Business transactions, no matter how small or big, require legal assistance. If you are a startup owner or an entrepreneur, you need to invest in the right business attorney to smoothen out the legalities of your business transactions. Selecting the right attorney can be daunting, but failing to do so could cause you more trouble. In this blog post, we will discuss tips on finding the right attorney for your business to help you achieve your needs and protect your interests.
1. Determine your legal needs
Before looking for an attorney, first, determine your legal needs. Different legal requirements require different kinds of attorneys. Next, decide whether or not you need an attorney for a one-time or long-term consultation. Finally, identify the legal services and determine what you need from the attorney. Identifying your legal needs will help you understand the kind of attorney you need and narrow your search.
2. Look for an attorney that has experience in your industry
When you find the right attorney for your business, please look for an attorney with experience in your industry. An attorney who has the knowledge and has worked with companies in your industry will understand your unique legal requirements and can give you the best possible legal counsel. For instance, if you are in the healthcare industry, hire an attorney with healthcare legal experience.
3. Look for referrals
If you need help figuring out where to start, ask for referrals from business colleagues or your network. Referrals can give honest opinions on their experiences with the attorney they hired. The internet also provides platforms where you can get referrals and read reviews from previous clients to help you evaluate the attorney before hiring.
4. Hire an attorney who is responsive and trustable
When you are finding the right attorney for your business transaction, hiring a responsive and trustworthy attorney is essential. Hiring someone willing to respond to your queries and communicate any progress with you on your matter is crucial. Business transactions are time-sensitive and require an attorney who can act efficiently and effectively.
5. Look for an attorney with a reasonable fee structure
It is essential to find an attorney whose fee structure suits your budget. However, it would help if you were careful not to compromise quality over price. Please be sure to look for an attorney who offers reasonable prices for their services, but remember to be cautious of attorneys that charge low prices because of the low quality of their services.
Below we have outlined some simple questions for you to remember when looking for a qualified, transactional attorney to help you make the best decision.
Do you have direct experience supporting the sale of a business? Attorneys with transactional expertise will have a clear vision of fair contracts, how to structure different transaction types, and can use the past deal experience to reach a fair agreement efficiently.
What is your approach to negotiating and deal-making? This question will allow you to zoom in on how the attorney thinks and how they will choose to negotiate compromises. Essentially, this information will help you decide if they will deal with your best interest in mind.
What is your fee structure? Knowing how an attorney will bill you for their time is extremely important and could be a deal breaker, depending on your financial situation. Most attorneys bill by the hour and may also charge some form of a retainer or have flat fees for specific tasks. Could you ensure you are comfortable with their billing process so you are not surprised by their invoice at the end of the day?
Do you have any references? Performing a reference check takes little time in the grand scheme of things, but I can give you valuable feedback on what to expect from your counsel.
Conclusion
Choosing the right attorney for your business transaction is no easy task. It does, however, stand to be vital when it comes to protecting your interests and guiding you toward the greener pastures of success. By taking into account various factors such as legal needs, experience in your industry, referrals, responsiveness, and trustability, along with a reasonable fee structure – you can make sure that you choose the best attorney suited for your business. If you are still unsure or need more assistance or advice on selecting the right business attorney – don’t hesitate to reach out and investigate further.
Once you're ready, take the next step and begin exploring ways to sell your business successfully - contact a broker today!
With an expert on board, you can get through this transaction smoothly and finally rest easy knowing that legal counsel has guided things for the better.
