Zeroing in on the right kind of external counsel requires time and a great deal of savvy, writes Kiran Radhakrishnan
Engaging the right external counsel is vital for the seamless functioning of any business in today’s extremely competitive and complex world. Every business needs external legal advice and representation and depending upon how you zero in on one, they can either end up as a lavish line item or as one of the cornerstones of your company’s success.
Investing time and money in finding the right legal counsel and forging a good relationship with them is crucial, as good and timely advice is likely to keep a business on the right track and help win your case. This becomes essential when the fee incurred to stay out of trouble is only a small fraction of the penalty or cost towards mounting a defence once the damage is done.
Big firm or small?
A law firm must be identified based on the type of case and the stakes involved. Big firms, small firms, and solo practitioners – all come with their own set of advantages and disadvantages. The larger the law firm, the greater their expenses, therefore the higher the fees. While working with a large law firm, it is difficult for the client to know to whom the work is assigned – will it be an associate who is fresh out of law school, a junior associate or a subject matter expert? On the other hand, a single lawyer or small law firm will usually have limited resources. With a limited caseload, legal practitioners working on their own may not be too effective in handling complex regulatory and litigation matters.
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Kiran Radhakrishnan is legal counsel, India and South Asia, at Diversey.