Should You Work With A Big Or Small Law Firm?
As an entrepreneur, you need to have a good working relationship with a law firm who can help you navigate the various legal issues you will encounter while doing business. There are several factors you should consider when selecting a lawyer, but one that's commonly overlooked is the size of the person's firm. Here are the notable differences between large and small law offices to help you determine which option is right for you:
Specialists vs. Generalists
One of the biggest differences between a small and large law firm is the type of talent you'll have access to. Large law firms tend to have attorneys from multiple disciplines all working in one room, while a small firm may have one or two generalists or only specialize in one type of legal issue. For instance, a small firm may only specialize in civil lawsuits, while a large company may have lawyers who can handle patents, civil lawsuits, real estate, and franchising agreements.
In this case, you'll have to carefully consider the needs of your business. A small bakery with only one location may be able to get away with hiring a small firm with one or two attorneys who can help with multiple legal issues, whereas a major corporation with multiple product lines and offices around the world may want to work with a large firm with specialists in multiple areas.
Money and Conflicts
Another issue you want to consider is the costs involved with hiring a large firm vs. a small one, and those costs don't just involve money. Large firms tend to charge a lot more than small ones because their overhead is bigger.
However, another important cost is the high potential you'll run into a conflict of interest when working with a large law firm. Big firms with offices in multiple states tend to have a lot of clients, one of which you may get into a legal tussle with. If this occurs, the law office will often have to choose who to represent to avoid a conflict of interest, and you may end up drawing the short straw in this situation.
The risk is significantly less with a smaller firm; though the risk still remains. However, a smaller firm will typically be able to tell whether there is a conflict of interest a lot faster than a larger firm could, so you'll have more time to make any necessary adjustments.
There are many other differences between large and small law firms that you should consider, such as the amount of clout the firms may wield in the public sphere. Contact an attorney like Strauss Troy to discuss the various issues you may run into with either option to help you make the best decision for your business.