What aspects should you consider when choosing the right business law firm? As each business is unique, it’s hard to define the specific future partners’ skills and character properties you need right now. Still, to help you answer this complex question, we’ve put together 5 common mistakes when choosing a corporate law firm. Keep those in mind while crafting the image of ideal company representatives.
Judging Law Firm by its Size
Legal experts’ competencies aren’t related to the company’s size. In other words – it’s not about firms’ size but the diversity of cases that specialists have worked on. With that in mind, look for trustworthy and recognised corporate lawyers with proven experience in your field. By the way, in many cases, small or medium firms can give more attention and care to each client, building a genuine connection.
Skipping Research
As with any other investment, you should research candidates. For instance, if you’re after a professional business law firm in Lithuania, research the law firms in the country. Pay close attention to:
- Reviews
- Expertise in specific fields
- Prior experiences (local and international cases)
- Additional activities and achievements
- Communication
Drawing the picture of your future representatives based on presumptions now might disappoint you in the future. You can get a full-fledged service only by choosing one. And to do so, especially when looking for a trustworthy firm abroad, you must do your homework.
Ignoring Specific Business Needs
You can’t expect to get a full-fledged service ignoring the specific business needs. Suppose you’re in a fintech market that covers so many different legal spheres. If your lawyers haven’t worked in this market much, they can’t see the broad picture. Why it’s so important?
Lawyers working in the fintech market and even actively participating in creating a favourable legal atmosphere for fintech businesses will provide you way more than legal advice. For instance – specialists could share valuable contacts, introduce you to fintech communities, share their ideas on investments, etc.
Ask Questions
In order for your business to be successful, you must always ask questions. The same rule applies here – while seeking individually best corporate law specialists. Should you have any questions about your future partners’ company – ways of communication, experiences, expertise, billing, anything – don’t hesitate to ask. As you’ll have to work as a team, you should start the conversation by being honest and concrete.
Putting Price First
No professional service should be chosen based only on pricing. It’s about the whole picture – expertise, communication, prior experiences, and the added value experts could create. The final decision should be based on many criteria. Of course, price and billing nuances are one of them, but not pivotal.
Seek highly experienced and skilled, communicative, and curious law experts. They’ll provide a solid foundation from which you and your team can work to create a legally trustworthy, efficient business. Today, modern law firms are here not only to solve problems but also to create effective financial strategies, help attract investments, and so much more.
