When it comes to external lawyers it’s often difficult to navigate the trade-off between value and cost. In this article, we look at the best ways to derive value from an external law firm.
A business advisor
If all you receive from your lawyer is legal advice, you are not extracting as much value as you should be. Lawyers have the benefit of dealing with a number of clients in different industries. As a result, a lawyer can help you think about your business in new ways, ensure you are on track with your business plan and flag any potential issues before they become serious problems.
External law firms offer access to specialists. While you may have in-house lawyers with their own skills and experience, an engagement with an external law firm allows you to leverage on the specialist experience within that firm. Typically, that includes specialist experience with litigation and dispute resolution but can also include specialist experience in areas such as energy law.
Your external lawyer will also be an experienced negotiator. Your external lawyer can help you negotiate the best deal with suppliers and customers having experience negotiating disputes and commercial contracts. When it comes to commercial contracts, engage your lawyer early in the negotiation process.
Your lawyer can be a great resource when it comes to connecting you with like-minded people and with businesses that can help your business grow. If you are thinking about sourcing funding from investors, ask your lawyer for an introduction. If you are trying to connect with a business in a different industry, your lawyer may be able to help you form that connection.
If you are not getting value from your lawyer then consider approaching them from one of the above perspectives. A good relationship with the right lawyer will be a long-term asset to your business.
Who to Contact for More Information
Please get in touch if you have any questions on the above.