chip firm. I come from several big blue chip law firms. They do great law and sometimes you need the “brand” or “label” of the big law firm next to you, for instance if you’re going public. But for more routine work, you don’t need such a firm. They are expensive and comprise many layers. So for you to deal with the top dog, you will be paying up to $1,000 per hour, or more. If your budget is one quarter of this, you will mostly be dealing with a junior associate who will not have the business experience you are looking for. It really depends on your needs, and your budget.
- Don’t focus only on the billable hour rate. If you’re hesitating between someone who costs you $250 per hour and someone else at $350 per hour, don’t make your decision strictly on cost. What matters are two things: first what the final bill will be and, second, what value who will have received. The hourly rate is a red herring. What is the point of asking someone to do a job for you at $250 per hour if the person needs 40 hours for the job where the other lawyer at $350 per hour only needs 20 hours? Particularly if the other lawyer can do a better job for you. Billing policy is too much of a thorny and elaborate issue to address in a few lines. My point is simply that the hourly rate is not the be all and the end all.
- Look for someone you would be happy to have a drink with. If your relationship with your business lawyer is going to be successful, you need to connect with him (her) on a personal basis. It is to your advantage to let your lawyer into your life as a quasi-friend. For this to happen there must be personal chemistry.
- Look for business experience. If your business lawyer is going to advise you on your business, it is trite to say that having business experience is a must. Again it goes to the difference between dealin