Guide to Finding the Best Law Firm for Your Business

A law firm is a simple business entity formed by one or more lawyers, who look after the interest of their clients together. Lawyers in these firms can also allow other lawyers to work with them, who are called associates. In a law firm, all the partners not only share the profits and loss incurred, but also the risks associated with running the firm. It functions similar any other company, however in most companies lawyers cannot raise money through IPO’s, which is why conflicts of interest is often not there in this type of business.

How to choose a law form for your business?

For any business, finding the right law firm to handle all their legal issues and get better legal advice is very important. The following guide will help businesses to choose the best law firm for their legal issues.

a. Factors to look for in a law firm:

The first and foremost factor that should be taken in to consideration is to find a firm that has experience in working with businesses similar to the client’s business and understand the nature of the business. Also, they should be able to offer legal advice and explanations in simple, plain language, and not in legal terms. For start-up businesses, small firms are the best option because they charge less and value them more as a client. All solicitors working in the firm should have a practicing certificate issued by the law society, which the professional body for law solicitors. A qualified firm means, it is verified by the law society and so can offer better legal advice.

b. Searching law firms for your business:

The first place to look for a law firm is the law society. The law society can put individuals in touch with solicitors in the particular specialization or particular area, and also arrange for a free consultation. Other people to ask for recommendations include friends, people from similar businesses, accountants, bank managers, and local chamber of commerce.

c. Arranging a meeting with solicitors:

It is always advisable to see a number of solicitors and have a face to face meeting before selecting one. Questioning the solicitor, what they know about your business and its sector, will help enable you to make a decision on whether to choose them or not. Most solicitors charge fee on a per hour basis, so check out how much your solicitors charge. You should try and make them agree a fixed spending fee, so that you don’t spend above your budget limits. To this end, it is advisable to get quotes from solicitors before proceeding. Above all, see what other services the solicitors can offer you for the better growth of your business, and take advantage of the situation.

Conclusion:

The legal market is very big which makes choosing the right law firm for your business a difficult task. A detailed research and a clear idea of what you are looking for in a firm will help you make the right decision and growth of your business.

The Case of a Boutique Law Firm Vs A Conventional Law Firm

The legal scene for some time has been changing with increase in specialized cases. These deal with areas like immigration and environmental laws. The economic conditions have also not been very supporting of the bigger firms as they are finding it hard to manage huge administrative overheads. Out of these times has emerged the phenomenon of a boutique law firm. These have usually been formed by practicing lawyers who left bigger firms and started their own practices which focus on niche areas.

Characteristics of a Boutique law firm:

1. It is usually smaller than a general practice law firms. At times it could just consist of one or two lawyers who have come together due to a shared passion for a particular area of law.

2. Most of these have been formed by attorneys who left bigger law firms to start their own practices. A good example is Chicago Law Partners which was started by five attorneys from Chicago law firm of Neal, Gerber and Eisenberg.

3. It focuses on a niche or a few niche areas rather than all aspects of law and order. For example, Chicago Law Partners takes up cases only for not-for-profit organizations.

4. They market themselves as “specialists” in their chosen area like immigration laws or maritime laws.

5. The fees charged by these firms are usually higher than the conventional general practice law firms.

Pros compared to a conventional law firm:

• A firm that handles all kind of cases may not have the depth and knowledge required for specialized cases say a divorce which involves child custody.

• If you find a boutique law firm which is passionate about your cause, you may be able to get their services at lower cost. And the dedication that stems from their passion for the cause is an added bonus.

• A boutique law firm because of its knowledge and involvement may be able to assist with investigating the case besides fighting it on your behalf.

• The staff at a boutique firm tends to provide more than just legal advice. Due to their vast experience, they can also provide personal and professional advice to deal with the issues you may be facing during your legal battle.

Cons compared to a conventional law firm:

• First is the cost of hiring such a firm which will be higher than that of hiring a conventional firm. This may reduce over time given their lower overheads but that is still to be seen.

• They may not have enough staff which could be deterrent at times for the case in hand.

As a concept it looks to be a better option than a conventional set-up especially for handle highly complex and specific cases. But, are firms ready to focus on just one area, is yet to be proven in the long run. Also needs to be proven is the implication that they are more than just small law firms attired in a new garb.

Starting a Law Firm – What’s in a Name?

When I started my law firm I was confronted with many choices. What kind of law will I practice? Where will I practice? Who do I want for clients? What kind of fees will I charge? It wasn’t until I actually got into the planning stages of the law firm that I began to see these questions as more big picture, firm philosophy type of questions. These type of questions may never be fully answered because they are not static.

One big picture question that is static and that can have a profound effect on the success of your firm is its name. What’s in a name? A lot if you think about it. Think about your own name for starters. What if you had been named something different? What if you were a boy and had been given a girls name? What if you were born in a particular religion and were given a name not associated with that religion? Have you ever been to a place where for some reason your name was looked down upon? These same types of feelings can be encountered with your law firm name.

The great thing about starting a law firm is that you get to think about this and plan ahead. If you are starting a law firm and are reading this article, you are probably either fairly young, fairly technologically proficient, or both. If you are, then you can probably see that the face and structure of the practice of law are shifting gradually beneath everyone’s feet. Competition is fierce, and image is everything. And guess what, one of the first things people will learn about you, something they will probably use to form an opinion about you before they even meet you, is your firm name.

When naming your law firm there are some things you should think about to make sure you are maximizing that first impression. First, don’t use your name. Second, it should be easy to remember. And finally, it should make people feel and think the way you want them to feel and think about your law firm. Although this may seem easy, when you actually try to do it, I think you’ll find it is a pretty tough exercise.

Some you are probably thinking, “why not use your name? Everyone else does.” That is precisely why. Although people have different goals, if you are starting a law firm, one of those goals is probably to make money practicing law. You make money by having people sign up for your services. People sign up for your services when they know who you are. Why blend in with everyone else when you can set yourself apart? Not only does not using your name allow you to present an image in prospective client’s minds, it allows you to build the brand you want. A great example of this is Valorem Law Group. If you look at their website a central theme is discarding the billable hour to provide clients value for what they are being paid. If you don’t already know, valorem is latin for value (loosely). Do you see the jump start you can get on the competition with a good name?

Second, easy to remember. This is practical for obvious reasons. If people refer your services to friends or colleagues, what is easier to remember, Valorem Law Group or Smith, Sands, Zaremba, Charles, Flippy and Jagermeister? Make your name easy to remember and you make it easier to get business – a key when starting a law firm.

Finally, the brand. When you start your own law firm you start out as the brand. At all times you are promoting your practice, you are what your practice stands for. But before anyone knows what you are all about, you can start them down the right track with a great name that represents the firm philosophy. A strong, powerful, confident name can make the difference in someone choosing to call you. It can also mask your size. “The law firm of Joe Shmoe” implies that you are a small firm. Like it or not many people associate small firm size with poor performance or cheap services. Look bigger than you are immediately by having a firm name that connotes structure, organization, and numbers.