Most practices will need to consult a lawyer at some point in their evolution, but how can you maximise the effectiveness of the legal services you buy?
The trouble with law is that there’s just too damn much of it. And lawyers are – often justifiably – criticised for making it even more complicated (and costly).
Start by owning the fact that you need to be well informed about financial services regulation so you can understand the implications of the advice you receive and what you need to do to implement it. And so you can be in charge – ideally to direct your lawyers as to what you want – and don’t want.
And, second, choose a lawyer who’ll serve you well.
What does such a lawyer look like?
- They’ll give you a fee estimate up front – and either stick to it or keep you informed along the way if they can’t.
- They’ll understand how you operate in practice and take your business and operational imperatives and constraints into account coming up with solutions.
- They’ll provide concise advice using words you can understand – not confuse you with legal jargon or quote meaningless case and legislation extracts.
- They’ll understand and know when to apply the spirit of the law as well as its technicalities – but know when a technical point is worth pursuing (and when it is not).
- They’ll always, always, always provide a conclusive opinion – if they can’t, they’ll clearly identify what needs to happen or what else they need to know to enable them to do so.
- And finally, their key objective will be answering your questions: “how does it apply to me” and “what do I need to do. They’ll give you a to-do list or tell you what practical, operational steps you need to take.
We like to call this approach “applied law”. Is that what you’re getting?
Here are five types to avoid …
- Loophole lawyer: the loophole lawyer’s objective first and foremost will be to find a way to avoid the need to comply or to maintain the status quo even when change is inevitable. With scant regard to how risky this might be in practice, especially if you’ll be relying on a technicality or an obscure legal point.
- Golden egg lawyer: their need to make an inhuman budget sees them spending your valuable dollars investigating every possible issue regardless of the level of risk to your business or the likelihood of occurrence, They’re also known as “rabbit lawyer” because of their habit of going down burrows – which as we all know, usually have dead ends.
- Headmistress lawyers: they provide strict opinions on the application of the law, regardless of practicality or of your business, financial or operational complexity or constraints. They’ll find problems, not solutions – scaremongering!
- Journalist lawyer: they believe their job is to tell you what the law says and let you work out how it applies. Not helpful.
- Fence sitting lawyer: this species writes pages and pages of beautiful prose which they deliver to the client with pride, but do not reach a concluded view. You’re left to decide. You’ll know you’ve found one if you see the words “it’s a commercial decision for you”.
Hopefully this doesn’t remind you of any one you know …
