10 Key Areas To Evaluate A Legal Firm In India - Farah Atelier

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Tuesday, October 30, 2018

10 Key Areas To Evaluate A Legal Firm In India

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.

Conclusion

An individual wishing to engage a legal firm in India for his/her business must first identify the specific requirements of his/her organization before conducting a thorough assessment of few shortlisted firms to make the correct choice. 

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