American companies spend approximately 0.4% of their revenue on legal services. That’s 166% more than the global average.
Having a business attorney is a necessary evil because of the expensive issues they can protect you from. Taking the time to find the best one ensures you make the best possible investment.
Read on for five tips on choosing the best business law firm.
1. Find Their Credentials and Experience
81% of clients seek referrals before hiring a lawyer. Focus on getting ones from businesses that are similar to yours.
94% of all law firms also have a website you can check. Make sure they have the proper credentials and see if you can find their track record. Look for testimonials and reviews on other sites.
Meet them in person once you’ve narrowed it down to a few options. Ask any questions you still have and look at their office to see if it’s clean and professional.
2. Make Sure They Understand You
Having a general business law attorney is important, but you should also look for more specialized help. Find a firm that knows about your niche or is at least willing to learn about it.
While the firm you choose doesn’t have to be local, its staff should be familiar with business law in your area. Failing to understand the differences in the regulations from one city or state to another can lead to thousands of dollars in fines or damages.
3. Check Their Size
Look into the size of a business law firm before you choose one, and remember that bigger does not always mean better.
If a firm is too large, its staff may not be available for you when you need them due to their heavy caseload. They could assign it to a business lawyer who’s a new law school graduate instead of a seasoned pro. Large firms are best for serious issues such as complex lawsuits.
Hiring a lawyer from a smaller firm gets you more individualized attention. They may also have relationships with outside attorneys who can help if yours is unavailable. A small firm is a better alternative if you have a small budget or a simple case.
4. Start Communicating
Hiring an attorney is the start of a relationship. They should communicate with you and provide input into the case.
Find out their preferred method of communication, whether it’s email or phone. Reaching other members of the firm should also be simple when necessary.
5. Check Their Fees
97% of law firms use hourly rates. 37% use flat fees and 31% allow clients to pay online.
Get a quote from several firms to see which one fits your budget. Get a complete breakdown of their fees and fee structure before you sign any contract.
More Advice About Business Law Firms
A business law firm is essential for handling issues such as lawsuits or employee disputes. They can take up a large portion of your revenue, and you need to find the right one to invest in.
Get referrals from other businesses. Research their credentials and reputation. Determine their size and if they can work with your niche. Set up clear communication. Find out what their fees are and how they charge them.
Read the rest of our content for more tips on how to find the right lawyer.