Hiring Legal Counsel for Tangible and Viable Solutions- Beyond Managing Legal Risks

Monday, July 9, 2018, 6:00 PM | Leave Comment

The duties and responsibilities of legal counsel are no longer restricted to dealing with the legal risks that are linked to the businesses they work with.

Efficient legal counsel works closely with the business as a partner to understand its issues in order to provide practical solutions.

  • Type of Legal Expertise

    Before embarking on your search for legal counsel, it is important to begin by asking yourself about the type of expertise you actually need. Consider whether your company requires counsel on a part-time and general basis to guide management through the range of issues that may arise within a fast-growing organization.

    Other factors to think about are whether you are facing a legal issue currently and need a timely response. Your company may be setting the stage of a merger or IPO. These types of situations need the services of different attorneys.

  • Firm Size

    It is important to think about the kind and size of firm that you seek to work with. Bigger businesses that have more specialized and varied needs usually benefit from working with bigger firms. A small business that is growing and has specialized needs like raising equity capital or IP protection can consider working with a mid-sized law firm.

    • When consulting larger firms, you need to talk about who will be dealing with your account. Although you may be interacting with one of the partners initially, a new associate might be the lawyer who actually works with you. Learn more about Family Law Perth legal counsel here.

    • If your business is in is infancy stages, a small firm would be ideal. At this early stage of growth and business development, a small firm can deliver better representation, counsel and professional services since the principals will be involved and keeping track of everything. Such firms may also offer helpful networking references to various business owners in the area.

    • Situations influence the firm that you choose. A large firm may be more beneficial when you are dealing with another party that has a large firm. Coming in with a smaller firm under such circumstances may give the other side an added advantage.

  • General Counsel

    Aside from size, another important factor is the issues that a firm specializes in. Many businesses should ideally focus on firms that work as generalists. A general counsel has the ability to manage most business needs.

    • A general attorney is expected to be familiar with topics such as business taxes, intellectual property, employment law, commercial real estate, contract law and forming a business.

    • If a situation that requires expertise beyond being a generalist arises, you should be able to access a network of specialists.

    • Most generalists can handle matters that are related to confidentiality agreements, trademarks and copyrights. However, when an issue of intellectual property consists of enforcing or filing patents, you should be referred to a specialist who has the required expertise.

  • Budget

    Legal fees vary among different regions and some research will help you gain insight into attorneys, their services and charges. Smaller firms may charge less than bigger firms but various factors influence costs. Determine what you can comfortably afford from the start.

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