If you’re running a business, getting sued is probably one of your biggest fears. No matter what you do to try to avoid it, working with the wrong people or a business deal gone sour could eventually come back to bite you. A good commercial solicitor will not only make sure that you don’t make crucial mistakes that could end up hurting you in the end, but they’ll actually become like a partner and counsellor. That’s why it’s essential that you find the right one for your needs and those of your business. Here are a few tips on how to find the right commercial solicitor for your business.
Work with a Specialist
The first thing you have to do is make sure that you work with either a specialist or a firm that has many specialists working for them. Firms like Smooth Commercial Law Solicitors will have solicitors specialising in commercial litigation, consumer claims, property litigation, mis-sold leasehold claims, and more. Firms like these will be better placed if you need representation for a wide range of issues.
If you ever come into contact with a solicitor who says they’re specialised in everything from employer contracts to sponsor visas, all the way up to things like shareholder agreements, you should be sceptical. If they don’t seem to have the resources in house, then this should be a red flag.
If you need something specific, like terms and agreement for a new app, then working with a specialist will make sure that it’s done right and fast. A generalist may be able to get the job done, but may take more time to look up the requirements, which will eventually cost you more money.
Work on Fixed Fees
The problem with paying solicitors by the hour is that you end up rewarding them for time spent, not on results. So, a bad or disingenuous solicitor may end up spending a whole day on a task that could’ve been completed way sooner just so they can get paid more.
Instead, you should ask for fixed fees based on specific deliverables. This way, you’ll actually be paying them for work done. This will also allow you to ask questions without being told that you’re “on the clock”. However, if the solicitors insist that you have to pay them by the hour for a specific task, make sure that they tell you why and how it benefits you.
Budget for Additional Fees
You’ll also have to pay some additional fees for things that are not strictly legal fees, like government and court filing fees, duties and taxes, search fees, or barrister fees in some cases. These are called disbursements, and you’ll have to be aware of those before a solicitor does any work for you so you can budget for them and add them to your final costs.
Finding a great commercial solicitor might be a challenge, but if you take your time and know how and where to look, you’ll be able to find a great one for your business in no time.