5 Questions to Ask When Hiring a Banking and Finance Lawyer
Working out deals and negotiating terms? There are heavy settlements everywhere in this technical area of law.
To represent the best interests of the client, Banking and Finance lawyers often provide financial advice for businesses whilst settling deals and recording contractual relationships.
When money is involved, things turn serious. This is no different when in the Banking and Finance sector, which is why hiring the right lawyer holds critical importance. Lawyers that specialise in this field are often are split into respective industries or specialist areas so scouting for the right one is incredibly important.
1. Have you dealt with my particular issue before?
It is always advisable to see a Banking and Finance lawyer who has specific experience with your legal issue or any similar ones. As financial problems are vast and experienced by everyone, lawyers with general experience may not suffice, unlike specialised lawyers. Legal practitioners with specific experience in your field of interest would be much more plausible as your lawyer.
Do you have any experience with cross-border financial activities?
If your financial legal issue is of global scale, we recommended hiring a trained lawyer who works with international legal issues. Different countries have different financial regulations for individuals and businesses so lawyers who understand these boundaries would lessen the chance of you running into problems. For example, some Islamic nations have regulations that prevent interest collection on specific loans.
3. What can I expect as an outcome?
Both parties in agreement to attain their aligned goals. However, your lawyer should be prepared to present the most stable deal for both parties; expectancy that borrowers have the capability to pay back the loan and that discrepancies are non-existent. According to professional protocol, these arrangements are to be performed in their correct and procedural way.
4. What would be the main form of contact?
When it comes to negotiations, your main form of contact would be via phone. Negotiations would not require many meetings in person, unless there is a unexpected situation or a requirement of signages. Make sure your lawyer is flexible enough to meet your availabilities, so the process is smoothly executed.
5. What are your costs?
Paying lawyers can make a huge dent in your wallet. When you’re financially funding your lawyer to make financial deals, you want the best price for the right service. As per usual, lawyers are paid through these two options:
Billable hours are when the lawyer charges for every hour spent on your issue. You should try and get an idea of how many hours the lawyers expect to take. Keep in mind that even a short five-minute conversation can add much to your final bill.
A flat fee can provide a better idea of what you’re paying. The flat fee however, may not cover all legal costs such as applying for a hearing with the fair work commission.
However, you can try connecting with a banking and finance lawyer using LawPath’s lawyer directory. We provide fixed-price quotes from our vast lawyer network to make your comparison shopping easy. Learn about how lawyers charge clients by reading our legal guide on how much you should pay a lawyer here.
Banking and finance lawyers play a critical role on the financial side of businesses, aiding you in meeting your business’s financial requirements. Choose your lawyer carefully, keeping in mind that your financial transactions can happen from cross-industries to cross-borders.
Ivy is a keen catalyst of technological advancement in legal processes for businesses and society. She currently works with the content team at Lawpath as a Legal Intern and is undertaking a double degree in Commerce and Law at Macquarie University.