Retaining a lawyer can be an expensive line item or a valuable asset to your business depending on who you choose. Many businesses assume that all commercial law firms are much the same and offer a comparable overall understanding of business and the law. However the reality is, experience and expertise vary considerably, from lawyer to lawyer and firm to firm, and not all business lawyers will have the relevant and specific skill set to give your business the best bang for its buck.
Taking the time to find a lawyer whose expertise is tailored to your business requirements is much more likely to yield a beneficial long-term business relationship. There are a number of good reasons why.
- Better Legal Protection
If your lawyers don’t understand your business they can’t properly protect it. A lawyer’s role is to advise you on how business realities interact with the law, and this requires an in-depth knowledge of your specific business as well as the applicable areas of law. A legal practitioner with experience in your industry will know what questions to ask and will be in the best position to ensure that your legal rights are protected.
- Better Service
Dealing with someone who knows what they are looking at, is much more efficient and thorough. Businesses in specialty fields and industries that are highly regulated benefit immensely from having a lawyer who can field questions on the spot and provide well rounded advice based on practical experience.
- Quicker turn around and lower fees
The more time you have to spend with a lawyer explaining your business, the longer the work will take and the higher your fees will be. On the other hand, a lawyer who is familiar with your business or industry will not need to spend excessive amounts of time understanding your business or researching specific industry specific laws or regulations. They can cut to the chase and start figuring out how to solve your legal problems.
- Peace of mind
Worrying about potential or actual legal dramas is stressful and unpleasant. However, the peace of mind that comes with the confidence that your lawyer has “got this”, can lift the burden off your shoulders, allowing you to focus on what you do best.
How can I find a legal team that understands my business?
A lawyer with a broad expertise in your industry is a good start. They must also be willing to understand the peculiarities of your particular business, and get to know how you like things done.
Once you find a good team stick with them! The longer you spend with your lawyer the better they get to know you and your business. That means better service and lower fees.