Small Company, Big Law Firm

As small companies grow, their legal and managerial needs change, making the choice of legal counsel a serious one. Selection of a large law firm is a prudent move because of the associated advantages. For example, the large firm can impart prestige and a sense of authority, and it will probably hav...

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Bibliographic Details
Published in:Harvard business review 1985-11, Vol.63 (6), p.6
Main Author: Rollinson, Mark
Format: Magazinearticle
Language:English
Subjects:
Advantages
Law firms
Legal counsel
Litigation
Prestige
Selection
Small business
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Summary:As small companies grow, their legal and managerial needs change, making the choice of legal counsel a serious one. Selection of a large law firm is a prudent move because of the associated advantages. For example, the large firm can impart prestige and a sense of authority, and it will probably have had exposure to a broader range of business problems. In the effort to broaden its client base, it may make its services available to a young company at a reduced rate. Once the large law firm is chosen, the small company must make an effort to use it optimally. For example, it must not seek the services of the youngest and least experienced members of the firm simply because they are the least expensive. The company must keep its general counsel informed about what is going on in the business in order to catch potential legal problems before they become serious. While it is usually preferable to settle suits out of court, it is not always the best move to avoid litigation at all costs.
ISSN:0017-8012