Small and medium-sized businesses often feel they need the services of a large legal firm to provide them with legal advice, contract review, help in negotiations, litigation and getting customers to pay their bills. They are right – providing that the main thing they are looking for from a legal firm is high legal bills.
Sure, you will meet with a partner when you are ready to sign up with a large legal firm. But, the bulk of your work will be done by associates, and often their efforts will overlap, and your bill will grow.
Smart entrepreneurs have come to realize that it is a great business decision to use the services of a small legal firm. Solo legal firms are more than adequate in dealing with the legal matters of new and established businesses. In fact, they are usually better at it as a solo law practitioner takes the time to get to know clients. Rather than a formula approach to a business’ legal needs, knowing their clients allows them to more adequately recognize an individual’s need.
For example, if one were going to a solo lawyer to start a business, he will not assume that you are fully aware of the implications associated with a particular ownership model. You may ask him to set up a sole proprietorship – but, that will trigger questions about other forms of ownership that you may not have thought of. Additionally, a solo attorney will take the time to learn of your future plans, suggest that when you start a business it is appropriate for you to plan a succession strategy, prepare an estate plan and even an exit plan for you. In the unlikely event that a large firm were to take the time to go over these matters with you and you decided to go ahead with all of them, the work is parcelled out – one associate will do your organization, another your succession plan, and still another an exit plan.
These fine folks do not know you and really do not know what your wishes are. They tend to be duplicative in their work and use firm templates in their documents.
Only an attorney who knows you and you have gotten to know can adequately know your business and personal wants and reduce them to writing. And, you will save money too!
Ryan C. Young |Business Attorney| Richmond, Virginia
