How to hire business transaction lawyers? Interlegal

If you reading this, the odds are that you are an entrepreneur and have stumbled on the need of hiring a business transaction lawyer, commonly known as corporate attorneys. Once you have decided that a lawyer’s support is needed while setting up your company, dealing in large international projects and transactions or in registering various products and services, then the next step is to shortlist a bunch of lawyers. While you make this list, you must take into consideration several factors that will make the world of a difference in the long run, whether financially, legally or even mentally. Keep reading to equip yourself with some lawyer-hiring knowledge –

• Do extensive research – Usually, a person begins by following up on recommendations that they have received, from there on, you are by yourself. Deep dive into a lawyer’s education history to study his/her qualifications and if it includes a specialization in business law. Navigate through the lawyer’s biography and professional work experience while also carefully studying their past clients and type of cases. This helps you understand whether the lawyer has worked on similar cases or not. What’s better than hiring a lawyer who has an extensive list of clients from your industry itself? The only way to find out is by checking their website, LinkedIn profiles, Facebook profiles and other profiles on professional platforms.

Please make sure that you are researching on a government licensed attorney, otherwise, all the effort you put will be in vain. Also, if you come across keywords such as fundraising, business law, venture capital, star-ups, etc then you deserve a pat on your back for being on the right track.

• Fee structure – The main reason people stay away from lawyers is due to the significantly high charges that they quote. You need to navigate through the global legal network by following an efficient pattern of searching for business transaction lawyers by making sure they have options for hourly fees, one-time fees, and monthly retainer fees. This gives you the flexibility to either meet the lawyer at periodic intervals for short durations or by not worrying about the amount by letting the charges sweep into the monthly retainer. Several corporate attorneys will try o crack a deal with a prospective client by stating that they will charge no fee, but will take a pre-decided share if the case is won.

Keep in mind that finances are the major reason people choose to stick with one another, settling on this topic first will decide the strength of the client-lawyer relationship.

• What is the main reason you are looking for a business transaction lawyer? – There are hundreds of branches that come under business law, they can be securities law, intellectual property law, transactional-based laws or even estate-based laws. The goal that you have will define exactly what form of legal expertise you require. You may need a business lawyer for employee deals, government tax regulations or even contractor warranties. Many entrepreneurs realize that some part of their business pipeline is restricting their growth. For this reason, they hire a lawyer to look for competency gaps within mundane operations, to check for the need for restructuring, to analyze whether any commodities or assets need to be disposed of due to the downfall they bring along.

As an entrepreneur, you may come to the conclusion that your organization requires subsidiaries for better cash flow and security of employees, assets, and projects. If you choose a business lawyer with relevant expertise then expect to spend lesser money, learn more in the process and achieve faster results.

• In-house or a 3rd party law firm – This choice can prove to be critical in matters that are urgent and require instant availability, actions to be taken and suggestions. An in-house business lawyer will be a part of your organization and can be summoned as and when needed with no waiting periods and delays in meetings. Whereas, a law firm that operates solely by themselves would not be available at all times and would also be heavier on the pocket. However, an external law firm has more exposure and expertise that can be narrowed down intelligently to target and curate multiple solutions for your business.

• In-person interview – These first-time interviews are usually free of cost and can be beneficial in understanding the lawyer’s approach to various business-related problems. You will also get a chance to understand the personality and basic etiquettes of a person you would possibly be investing large sums of money in.

Finally, make sure you compare the qualifications, rates, expertise, flexibility, clientele and professional experience of each of your prospective lawyers amongst the global legal network. Following this process is a fool-proof method of acquiring the ideal brain for all your legal business-related problems and also for any legal advice you need to optimize your business.