Did you know that some transactional lawyers have raised their rates by 4.9% in 2021?
While having a transactional lawyer on your side is essential, they can also be expensive.
Because rates can be expensive, it’s vital to ensure you hire the right one. Keep reading to discover what questions you need to ask when hiring a lawyer.
1. What Is Your Fee Structure?
The costs depend on the type of case that you have and the lawyer’s structure.
Lawyers have different ways they charge fees, and these may include the following:
- Hourly rate
- Flat fee
- Retainer fee
- Contingency fee
For transactional lawyers, most of them will operate on an hourly fee and may require a retainer. A retainer is when you make an advanced payment based on their hourly rate. Lawyers will keep your funds in trust, and they deduct fees each time you use their services.
Regardless of your lawyer’s fee structure, properly review the payment and total cost of all their services. For best results, identify all the hidden fees and read the fine print before you sign any paperwork.
2. What Business Structure Should I Have?
If you’re just starting your small business, your lawyer can help you decide how to structure it.
For instance, they may advise you to form a partnership, corporation, or limited liability company, depending on your needs.
For best results, review the different options with your lawyer and carefully choose the right choice for your business.
3. How Long Have You Practiced?
It takes years of education and experience to become a professional lawyer, especially a transactional lawyer. Finding someone with experience within your specific industry is also best.
When they know the ins and outs of the industry, this will make it easier for them to argue for your transactions.
4. Are There Any Risks?
When you meet with your lawyer, he or she should be able to provide any risks affecting your business. An excellent transactional lawyer will go over any risks associated with the transaction.
This way, you will be aware of any legal risks and able to make the appropriate, informed decision. You can ask your lawyer to outline the risks in detail and provide guidance on how to avoid or reduce the chances of those risks.
When you understand the challenges ahead for your business, you can make an informed decision and take the proper steps. Plus, addressing any risks or issues ahead of time can help you save time and money in the long run.
5. How Will You Handle Any Negotiations?
One important thing you need your lawyer to be able to do is handle any negotiations effectively. Negotiations are essential to many business transactions, so you should understand how your lawyer plans to approach these situations.
Because business negotiations can be tricky, you need to trust that the lawyer will argue in your best interest. Beforehand, learn about their negotiation strategy and confirm they are assertive while remaining professional.
It is best to ensure they can secure the best outcome, effectively communicate, and negotiate terms that are fair and in your best interests.
6. What Contracts Do I Need?
Contracts are an essential part of your business, containing all the information about your agreement’s responsibilities and rights. When you have a detailed contract, you can also reduce any risks or disputes.
Additionally, you’ll know you’re legally protected if the other party doesn’t want to abide by the terms. Your business will need contracts for all kinds of transactions, including:
- Routine transactions
- Confidential transactions
- Employment transactions
- Purchase Agreements
Whenever you have a significant transaction, your lawyer should review it and draft a contract. Sometimes, they can even create a template you can use repeatedly for multiple transactions.
7. Can You Ensure Compliance?
Each business transaction has to comply with specific regulations and laws. If you abide by the guidelines, your business could avoid fines and fees.
Your lawyer is there to help ensure you’re compliant throughout the process, so you want to find someone familiar with the industry regulations and rules.
You’ll have someone on your side who will ensure that nothing falls through the gaps, but you need to know they have enough experience to help you.
Find a Transactional Lawyer Today
These are only a few questions you can ask your transactional lawyer, but there are many other factors you’ll want to consider before you hire one.
Fortunately, we’re here to make the research process easy for you.
Contact us today to find an excellent transactional lawyer to fight for you and your business!