Why Every Entrepreneur Needs the Right Attorney
Many new entrepreneurs keen to launch their business often view an attorney as simply a cost. This perspective, however, can be short-sighted.
A lawyer with strong business experience can help your company grow and avoid legal risks that might derail long-term success. This applies particularly to United States startups in highly regulated sectors, like biotechnology or medical devices.
Initial Steps in Attorney Selection
So, How To Select an Attorney for Your Business?
Many select lawyers based only on hourly rates or personal recommendations, which may not suit small business owners‘ needs.
While an attorney charges per billable hour as an easy starting point, it isn’t the best way to pick an attorney. Before interviewing candidates, I suggest two due diligence steps.
First, ask friends and colleagues with similar business issues who handled their legal matters. Second, research these leads and others on social media to understand how their law firm presents itself. Then, select several candidates for phone interviews.
Key Questions to Ask When Selecting an Attorney
Here are crucial questions and activities I recommend entrepreneurs consider during the attorney selection process:
Experience and Specialization
- How long have you been in practice?
More experienced lawyers can offer better advice.
What types of matters do you handle, and in what proportion?
Experience truly matters, especially with cases similar to yours. A general practice attorney might offer many products and services, but their value lessens if they don’t focus on business law. Consider attorneys from reputable law school backgrounds with relevant practice areas.
Do you specialize in any specific practice areas?
Like other professionals, specialized lawyers are often more expert than generalists.
Understanding Your Specific Needs
Describe your proposed matter.
Ask the prospective attorney how familiar they are with the law and business operational issues in this area. Lawyers with deep ties to a specific area of law or business offer valuable insights and advice on creative problem-solving and best practices. This can include advice on how to approach market research for your potential customers.
Fees and Flexibility
What is the lawyer’s hourly rate, and how flexible are they with fees?
Many lawyers today may delay fee receipt for small business owners with good prospects. Ask if your chosen law firm offers this flexibility.
Beyond Selection: Cultivating a Strong Attorney-Client Relationship
The relationship with your attorney doesn’t end after selection. Building a strong, trusting relationship is vital for your business’s long-term success. Your attorney becomes a key advisor, offering more than just legal advice. They can provide strategic guidance, help develop your business plan, and identify potential legal issues before they escalate, all to improve your business.
The Power of Communication
Consistent communication and transparency from your side will allow your law firm to offer the best possible service. This partnership is a competitive advantage, helping you navigate the complexities of running a small business and even expanding your digital marketing efforts legally.
The Attorney’s Role in Your Business Growth
A skilled attorney supports your business far beyond its initial setup. They can assist with drafting and reviewing crucial contracts, protecting your intellectual property, and ensuring compliance with business operational regulations.
Adapting to Evolving Needs
As your customer base grows and your products and services evolve, your legal needs will change. Your attorney can offer proactive advice, helping you mitigate risks and seize opportunities.
Their expertise helps you focus on what matters:
Delivering excellent customer service and achieving high customer satisfaction and your bottom line.
Key Mistakes to Avoid with Your Business Attorney
Even with the right attorney, certain missteps can hinder your progress. Overlooking these common pitfalls can significantly impact your legal security and long-term business health.
The Value of Regular Legal Check-ins
Avoid withholding information from your legal counsel, full transparency ensures accurate advice. Don’t wait until a problem becomes a crisis. Regular check-ins prevent minor issues from becoming major legal battles, saving both time and money. Always provide your attorney with all relevant details and view them as a key business partner.
Your Legal Partner for Future Success
Selecting the right attorney and building a strong, communicative relationship with them is more than just a legal necessity. It’s a strategic investment in your business’s future.
By asking the right questions and staying proactive, entrepreneurs can transform potential legal challenges into opportunities for growth and stability. Your chosen legal counsel will be a vital ally, providing the expertise and guidance needed to navigate the complexities of the business world with confidence.
