Nobody is above the law, not even entrepreneurs. Rather every aspect of business is grounded by laws of the nation. As an entrepreneur you must know how to hire the perfect corporate lawyer for your firm so as to meet all your legal obligations. These 10 tips can ensure you choose the right fit.
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1. Experience matters here
As an entrepreneur, you might be new to the trade and might not be wholly aware of all the legal formalities your business needs to encompass in order to become a legal entity. Hence, it is important that you hire a corporate lawyer who is experienced in the field and can act as your guide in clearing all legal obligations.
2. No foul play
When you are hiring a lawyer for your firm, there should be transparency between your lawyer and yourself. Neither should try to double cross the other and should work together to achieve set goals and maximize the firm’s efforts.
3. You have to be on the same page
What you as an entrepreneur expect and desire from your corporate lawyer should be very clearly expresses to the individual to eliminate all scopes of doubt. Your lawyer is your legal adviser and if only he knows your expectations can he give you his best opinion to help you achieve your goals.
4. Look for the track record
Mostly when people look for a track record they look for a clean chit. But, such shouldn’t be the case while looking for a corporate lawyer. Yes, you need a lawyer with a clean track record but also a good one. One that has cases that show that he will be worth every buck you pay.
5. Knowledge is crucial
As a lawyer he is bound to know everything about corporate law. But the question is, how much does he know about your business and the industry you operate in? Since he has to deal with the same, he not being wholly aware of it can turn out to be detrimental.
6. Hard to break
Your lawyer will also be your secret keeper of your business. Make sure you hire somebody who does not break under pressure and give out your business secrets. He must know when to speak and what to speak, and only to speak what will be beneficial for the company.Afterall, he is representing your company.
7. A smartass
Lawyers by virtue should be true to the trade. But a corporate lawyer should be more than that. He should also know the loopholes in the system of the law so as to ensure maximum profitability of the enterprise. All actions taken by a company may not be ethically correct but it is the duty of the corporate lawyer to ensure that it is legally sound.
8. Legal authenticity
Before you hire someone and spend a fortune to get your legal affairs straightened out make sure you ensure he is legally allowed to practice law. Check and verify every bit of authenticity to prove that he is allowed to practice law, and above all, allowed to practice law in your country. Like, if you are looking for Indian Attorneys in PA, you must ensure they have the license to practice law outside India.
9. Don’t be cheap
When you go to hire a lawyer, don’t set up a budget. Set up expectations that you wish to achieve. A good attorney might cost you more, but will help you achieve your aims of business and work in ways to increase profitability.
10. Good ethical character
The character is of the highest importance when you talk about the corporate attorney. Your lawyer should distinctly know right from wrong and should never indulge in matters that might put the firm at risk. He is a spokesperson of the company and should be capable of maintaining its decorum.
The first thing that you should consider while hiring is your rapport with your lawyer. If he has your best interest in mind then only should you proceed, as entrusting someone with top-level information can turn out to be dangerous if the person is not right.
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