7 tips on how to get the best value out of your solicitor
Taking legal advice is a routine fact of business life, whether you’re negotiating sales contracts, seeking help with a commercial property issue or assistance with HR matters. You may well already have a trusted solicitor on standby, but even with long-term relationships, it’s a good idea to periodically review the current situation to see if you are still getting the best value. Here are 7 key questions you should consider.
Do you understand each other?
Arguably, the key ingredient to a successful business relationship between you and your solicitor is the presence of mutual trust and respect. Find a legal professional who takes a genuine interest in your business, who is experienced in the right kind of work, and who you feel is on your wavelength.
What exactly are you paying for?
Have an upfront discussion with your solicitor about billing, and be clear about your resources for legal costs. Are they charging on a fixed fee basis, by the hour or on a retainer, or no-win no-fee for contentious work? Fee estimates are a good indicator but you should be prepared for revisions if the task takes longer than expected.
Is it worth spending the money?
Avoid getting into a situation where your legal costs exceed the commercial value gained from the advice given. Conversely, it may be worth spending extra on areas that protect your business position in the future, or will generate savings elsewhere. According to the Legal Ombudsman, lawyers must provide clients with “a cost benefit analysis so they understand the choices available to them and their implications.”
Are they on top of their caseload?
Professional law firms must have advanced systems and software-based case management processes in place to operate efficiently and confidently for the benefit of their clients. The Insight Legal System, for instance, offers a flexible work-flow based approach to enable fee earners to streamline their case operations, improve efficiency and ensure compliance.
Are you on top of the paperwork?
The speed of response and quality of your solicitor’s advice is dependent on them having access to all the relevant information. The more accurate documentation you can provide and present in an orderly and easily accessible format, the more straightforward your solicitor’s task is likely to be.
Do you understand the legal advice given?
Asking for specialist legal advice is one thing, understanding what it means is quite another. Of course, there are legal advice websites such as Expert Answers you can turn to, but in the first instance digest the answers provided by your legal advisers and ask for clarification if anything is unclear. While you are not expected to understand the intricacies of the law, you do need to know how to implement the advice given in order to make the right business critical decisions.
Are you taking advice proactively?
Legal advice is useful at every stage, and especially before difficult decisions are due to be taken. Think of your lawyer as a valuable business resource to enable the smooth running of your company and pre-empt issues before they arise, rather than as a problem solver after the event.