If your business is working with an attorney on an important transaction, there are a few important tips that can help ensure you obtain a successful outcome. Consider the following suggestions:
Choose the “Right” Attorney
Your business lawyer will play a very significant role in the success of your company. It is important to choose an attorney that is not only knowledgeable and experienced, but also one that you feel comfortable working with. The attorney that is the best fit for your friends, competitors or counterparts may not be the best one for you. Follow your gut instinct and retain an attorney that you trust and feel confident handling your business affairs.
Don’t just hand the contract to your lawyer and consider it his or her job to negotiate and finalize it. It is an attorney’s primary goal to eliminate any risk or liability for their client. However, the nature of business involves taking risks. There is some truth to the old saying that “if there is no risk, there is no reward.” Therefore, you should inform your lawyer as to which risks your company is willing to take and which risks are deal-breakers. By understanding the risks involved, discussing them with your attorney and negotiating them accordingly, you will create a situation where the attorney is writing the language for you, NOT negotiating the deal for you.
Keep the Process Moving
Many contract negotiations get bogged down and can take days, weeks or months to finalize. Most attorneys work under different time constraints and have different goals than business people. If you give up control and let the lawyers determine the time constraints and goals, you will likely be frustrated with the result.
If you have questions regarding business law matters, contact us today to schedule an initial consultation. Leslie S. Marell has been practicing business and commercial law for over 25 years. She is established in private practice and has extensive legal experience counseling companies in the areas of business contracts and transactions, purchasing, sales, marketing, computer and technology law, employment law and day to day legal matters. Let us provide your company the advice and guidance you need.