The legal aspect of
running a business needs constant attention and careful handling as it is
directly related to the smooth functioning of the enterprise. Commercial
organizations operating in the country try to engage some of the best law firms in India in order to identify
and adhere to all compliance requirements so that they stay clear of any
possible legal troubles. A legal firm in
India can provide a wide range of services and it is essential for a
corporation to assess the competence of the agency on various parameters to
identify a firm that is best suited to fulfill its requirements. Let’s take a
look at some key areas that must be considered to evaluate a law firm in India.
1. Specialization In The Requisite Practice Area
The legal needs of
every company are different and it will be pertinent for business owners to
find out whether the firm possesses specialization in the particular practice
area that the enterprise needs assistance. Professional and reputable firms
build their reputation around expertise in a specific area like some agencies
will be known for their proficiency in taxation while others may be recognized
for their masterly handling of mergers & acquisition transactions. It will
always be sound business sense to look for lawyers with the relevant skills
that will be helpful in providing valuable guidance to the organization.
2. Expertise In Related Areas
Running an enterprise
needs adept handling of complex matters and while it will be wise to look for
agencies with specialization in a specific area, at the same time their
expertise in related fields must also be assessed. For instance, the primary
requirement of a corporation can be to look for advice on taxation but it will
also need counsel on appropriate funding routes that can be used for project
finance as well as keep its liabilities to a minimum.
3. Ability To Handle Complex Transactions/Cases
As mentioned earlier
operating a business is full of complications that need careful management
which makes it necessary to measure the abilities of the chosen firm in
handling complex transactions and cases. Commercial organizations regularly
need assistance in finalizing partnerships or joint ventures in addition to
requiring guidance during even more complex transactions such as mergers &
transactions. Moreover, corporations are frequently required to present their
case not only in front of judicial courts but also other appellate bodies and
tribunals.
4. Track Record And Success Rate
One of the best areas
that can provide a clear idea about the abilities of an agency is its past
track record in handling cases and other transactions. An entrepreneur must
find out about the success rate of the firm while representing corporate
clients in a court of law or other appellate authorities. Business owners must
also take a look at the firm’s adeptness in handling corporate negotiations and
try to ascertain how many successful deals they have been a part of and what
was their worth.
5. Networking Skills Of The Professionals
The networking skills
of the legal professionals working at an agency must also be evaluated
thoroughly as they will be instrumental in finalizing fruitful deals. Good
lawyers are known to develop a large circle of people belonging to all walks of
life in order to gain information that may not be otherwise easily accessible.
This is an invaluable quality that helps clients in taking important business
decisions and therefore must be assessed before finalizing a firm.
6. Capacity To Attract New Clients
A company owner while looking
for a legal firm in India
must gauge the ability of the agency in attracting new clients. All successful
law firms are sought after by a large number of clients and it can be safely
assumed that any organization that is being approached by a lot of
entrepreneurs, staffs highly-skilled lawyers that can be trusted to give wise
counsel.
7. Usage Of Technology To Provide Services
In today’s digital age,
ignoring technology can be detrimental to an organization and therefore it is
essential that the chosen agency uses technical solutions and tools to provide
services. Technology has simplified and speeded up critical but time-consuming
activities like due diligence in deals or reviewing documents. All reputable
professionals have adopted modern techniques like automation to reduce the
margin for error and improve the efficiency of their services.
8. Share In The Market
A law firm is quite
similar to a business organization in many ways and just like the performance
of an enterprise is evaluated on the basis of its market share, the competence
of a legal agency can also be judged by the number of corporate clients it has
cornered in a specific business domain.
9. List Of Prestigious Clients
Another good indicator
of a legal group’s performance and capabilities is the number of prestigious
individuals and organizations are on its client list. Well-known and
established corporations make a comprehensive assessment of a professional or
an organization before associating themselves with it and therefore a law firm
with an eminent clientele will always be a good choice.
10. Feedback From Existing Clients
An extensive appraisal
will be incomplete without talking to existing clients of a law firm to gain an
insight into the work ethic and professionalism of an agency. A patron who is
already utilizing the services of the firm is best-positioned to provide
feedback on all aspects ranging from the quality of advice provided by the
lawyers to the fees charged by it and therefore must be interviewed for a
complete evaluation of the firm.
No comments:
Post a Comment