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Working with Legal Counsel

Duration: 4:48 Added: Nov 5, 2009 Channel: Stanford ECorner
Rating: (0 ratings) Views: 0 Category: Business
So, there are two sides to the attorney discussion. One is your own counsel and one is the folks your working with’s counsel. On your own counsel side, make a little public service announcement for attorneys. I think there's a huge difference in the value of attorneys. And there's a huge quality differential. So a lot of people think that I have an attorney and that that concept means I now have access to all wisdom and legal knowledge, right? It's just not true. And so you've got the challenge both of the knowledge and experience that you have to be comfortable with, the domain expertise, and the second is just quality. There are some people who are just smarter and more thoughtful. And so it's a real challenge on hiring professional services people to figure that out. If you don't have expertise in that domain, I strongly recommend you find someone you trust a lot who can make a recommendation to you when you're seeking counsel. And a lot of people say just go to big firms, but gosh, the quality within big firms, if you're seeking outside counsel, is dramatically different across the firm. And so I think it's really really important to say it's so hard to pay the price, the hourly rates, the attorney's bill, but the difference between the incremental cost of someone who's not that good and someone who's fantastic, I think for something that's important in life, it's probably worth it. And I'm very cheap by my nature, so it's difficult for me to say buy the higher price provider, but I think this is one of those places where it probably really does pay off. But in terms of picking someone outside of the quality, I mean again, subject matter expert domain, then make sure you find people you're comfortable working with. The biggest part of that is trust. Because attorneys often times have to give you a perspective you don't want to hear. They have to tell you sometimes you're position's not strong, you're not going to be able to achieve what you want...

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