A law firm is a simple business entity formed by one or more lawyers, who look after the interest of their clients together. Lawyers in these firms can also allow other lawyers to work with them, who are called associates. In a law firm, all the partners not only share the profits and loss incurred, but also the risks associated with running the firm. It functions similar any other company, however in most companies lawyers cannot raise money through IPO’s, which is why conflicts of interest is often not there in this type of business.
How to choose a law form for your business?
For any business, finding the right law firm to handle all their legal issues and get better legal advice is very important. The following guide will help businesses to choose the best law firm for their legal issues.
a. Factors to look for in a law firm:
The first and foremost factor that should be taken in to consideration is to find a firm that has experience in working with businesses similar to the client’s business and understand the nature of the business. Also, they should be able to offer legal advice and explanations in simple, plain language, and not in legal terms. For start-up businesses, small firms are the best option because they charge less and value them more as a client. All solicitors working in the firm should have a practicing certificate issued by the law society, which the professional body for law solicitors. A qualified firm means, it is verified by the law society and so can offer better legal advice.
b. Searching law firms for your business:
The first place to look for a law firm is the law society. The law society can put individuals in touch with solicitors in the particular specialization or particular area, and also arrange for a free consultation. Other people to ask for recommendations include friends, people from similar businesses, accountants, bank managers, and local chamber of commerce.
c. Arranging a meeting with solicitors:
It is always advisable to see a number of solicitors and have a face to face meeting before selecting one. Questioning the solicitor, what they know about your business and its sector, will help enable you to make a decision on whether to choose them or not. Most solicitors charge fee on a per hour basis, so check out how much your solicitors charge. You should try and make them agree a fixed spending fee, so that you don’t spend above your budget limits. To this end, it is advisable to get quotes from solicitors before proceeding. Above all, see what other services the solicitors can offer you for the better growth of your business, and take advantage of the situation.
The legal market is very big which makes choosing the right law firm for your business a difficult task. A detailed research and a clear idea of what you are looking for in a firm will help you make the right decision and growth of your business.