🔑 Reader question: "How do I hire a good lawyer?"

April 24, 2024

Welcome to The Business Academy.

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A question I often get: "How do I hire a good lawyer?"

I often need lawyer help in the work that I do...

This means a couple of times a year I'm working with a lawyer I've never worked with before.

So how do I know if they're any good?

I don't.

I follow two simple methods to vet any new lawyer I'm working with.

1- ask for references.

The best type of reference comes from someone you know and respect who has worked with the lawyer for at least a year.

2- hire another lawyer to review their work.

This costs more money, but I find it to be highly effective.

After my newly hired lawyer returns a first draft of their redlines to a document, I will then ask a second lawyer to review it. To limit my costs I ask the second lawyer to avoid any redlines, and only comment on sections that they think are particularly problematic for us.

Then I present those comments to the first lawyer. It's ok if they missed something, but I do want thoughtful responses to most of the comments of the second lawyer.

This method costs more money and takes a bit more time upfront, but it can help you avoid large mistakes that cost you more later.

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If you're buying a business with SBA debt...

The lender will require you to sign a long lease with the current property the business uses. Be careful. This has come back to bite me later.

When you're buying a business, you don't yet understand the future space needs of your business.

In my situation, I signed a 10-year lease and then learned after about a year of owning the business that we were going to need more space to grow! But unfortunately, we were locked into a lease on this space already.

You may learn that the location isn't ideal, the layout of the space or maybe there isn't enough parking. You learn a lot in the months after you close!

To solve the SBA need and give yourself flexibility consider these options instead: 3+3+4 year or 2+2+2+2+2 year (option to you to renew)

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