I visited an interesting weblog this morning called the [non]billable hour. It is written by an attorney named Matt Homann who is trying to change the practice of law--for the good--as he puts it, "one lawyer at a time". An interesting site for entrepreneurs, as well.
It took me a few tries to find an attorney for our business who really understood entrepreneurs, how we work, and how we need them to work. Don't give up if you are trying to find a new attorney.
Here are some tips on choosing and working with an attorney that I talk about with entrepreneurs that is based on a great book, The Entrepreneur's Guide to Business Law by Constance E. Bagley, Craig E. Dauchy:
Choosing an Attorney
1. Understand the advantages and disadvantages of large vs. small firms. Large firms have specialized expertise that can become critical as you grow. Small firms can offer a more personal touch and can be more efficient. Most entrepreneurs need something in between. Understand your needs (e.g., intellectual property, environmental law, employment law, etc.) and make sure they have an expert that can address your needs as these issues arise.
2. Get at least three referrals from people you trust. Your best source is other entrepreneurs.
3. Interview each firm carefully. Think about things such as: personality (you may need to spend a lot of time with these folks during stressful times in your life), how compatible you think the working relationship would be with these folks, their use of technology to make things more efficient (and cheaper) for you as a client, the timeliness in returning phone calls (they will never be more responsive than when they are trying to get your business--so if they are slow now....), knowledge of your industry (not essential, but helpful), do they add networking potential to sources of funding or new business, and finally find out how much they cost and how sensitive they are to your limited budget (be honest and direct--if they are defensive about their rates, run for the hills!).
Working With an Attorney Effectively
1. Talk openly about fee structure for any project and be honest about your budget. Their are more than one way for them to bill, and they should be willing to work with you, especially if you are a newer venture. If not, go to the list above and find a new attorney. Some attorneys will reduce the fees for working with a promising entrepreneur with the hope that as you grow, they will reap the benefits of more business when you can better afford to pay for it. Ask about this!!
2. Your attorney should be willing to let you preparing your own drafts on documents. This can save a lot of money and will result in documents that better reflect your business and your strategies.
3. Organize your meetings with your attorney. Batch issues so you have fewer, more efficient meetings that can cover several issues at once.
4. Be proactive. If you think you might need to talk to your attorney, you probably do. They should let you send a quick e-mail to see if they really need to talk with you about an issue as a regular practice.
5. If you have questions about your bill from them, ask them about it! If they get defensive, you may want to start shopping for a new attorney.
By the way, make sure to get your lawyers to visit Matt's site. Then talk with them about it--OFF THE CLOCK!
