There are two people your business will need: an accountant and a solicitor. As a startup or SME, it’s tempting to dismiss the latter as an indulgence. How often are you going to use their expertise to help grow your business? On the face of it, it seems more likely you’ll pay them a lot of money for a retainer and never get your money’s worth. Everyone with the gift of sight can see that this is a waste of your finances.
The thing is, lawyers aren’t as luxurious as you may assume. Big or small, you’re bound to run into problems that require their legal expertise from planning permission to company formation. And, if you attempt to solve the problem alone, you can cause more damage and exacerbate the situation. Okay, so you realise that you need one but that doesn’t mean you know what to do next. Hiring a solicitor is as challenging as listening to them speak about legal matters!
Thankfully, there are a few tricks of the trade that can help you locate and hire an expert that is the right fit for you and your company. Check out the following for more.
Pay More To Save More
The last thing you want to do is spend a fortune on a solicitor who demands a massive chunk of your budget. In your eyes, the money is better spent on marketing, customer research, and generating leads to boost growth. However, paying extra in the short-term is an excellent way to save a significant sum in the long-term.
There aren’t many solo practitioners or small law firms with the resources to handle your needs. Whether it’s a lawsuit from a rival or negotiating a deal for office space, they have so many hands and can only handle one thing at once. This means two things: you pay them more as it takes longer to complete the job, or you compartmentalise your needs. Choosing a plethora of lawyers to take care of each aspect of the firm’s needs is a good move as they all have different areas of expertise.
Of course, both of these options are expensive. With a big company by your side, you get access to their wide range of resources. This means they have the specialists and employees to handle a number of tasks at any given time, helping you to cut legal costs.
Hire A Translator
Solicitor-speak can be problematic as you have no clue what they are saying and what they mean. Even when you ask them to slow down and talk in normal English, the conversation can be tough to follow. There is too much jargon and they also assume you understand every concept so you end up getting lost and not comprehending.
The temptation is to play along. After all, you don’t want to seem stupid; plus, they are the experts and you’re paying them for a reason. This is one of the biggest mistakes regarding hiring a legal professional for your business. Without knowing their services, it’s easy to choose poorly and waste money. The key to translating document into another language is to hire a translator who has experience in the field. Thanks to their knowledge, they can break down the key points and present them in simple-to-follow English.
Whether it’s an employee or client contract or a court judgement, you won’t be in the dark. A good tip is to use a service that isn’t automated. Often, machines can get the translation wrong whereas humans understand the nuances of the art. Therefore, they don’t miss out keywords and phrases.
Focus On Their Speciality
A modern day solicitor is like a doctor because they specialise around the board. Think of it this way: you wouldn’t want a podiatrist operating on your heart. Asking a lawyer to tackle a problem outside of the area of expertise is a similar risk. Just because they have a degree and a license to practice doesn’t mean they’re the right fit.
Always start by eliminating the types of specialists that you won’t need. For example, solicitors who take care of house foreclosures or wills are pointless. The chances are you’ll never need them, and if you do it won’t be enough to validate their fee. Next, entrepreneurs should concentrate on the services they want access to, such as taxes and licences. As a rule, an SME will have to deal with everything from contracts to real estate and business formations, so they should be at the top of the list. Also, don’t forget about intellectual property and patents.
If you opt for a big firm with lots of resources, be sure they have people who can take care of these specialities. Never be afraid to ask questions and gauge their responses as it’s a smart way to tell if they are competent.
Ask Questions Of Yourself
Interviewing them is all well and good, but it only gives you an insight into their abilities. To take it to the next level, it’s vital that you consider the business requirements involved. Of course, the main one is that you need a lawyer to help with a problem because you lack the skills. Also, there is the fact you don’t want to spend a fortune.
However, there is more to choosing a solicitor than those two things. Firstly, do they communicate well? While a document translator is a useful tool, it’s important to speak regularly and discuss the case. Secondly, do you like the person or firm? When you don’t, it can be tricky to trust them to do their job and that gets in the way of the partnership. Also, entrepreneurs need to trust their guts. Finally, what’s their location like? Face-to-face communication is always the best option, yet it’s tough when they are located hundreds of miles away.
Interviewing yourself regarding your needs and wants should never be underestimated.
Are you looking for legal help? What do you find the most helpful piece of advice regarding finding the correct fit?
- This post has been written by an outside source – See disclosure policy
