When starting your own business, the multitude of laws, contracts and regulations that dictate your company’s accounting and spending is overwhelming. Growing your company means taking out loans from banks or creditors, and it is important to ensure that you are not getting the short end of the stick.
Hiring a business finance lawyer from the get-go can help you navigate your way through stock purchases, investments, and tax audits. Business finance lawyers play an important role in making sure the financial and legal aspects of your business are covered, so finding the right one can be essential.
Here are 5 questions to ask when hiring a business finance lawyer:
1. How many companies like mine have you represented?
The types of companies a business finance lawyer has dealt with can vary extremely, depending on their experience and locality. Rather than finding a lawyer with a very impressive list of large companies, you should hire someone with experience relevant to your interests or have represented other clients similar to you. For instance, a lawyer well-versed in larger companies may know a lot about cross-border transactions, but little to nothing about securities issues when accepting investments.
2. Have you dealt with tax matters/mergers/stock purchases?
Asking whether the lawyer has dealt with your specific concern is a quick and easy way to ensure that the potential lawyer has worked in the relevant field before. It may seem obvious, but different lawyers have vastly different exposure to certain areas of law, so asking this question can help you gain deeper insight into whether the lawyer is right for you.
3. Who will work with you?
Lawyers often have a team of staff members working on a case together. Usually, simple matters are delegated to junior staff, especially if there is an overload of work. A business finance lawyer covers a lot of ground, meaning that certain areas of work may not be as specialised. This often results in your files being delegated off. Discuss the experience and competence of the staff with the lawyer to make sure you are in good hands no matter what.
4. What are the legal costs?
Generally, lawyers charge by the hour. This means that with every minute spent on your issue, your bill will grow. The unclear approximations often give you no actual understanding of just how deep the legal fees may steep. In business finance law, one matter could take either hours or weeks depending on the complexity of the task and responsiveness of government bodies.
An alternative method to billable hours is a flat fee. Here, lawyers offer a fixed price when providing advice. A flat fee allows for a much more transparent expense, giving you a better idea of how much you will be spending on the requested task.
To prevent any unwelcome surprises, LawPath’s lawyer marketplace allows you to compare and choose business finance lawyers on a fixed-price basis.
5. How will you respond to my needs?
A major complaint that people have with lawyers is that they are often unresponsive, and may go weeks without answering your calls. Ask about the administrative staff to make sure someone is always able to assist you with your inquiries.
Establishing a set means of contact with your lawyer before-hand can further help you facilitate a smoother relationship. It is meaningless to hire someone who you cannot reach.
Conclusion
Business finance law covers a lot of ground and it is important to make sure that the lawyer you hire has experience in your field. The right lawyer depends wholly on your type of business and complexity of your matter. You can begin your search for business finance lawyers on LawPath’s lawyer directory.
Require a business finance lawyer? Contact a LawPath consultant on 1800 529 728 or use LawPath’s lawyer directory to obtain a fixed-fee quote from our network of 750+ expert lawyers and get answers to your legal questions.
