Why having a law firm on retainer is essential for business?August 27, 2022 By Dinesh Parmar
Let’s be honest, everyone hates getting into legal troubles or litigations. Businesses especially newly established ones, fear these legal battles even more. It drains enormous resources like time, money & hard work. Not to forget the toll it takes on the mental health of employees & employers and the business prospects. That’s why having consultations with an expert lawyer or a legal firm on a case is absolutely necessary. The problem with this is, we search for solutions only when a problem has arisen, we don’t try to prevent it. More importantly, can it be prevented?
The answer to this simple question is, yes. With proper planning and strategy a vast majority of problems can be prevented. This planning can be effectively done by having a law firm on retention. Having a law firm on retainer offers multiple other benefits too:
1. Much more affordability
First things first, nothing matters most in business than cost. Every penny needs to be utilized productively & for profits. Having stand-alone consultations with different legal advisers each time could prove very costly. Also, the cost incurred in hiring new law firms for different cases would be even costlier. To rein in these huge costs and expenses, a law firm on retainer would be much more affordable. It could also help bring about some savings for better utilization of resources elsewhere.
2. Continuity & Reliability
There is a famous saying that too many cooks spoil the broth, the same is true with important matters like legal counsel. Consulting multiple advisers may bring a wide range of views, but it also creates confusion, chaos and sometimes conflicting opinions, as each law firm may have their own view on how to approach the matter. To avoid such scenarios and effectively deal with problems, consistency and reliability are of utmost importance. Having a law firm on retainer proves immensely beneficial in such situations. It not only brings clarity of thoughts, views but also provides effective reliable solutions with a good past track record.
3. Better Bonding
Coordination and cooperation are two of the most important factors when looking for legal counsel. A law firm that is in tune with your business objectives and goals could offer matchless advice and counsel in times of distress. Bonding is also crucial to maintain attorney client privilege and relationship. Afterall, the whole game runs on the vital factor of trust, the more easily one is able to communicate their issues, the better resolution they may receive because of the healthy bonding they have. A retaining law firm proves of great benefit in such scenes helps protect the sanctity of the relationship too.
4. Professional Indemnity Cover
Frankly, no business wants to be in hot waters when it comes to having insurance. An inhouse legal setup or legal team fails to provide such indemnity cover. That’s why having a professional law firm on retainer is important. It gives much needed insurance cover for unforeseen situations and also effectively plugs the gaps that inhouse legal teams fail to provide. Not to forget the sound and reliable legal advice one would be getting to save them from complex legal troubles.
5. A Personalised Strategy Plan
Well, hands down the most crucial advantage of having a law firm on retainer is that such firms over time know the business in and out thoroughly. They can help develop strategies and policies that are centered around organisational needs and demands. Such personalised plans are of utmost help in building a robust framework to deal with the most complex of problems in a sound manner and also to prevent future hassles. Having someone that thinks of your benefit, knows the legal traps, prepares you for that and guides you to soar even higher is undoubtedly the biggest advantage one could get in this competing environment.
6. Timely Assistance
Last but not the least, one of the often overlooked factors in the business domain, timely help. Every second is important in business, a single misstep or ill timed decision could wreak havoc on the business growth and future prospects. Sound legal counsel precisely in times of need becomes important. Businesses are always in a fix when they get caught in legal troubles, they try desperately to come out as quickly as possible, and in such haste make faulty decisions. To help them in these times and mostly provide timely assistance to prevent such hasty decisions law firms help a great deal. They act as guiding light in complex situations and aid and assist management in dealing with problems effectively.
Some Final Words:
No doubt businesses are there for profits and saving money when possible. But compromising on good legal advice and counsel for short term gains is foolhardy. No business knows when thy might run into trouble and excessive relying on inhouse counsel could jeopardise their prospects. In such important scenarios retainer law firms come into picture. They not only provide sound consultations but also help in developing frameworks and policies to better mitigate such problems in future. Not to forget the multiple other benefits they offer that are listed above. A reliable, trustworthy and affordable guide in times of need is the biggest boon one could ask for. There are numerous consulting firms that are available on retainers including professional services like ours at Parker’s. With numerous clients across the globe, ours is a name one can bank upon. The continued trust and patronage enjoyed by our diverse clients speaks volumes about the kind of service and support they get from us. If you are in need of an expert agency, give us a chance and see the difference,we promise you won’t be disappointed.