Lawyer Monthly Magazine - June 2019 Edition

My firm works with all clients, particularly SMEs, to arrive at a fee schedule that is workable for their budget which results in the firm generating a positive return on our business client’s investment in retaining my firm to handle their legal matters. With the ever-changing nature of business and development, how should lawyers in the business law field be adapting their work, to ensure they are ahead of their game? I’ve found that lawyers in this area must be willing to “think outside of the box.” Business lawyers should be actively considering new and creative methods in crafting solutions to satisfy their business clients’ legal needs. For example, traditionally, businesses wouldn’t dare to commence operations without an appropriately comfortable amount of seed money and access to a stable source for capital infusions. However, some businesses startups are embracing a mini or even micro-business model, whereby the last transaction or two is not only used for ongoing business operations, but is also the capital infusion source. The challenge in such an environment is for the business lawyer to not only satisfy the legal needs of the business, but to also stay profitable and competitive with competition from the likes of LegalZoom and others. How has technology changed the business field? Technology has and continues to change the way in which people do business. Businesses are able to speed up processes such as customer acquisition, engagement and communication, to name a few. Now, for example, even the smallest micro- brand can communicate to customers around the world with a tweet or Instagram post. When leveraged effectively, technology can make the playing field a bit more level even when competing against large or traditional businesses. Technology also allows for a more streamlined business VIRTUAL LAW operation while still maintaining the essential business processes that are required. For instance, my firm utilizes e-signature technology (except where precluded by court process or otherwise) for retainers and other documents. This permits prospective clients to review the materials for signature at their leisure, and more importantly, without any pressures that may be perceived when signing in the office of a more traditional law firm. The technology provides for both law firm and client to have instant notification once documents have been signed and provides the parties with fully executed copies (with documented identity verification) for their records. My firm also utilizes virtual phone services which allow for me to take any call or receive a fax communiciton whenever and wherever I am. There have been numerous occasions where I had been on a call with a client and had to leave in order to meet my next scheduled meeting or event. In a traditional PBX (landline) system, this would involve ending the call from the office and maybe picking up on a cell phone en route to the next meeting or event. With the technology my firm utilizes, How does being ‘virtual’ as a law firm help the businesses you serve? I’ve found that my deployment of the ‘virtual’ law firm model allows all, and not solely my business clients, to gain the benefit of experienced counsel and on-demand convenience while staying within their often lean legal budgets. Since my firm primarily serves SMEs, these business owners tend to have non-traditional work hours. What I do is structure my firm’s availability so that I am available when they are available, whenever that may be. I also treat my practice like a start-up. In this fashion, I am better able to relate to the business clients that my firm serves. Attorney and client are able toengage inanexchange of ideas that deepens the level of trust that they have in the expertise and capabilities of my firm, and feeling that we are in it together. This feeling grows beyond the initial representation or transaction and inevitably leads to a long- lasting relationship whereby our clients think of the firm as a trusted friend and advisor, often spreading organically into representation in other areas. My firm’s approach to its business clients and the virtual model also often results in reduced costs that the firm has to cover and that might be passed along to the client by way of high fees. In this article, Eldon discusses the ins and outs of running a virtual law firm such as Looby Law, and the impact of technology on the business field. “Technology has and continues to change the way in which people do business.” 72 Professional Excellence www. lawyer-monthly .com JUN 2019