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| Find and Hire an Attorney |
Critical to your success in starting a business is to understand the legal activity required to ensure your company’s compliance. The least stressful method to achieve this goal is the find an attorney to work with to guide your through the maze of legal requirements. Overall, attorneys are able to support you in making decisions in practically every area of your business.
Many business owners put off finding an attorney until it’s too late. The appropriate time to find an attorney is before you need them. As with any business, you can expect to have to pay an attorney for their services. However, if you ever have to utitlize an attorney, the small fees you pay up front will pale in comparison to the possible costs of not having one.
What size law firm should you choose?
The easy answer to this question is how much money do you want to pay. The bigger the law firm you choose the higher the operating costs the firm will pass on to you in the form of fees. There are numerous reasons that support the choice of a larger firm:
| Specialization – Because the field of law is becoming more complex, lawyers have to specialize in a particular area in order to keep up. That being the case, it makes it more difficult for smaller firms to manage the diversity of the law. |
| "One Stop Shop" – Larger firms usually have most if not all of the expertise you will need in one place. This will allow you to formulate a relationship with a single firm so that you can feel more comfortable allowing them to handle multiple issues. |
| Reputation – Established firms typically have developed a strong reputation for themselves whether it is local, regional, national or even global in nature. At times a firms reputation alone will be support enough to help you resolve your issues. |
That being said, smaller firms have just as many advantages. Overall, it is left up to you to gage what size firm is best for you at this point in time. Remember, you always have to option of changing as your company grows and changes.
Different Specializations
As previously mentioned, lawyers are becoming more specialized because of the vast changes in business law. Some of the key areas of specialty that will more than likely impact your business are contracts, legal structure, real estate, taxes, and intellectual property.
Costs and Fee Structure
With any firm you choose the fees they charge will vary from one firm to the next. For more basic issues, like startup matters, most attorneys will charge a single fee upon request. Be aware that thing single fees are typically required upfront but you should try to negotiate terms. Lawyers are not always open to receiving a single rate for certain general activities. This is because some of those activities are basic in nature but require a significant amount of legwork on the lawyer’s part. In these situations, lawyers typically charge the client by the hour. Lastly, some lawyers may require that you pay a retainer for their services. A retainer is a fee that the lawyer holds in escrow or as a deposit against future fees that you may incur.
Finding an attorney
Some things to you should consider as you seek out an attorney are: a. Is the lawyer focused more on your business rather than the law, b. How well does the lawyer communicate, c. Where is the lawyer’s office located, and How comfortable are you with this person.
You can begin your search for an attorney by simply contacting the American Bar Association. In fact, you should visit the American Bar Association’s website and explore the section focused on finding lawyers. They offer a referral services that are designed to help ease the stress of finding an attorney. In addition to this site, there are alternative sites that offer similar services. The wide-ranging search options on these sites allow you to specify your needs and find the best match for your situation.
In case you are leery of simply selecting, you have the option of requesting the American Bar Association conduct a search of their database to determine if any disciplinary action has been brought up against a particular attorney.
Types of Fees Lawyers Charge
Not only do the types of lawyers differ, but also the way they charge for services differs. Some of the primary methods attorneys use to charge are:
| Hourly or per day rate |
| Flat fee |
| Monthly retainer |
| Contingent fee |
| Value billing |
Make sure you work with the attorney to reach an agreement on the fee schedule that meets your needs the best, and make sure you get everything in writing. Everything you agree to should be captured in the contract/agreement you sing with the attorney. Some things you should focus on when addressing attorney's fees are:
| Hourly or per day rate |
| Flat fee |
| Monthly retainer |
| Contingent fee |
| Value billing |
Make sure you work with the attorney to reach an agreement on the fee schedule that meets your needs the best, and make sure you get everything in writing. Everything you agree to should be captured in the contract/agreement you sing with the attorney. Some things you should focus on when addressing attorney's fees are:
| Get an estimate in writing |
| Get the specifics behind the billing calculations |
| Always get a copy of your bill and make sure it is itemized |
| Try and negotiate an early pay discount option |
| Do your homework (research) and ask plenty of questions |
This overview should get you off to a good start, but make sure you research this subject to make sure you make the best choice for your company.
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