It is more beneficial to ensure that you receive legal advice and involve a solicitor from the outset. A solicitor will be able to advise on the best legal structure for your business, Articles of Association, Shareholders’ Agreements, terms and conditions of business, business contracts and employment policies, amongst other things. Getting these right at the beginning will help put your businesses on the right footing for future success.
However, if you have not yet instructed a solicitor, it is not too late to do so. A solicitor will still be able to review the legal considerations around your business, help address any areas of concern and suggest solutions.
Choosing the right solicitor is an important part of this process. You ideally need to choose an experienced solicitor, with a good knowledge of the legal quirks that can arise in your sector.
He or she needs to be someone you feel comfortable working with and communicating with on an ongoing basis. It is particularly important that they are responsive, as legal advice received after the event is going to be of little value.
Good sources of information on the quality of law firms include the Chambers and Legal 500 guides, which rank lawyers by practice area and feature testimonials from clients. We are proud of the fact that Carter Lemon Camerons LLP have been featured in Legal 500 amongst the best corporate law firms.
However, instead of looking at professional rankings, you may prefer to rely on word-of-mouth recommendations from your own contacts. It might also be worthwhile considering the range of expertise of the solicitor and their firm. There are a wide range of specialist areas of law and it is likely to be helpful to you if your solicitor’s colleagues have the specialist expertise you could need to draw on in the future.
If you have identified a solicitor with strong experience with similarly-sized businesses in your sector, it is likely that the fees they charge will be affordable, however there are still some important points to consider.
Most importantly, you will need to think about how those costs are structured and what you will get in return for your money.
Most solicitors will bill by the hour, but it is also possible to make use of flat-rate services in some areas of law as well as monthly retainers, which can be cost-effective where you expect to have regular queries for your solicitor. Your solicitor should explain the differences to you at the beginning and provide you with a client care letter addressing all the issues relating to the cost of services.
Ultimately, the right solicitor will justify their cost by helping you minimise the chances of becoming involved in costly legal disputes and by putting you in the best possible position from which to defend yourself if a dispute does arise.
Kate Boguslawska is a Partner at City of London-based law firm, Carter Lemon Camerons LLP, where she specialises in employment and commercial matters. Her clients range from the owners of start-up businesses through to more established SMEs and some global main-players who need advice on business-related matters. This includes advice on employment and company matters, as well as contract drafting and disputes. .