Legal blunders may have a catastrophic effect on any organisation, especially for SMEs or small-to-medium-sized enterprises. Large corporations may have the capacity to withstand nearly anything. Yet, a tiny error for a smaller business may cost them a lot of money and damage their image.
If you have an SME and think hiring a corporate lawyer is something you don’t need, think again. An experienced commercial lawyer may assist a company in numerous ways, from negotiating contracts to providing legal counsel on labour and employment matters.
Moreover, most business owners don’t have the skills or time to deal with a wide range of legal issues on their own. Corporate lawyers are excellent resources for dealing with legal challenges and drawing up contracts. Furthermore, they have the experience to navigate your business through sticky situations, whether they stem from rival firms, failure to pay billables, and the like.
However, finding a corporate lawyer who understands your industry and has the experience and reputation to back it up can be challenging. This is why it’s vital to get the right legal partners by your side.
Here are four important things to look for when choosing a corporate lawyer for your business:
1. Experience
Experience is paramount when choosing a corporate lawyer. The best way to gauge it is to ask how long they have been in practice.
The more seasoned your corporate lawyer, the better your chances of a satisfying experience. Corporate lawyers who have been practising for several years are more likely to have a wide range of knowledge and a well-established network of like-minded professionals.
Moreover, you must choose a corporate lawyer who understands your industry and its challenges. You shouldn’t hire a lawyer who does not understand every aspect of your business; otherwise, your business might suffer.
2. Connections
An excellent corporate lawyer will be sufficient in their knowledge and expertise in legal matters in your industry. Aside from that, they also have an excellent network to back them up and handy resources to help them deal with your SME’s various legal challenges.
If you go with newbie corporate lawyers just because they offer the cheapest services, you may be cutting yourself short of a vast network of connections that more seasoned, experienced lawyers have. This is why the latter can better deliver the results your business needs.
3. Reputation
A corporate lawyer’s reputation is often the best measure of their level of expertise. Having confidence in your corporate lawyer is crucial in managing your company.
Reputable corporate lawyers should have a long and verified track record of success. This means they have several experiences representing clients from your industry, thus the reason for their good reputation in your business and legal community.
Look for those with a niche practice representing small and medium-sized businesses. They’ll know how to best represent your business as it grows and expands its influence in the marketplace.
4. Billing Method
The way your corporate lawyer bills can determine the level of services you and your company get. You want to know that your corporate lawyer is open to answering your questions, is easily reachable and is willing to help with the issues that most affect your business.
You should find out if they have a flat-rate billing scheme or a contingency billing scheme to get this assurance. A flat-rate scheme means you pay a fixed cost for a specific service. On the other hand, a contingency billing scheme entails a lawyer charging fees according to their results.
However, a contingency billing rate is preferred because it encourages lawyers to work more vigorously on your case.
Conclusion
A corporate lawyer for SMEs can be a valuable asset to your company. The best corporate lawyer for your company can help it navigate legal obstacles that may arise in its business course. So, if you think hiring a corporate lawyer is something your SME cannot afford, think again.
Unlike other law firms, GLG Legal is driven by results rather than legal traditions and billable hours. We offer our clients the best solutions at rates they can afford. We are a Brisbane-based business and property law firm that provides practical answers to our clients’ commercial and property needs. If you need corporate lawyers in QLD, Australia, contact us today!
