Clients say the number one way lawyers can increase their value when giving legal advice is if the lawyers have a genuine understanding of the client's business. If the lawyers have an in-depth knowledge of the client's business, they can better anticipate the risks facing the business and be more proactive in identifying, addressing, and either minimizing or capitalizing on those risks.
Lawyers understand their clients' business by doing their homework, by asking questions about the business. Lawyers are not known for being good listeners. Lawyers are accustomed to feeling they need to have all the answers, that they need to seem like they are the experts, prepared to show that they have the knowledge to solve the clients' problems. Lawyers must remember that businesspeople are the experts when it comes to their businesses and their industries. Lawyers gain an important understanding of their client's business by asking questions and then by listening; Listening to learn, not to respond. By asking good questions and listening to learn about the client's business, lawyers build valuable relationships with clients.
Clients often complain that lawyers give several options or alternative courses of action but are not willing to recommend one. Good legal advice is advice the client can act upon. Good legal advice might require telling the client they have several options, but should recommend a course of action, even if the lawyer explains that the course of action is not without risk. Lawyers should highlight the business, financial, and reputational implications of the legal advice, including the risks and rewards, which business people are accustomed to evaluating.
Communicate with your clients on why you are giving the advice you are giving so your clients can weigh the strength of your conclusions, and to determine if your conclusions are based upon the correct assumptions.
Understand the client's business well enough to know why the client might not be able to pursue certain courses of action or advice (due to regulatory constraints, operational environment, etc.). The legal advice might otherwise be good advice, but it is advice the client cannot effectively or reasonably pursue.
Understanding the difference between giving advice regarding the legal risks of taking a certain course of action vs. giving advice that a course of action would be unlawful. Businesspeople are accustomed to weighing and taking calculated risks because of the potential upside rewards. Every business decision carries some level of risk. Legal advice should help identify these risks and develop strategies to mitigate them. Good legal advice is not about avoiding all risks. Good legal advice is also about seizing opportunities. Of course, if the proposed course of action would be unlawful, the lawyer's advice should be honest and unwavering.
Operating a business involves making countless decisions, from daily operational issues to long-term strategic planning. Experienced, trusted legal counsel can help businesses navigate the many challenges they face.
Businesses looking for growth opportunities can benefit greatly from having experienced, trusted legal counsel who can help businesses identify risks and develop strategies either to mitigate the risks or capitalize on them.
Well-written and negotiated contracts are the foundation of your business, whether contracts with business partners, clients, employees, vendors, suppliers, or others. But poorly drafted and negotiated contracts can result in disagreements, disputes, or even litigation. Good legal advice regarding competently drafted and negotiated contracts with clear and enforceable terms ensures that your interests are protected.
Disagreements and disputes are inevitable in business, and often good legal advice can enable businesses to resolve the disputes before they become costly litigation matters and result in fractured business relationships and reputational damage. Good legal advice provides you with strategies that can resolve disputes effectively and amicably, often without the need for litigation. Good legal advice, in other words, can save significant time and money as well as preserve beneficial business relationships.
Every business has its own regulatory framework with which it must comply. Complying with these laws and regulations can be challenging. Good legal advice helps ensure that your company remains in compliance.
Whether your business needs help with strategic initiatives, like merging with or acquiring another company, or help with daily legal challenges, like drafting and negotiating contracts, dealing with employment issues, or resolving disputes and managing litigation, experienced counsel can be your trusted partner. Let Dedicated General Counsel help so you can do what you do best - focus on your business's growth and success. Contact Dedicated General Counsel today at steve.groom@dedicatedgeneralcounsel.com or at 615-585-2140.
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