Whilst nobody intentionally hires a mediocre commercial lawyer, finding a good one is often quite difficult. The challenge for most business leaders is that they don’t understand the law – if they did, they wouldn’t need to hire a lawyer – and so it is difficult to penetrate beneath the legalese to assess a potential lawyer’s technical capabilities. However, there are other qualities that you can evaluate in a commercial lawyer, concerning their approach to their work and their attitudes towards client service. These are the qualities that can lift a commercial lawyer from good to great.
1. A good commercial lawyer is familiar with your industry, a great one is an expert
In Jim Durham’s “Essential Little Book of Great Lawyering” he writes that “great lawyers know the law, but they also know and understand the client’s business.” As the business landscape becomes more complex, with advanced new technologies and regulations in play, the right commercial lawyer needs to be even more specialist to guide you through it. A good commercial lawyer will be able to talk about your industry and may have experience with clients in similar businesses. A great lawyer will have specialist expertise, hands-on experience and will make it their mission to immerse themselves in your business to make sure they can offer the best advice. They will understand the specific tax obligations and breaks that apply in your industry, and the regulations you need to be on top of.
2. A good commercial lawyer is reactive, a great one is proactive
The minimum you are entitled to expect from a good lawyer is that they will help you decide what action to take when you hit a problem, whether that’s someone threatening you with litigation over an intellectual property breach, or a supplier who is not delivering as promised. However, a great lawyer will step in before the problem even reaches this stage. They will have assessed your intellectual property and made sure you have full legal rights over it and ensured all your supplier contracts are watertight and enforceable so that you can resolve situations before they become full-blown problems. A great lawyer will make it their mission to protect your business and interests while ensuring you avoid all unnecessary risks. The money you pay for their services is an investment that will save you money in the long run.
3. A good commercial lawyer will defend your business, a great lawyer will help it thrive
A good commercial lawyer will be on hand to answer questions and alleviate any doubts you have about a legal action that needs to be taken. They will help you deal with problems you encounter and save you from egregious legal mistakes. However, a great commercial lawyer will do much more than that. Already a specialist in your business area, and proactive in their approach, they will turn all of that knowledge into forward-thinking advice, wisdom and guidance that can take your business to the next level. They will help you identify major opportunities, whether in the form of new partnerships or geographical expansion and will then be right by your side as you take these momentous steps, making sure your entirely covered and legally protected.
4. A good commercial lawyer will handle the legalities, a great one will help you understand them
A good commercial lawyer will cross the T’s and dot the I’s on your legal paperwork, making sure everything is above board. For some business leaders, that’s enough, but if you want to really understand all the different factors contributing to your business’ success, you will want more. A great commercial lawyer will walk you through the legal jargon, take the time to explain processes and keep you informed of new legislation that might affect your business in the future. With new laws coming into play all the time, particularly after the turmoil that COVID has caused, you need a lawyer who knows what is likely to have an impact on your business and can keep you fully informed and prepared.
5. A good commercial lawyer will work for you, a great lawyer will work with you
A good lawyer will be on the other end of the phone when you need support and may work for you so steadily and reliably that you will consider them to be close to an employee. A great commercial lawyer will make sure they work by your side at every critical moment in your business’ development, supporting you and giving you the confidence to push ahead. They will be your partner, someone you can rely on to prioritise the interests of your business and provide the kind of advice that maximises the opportunity in every situation. A lasting and loyal relationship with your lawyer can be the elusive extra ingredient that transforms your business from good to great.
You may also like
Mark Lazarus
Mark Lazarus, the visionary behind the business and the fresh blood of the Lazarus Legal team, Mark (or Laz as he is often known) owes much of his success to his past experiences. And he’s made it his personal goal to bring that wisdom and formula to the firm.
