People tend to think of attorneys as one of those necessary but undesirable evils- something to have in case of problems but always to be dreaded. As a business person- whether running a for-profit or not-for-profit business, you need to get beyond those stereotypes.
Attorneys should fall into the same category as bankers, accountants and insurance agents - necessary advisors and resources for your successful operations. An attorney should be one of those resources there at every step of the way - from starting the company to exit.
You may have an attorney who closed on your home purchase or did your mother’s will. Is that the person you should use for your business? It depends. Many attorneys are generalists and quite capable of handling corporate as well as personal matters.
However, just as you would want a medical malpractice specialist to handle your med mal case - not your house-closing attorney - you should probably seek a specialist who can handle your company’s needs. You need a lawyer who works on corporate matters - ranging from incorporation to shareholder matters to buy out agreements to real estate transactions for the entity.
If you run a not-for-profit, you may want to find a lawyer who has experience with such businesses. You do not need someone who can handle every matter you’ll ever face in your business. Some law firms have attorneys who can handle a variety of areas. A capable sole practitioner will have a network of people to whom he/she can refer you when special needs arise - such as the need for litigation or expertise in patent/copyright law or (heaven forbid) bankruptcy for corporations.
Where do you find the right attorney? Ask around. Talk to your colleagues, the people in your trade, business, and civic associations. Talk to your suppliers and customers. Talk to your accountant and insurance agent. Moreover, talk to your competitors.
Chances are you will hear certain names repeatedly. Once you have found some names, interview them. One of the most important aspects of hiring any advisor is your comfort level.
Specifically you should look for an attorney or law firm which:
Attorneys in New York State must be licensed and receive continuing education. You can check an attorney’s status at www.nycourts.gov/attorneys/registration. You may also want to check with your local Better Business Bureau or Department of Consumer Affairs to see if there are any negative claims about the firm. Membership in a local or other bar association does not guarantee quality - it just means the firm paid its dues.
Having said that, if an attorney is active in the local association and sections thereof dealing with corporate matters, it does usually indicate a desire to remain networked and current on information necessary to legal practice.
So, think of an attorney as one of your trusted business advisors - there to help you achieve success as well as handle problems. A good attorney is as essential to your company as a good accountant or marketing strategy. And remember, the choice of counsel for your company is yours - you need to be able to rely on and trust your attorney to help you successfully grow your business.
Roslyn D. Goldmacher is an attorney and is President/CEO of the Greater New York Development Co., a 30-year-old economic development organization that makes low cost loans to businesses and not-for-profits throughout NY, NJ and CT. See www.gnydc.org.
